Vancouver-based identity verification company Trulioo announced yesterday that their platform GlobalGateway is now available in the Philippines.
GlobalGateway is an online electronic identity verification software that assists businesses in automating customer onboarding processes and complying with anti-money laundering (AML) and know-your-customer (KYC) requirements. It returns information collected from several global data sources for verification by the business.
Trulioo CEO Stephen Ufford said that the Philippines was chosen as a site for expansion due to its status as a major remittance hub. As such, it is at high risk when it comes to remittance fraud issues that could be alleviated by proper AML/KYC implementation. Citing World Bank statistics, he pointed out that approximately 10 percent of the nation’s 2017 GDP came from remittances, with it also being the largest source of foreign exchange income.
“Having access to a global identity verification solution with comprehensive coverage safeguards against nefarious activities such as money laundering and fraud while helping to keep remittance costs low for senders and recipients,” Ufford said in a Trulioo press release.
Trulioo has also recently made GlobalGateway available in South Korea.