Trulioo, a leading global identity verification platform, today announced it has experienced 586% growth adoption of its Know Your Business (KYB) verification services since 2020 in the United States. Financial services companies and e-commerce marketplaces have driven the adoption increase as they adjust to new and evolving reporting requirements, such as the INFORM Consumers Act, which goes into effect today.

Trulioo provides verification capabilities for the top five global e-commerce marketplaces. Organizations turn to Trulioo – which provides integrated, comprehensive KYB and KYC (Know Your Customer) verification services in a single platform – to drive improvements in customer experience and business efficiency. The Trulioo global platform also includes AML Watchlist and ongoing sanctions screening, which checks users and businesses against politically exposed people lists, more than 6,000 global watchlists and more than 20,000 adverse media sources.

Trulioo enables organizations to optimize onboarding by automating person and business verification, which is crucial for global digital-first organizations with large volumes of sellers and customers. That’s especially critical with the start of the INFORM Consumers Act and its focus on creating more transparency around online marketplace sellers and minimizing risk on both sides of transactions. The act requires e-commerce platforms to verify “high-volume sellers” within 10 business days of reaching a transaction or financial threshold, a challenging time frame to achieve with traditional, manual KYB processes.

“Organizations are turning to Trulioo because we have the unmatched ability to provide best-in-class KYB and KYC in one platform and can create optimal workflows to support regulatory compliance anywhere in the world,” said Michael Ramsbacker, Trulioo chief product officer. “A single platform that solves for person and business verification can drive efficiency and lower overall costs. Those proven capabilities are used by customers in more than 100 countries every day. It’s not surprising we’re seeing tremendous growth in our KYB offering, and we expect to see that level of interest continue.”