Trulioo announced it now offers instant identity verification of consumers in the Philippines through its GlobalGateway platform which helps businesses automate the customer onboarding processes and comply with AML and KYC requirements.
Last year, the Philippines recorded inflows of approximately US$33 billion and in January cash remittances from Overseas Filipino Workers (OFW) increased 9.7 percent on the previous year to reach US$2.4 billion. According to World Bank, the Philippines is one of the world’s largest recipients of remittances, third only to India and China. Remittances are the country’s largest source of foreign exchange income and account for approximately 10 percent of GDP in 2017.
“The Philippines is a remittance hub,” explained 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.”
Globally, remittances are expected to reach $615 billion by the end of 2018, up from $575 billion in 2016, according to World Bank.
“Businesses want to take full advantage of today's digital and borderless economy," Ufford added. " And in order to do that, having a comprehensive solution built specifically for the international market with maximum coverage, flexibility, and customisation will produce greater efficiencies as the business scales into new markets.”
A recent partnership saw Trulioo add Acuant’s document authentication and facial recognition product AssureID to the GlobalGateway platform.