Interview with Steve Munford, CEO, Trulioo

Financial IT: Can you provide an overview of Trulioo's role in the global identity verification landscape and how it has evolved over the years?

Steve Munford: We help customers digitally onboard businesses and consumers worldwide. Our product specifically assists with the KYC (Know Your Customer) and KYB (Know Your Business) processes. We serve some of the largest payment providers, marketplaces, crypto, and other fintech companies on a global scale. Some of our customers use our services across 70-80 countries, and our solutions operate in 195 countries worldwide.

Financial IT: Trulioo is known for its innovative approach to identity verification. Could you share some insights into the technologies and methodologies that set Trulioo apart in this space?

Steve Munford: We've been in this business for 11 years, and we noticed that the onboarding process for people or businesses often involved siloed solutions. Companies had to integrate multiple different solutions to onboard a business or customer. About three or four years ago, we started developing an orchestration product that combines business verification, people verification, document verification technology, and biometrics, all within a single platform accessible via one API. This allows our customers to select the appropriate technique based on geography, regulations, or their specific needs.

Financial IT: What are the key challenges that businesses face when it comes to identity verification, especially in an increasingly digital world?

Steve Munford: We're seeing an increased number of regulations driven by industry or geography. There's a significant focus on marketplaces and payments, and the challenges of meeting regulatory requirements when onboarding a business are substantial. It's complex because you must understand both the business entity and the individuals behind it. Various screening requirements and verifications for these individuals add to the complexity. Customers operating on a global scale need to identify the regulatory frameworks they must comply with and find a partner capable of adapting their product to meet those needs.

Financial IT: Regulatory pressure and increasing identity verification requirements are top-of-mind for many financial services organizations. How can these organizations navigate regulatory complexities while ensuring compliance and enhancing the end-user experience?

Steve Munford: It’s crucial to have a platform that offers flexibility and the ability to choose the appropriate techniques. Regulatory requirements change over time, by geography, and based on internal interpretation. First, organizations need a flexible platform that can adapt to environmental changes. Secondly, they should focus on compliance with leading regulators like the EU and the US.

Financial IT: Can you elaborate on how a unified platform can help organizations manage complexities, customize workflows, and achieve operational efficiency?

Steve Munford: Our customers want to minimize the steps their users or businesses must go through. It's about reducing friction while ensuring they have the right people on their platform. Balancing the onboarding of good users at the lowest cost and with the least friction is crucial. Instead of integrating multiple solutions, customers are looking for a unified platform that can be tailored to their specific requirements. We see many customers customizing their onboarding process to not only get the right people but also differentiate themselves in the market, making them the easiest to do business with.