At Trulioo, our goal is global coverage – every country, every person verifiable and ready to talk, trade and transact online. To that end, we’re happy to announce we’ve extended our electronic identity verification coverage to include the Philippines.
To take advantage of today’s borderless digital economy, businesses demand and expect scalable solutions with maximum reach and capabilities. Trulioo’s global data and technology partners have been curated to provide robust and comprehensive identity services to over 500 clients worldwide – all through a single API integration and contract; expanding to new markets has never been easier.
About Remittances to the Philippines
Global remittance flows to developing countries in 2017 reached $466 billion. The Philippines is the third largest recipient of remittances in the world. Combining that fact with the growth of mobile and interest in electronic payments, another substantial opportunity is improving the safety, security and efficiency of sending money to individuals in the Philippines.
Remittances are the country’s largest source of foreign exchange income and account for approximately 10 percent of GDP in 2017. Last year, the country recorded inflows of approximately US$33 billion, an all-time high, and in January cash remittances from Overseas Filipino Workers (OFW) reached US$2.4 billion – a 9.7 percent increase on the previous year.
“The Philippines is a remittance hub,” said Stephen Ufford, CEO of Trulioo. “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.”
For companies that are involved in remittance the ability to add new countries instantly adds more revenue potential. Using Trulioo’s GlobalGateway allows companies to run Anti-Money Laundering and Know Your Customer (AML/KYC) checks in multiple jurisdictions all through one API, one contract and one solution. Whether verifying identities for consumers or businesses, companies can onboard new clients quickly, seamlessly and confidently.
About Trulioo: Last month, Trulioo received the 2018 RemTECH award for “Compliance Innovation” during the 2018 Global Forum on Remittances, Investment and Development in Kuala Lumpur, Malaysia. The RemTECH awards showcase the most innovative and outstanding technologies designed to improve remittance services worldwide.
For Trulioo, global coverage isn’t just a slogan – it’s our mission. Providing access to reliable and unique data and technology partners in new countries helps expand opportunities, both for businesses to grow and for consumers to take part in the global economy. Leveraging identity services with enhanced global coverage ensures efficient and scalable growth while helping to meet the necessary regulatory compliance and risk-mitigation requirements.