Trulioo strengthens identity verification solutions throughout Latin America
Trulioo has updated its coverage across Latin America, expanding access to the Dominican Republic and Uruguay and significantly strengthening data sources in Colombia and Mexico.
Those additions bolster the company’s ability to serve customers streamlining operations in Latin America or entering the region.
The enhanced Latin American coverage will enable organizations to reliably verify attributes such as age, identity and address to adhere to Know Your Customer, Know Your Business and Anti-Money Laundering regulations. Address standardization across Latin America can vary, making it a challenge to achieve high match rates. However, the Trulioo eIDV service standardizes the address information to significantly increase match rates.
“The establishment and expansion of identity data partnerships across Latin America is integral to our continued ability to meet the evolving needs of our customers around the world,” said Michael Ramsbacker, Trulioo chief product officer. “We deeply understand the needs of global companies and are proud to extend improved consumer onboarding to companies doing business in Colombia, the Dominican Republic, Mexico and Uruguay.”
Fintech activity across the region is thriving, increasing the need for reliable, easy-to-use identity verification solutions. The Dominican Republic experienced 129% year-over-year growth between 2017 and 2021 in its fintech sector, while Uruguay landed in the top 20 of the Global Fintech Index in 2021. Mexico and Colombia are leaders in fintech, holding the second- and third-largest hubs in Latin America, behind only Brazil.
Trulioo enables organizations to securely access more than 450 data sources around the world to perform identity verification for consumers and businesses. The Latin America additions and enhancements include 100% of adult population data in the Dominican Republic and Colombia, 90% of the adult population in Uruguay and significant improvements to a key data source in Mexico that will provide substantial verification rate increases. This is on top of robust existing coverage in Brazil, Chile, Costa Rica, Ecuador, El Salvador, Peru and Venezuela.