Vancouver startup Trulioo taps market for Philippines remittances

A Vancouver startup specializing in identity verification is setting its sights on the remittance market in the Philippines.

Trulioo announced July 24 it’s now offering its ID verification platform to customers in the Philippines.

“Verifying identity is such a big piece of remittance so it’s a hugely important step for suppliers to take and for individuals to know their transfers are safeguarded,” Trulioo general manager Zac Cohen to Business in Vancouver.

Remittances sent from overseas to the Philippines accounted for US$33 billion in 2017, according to an April 2018 report from the World Bank.

The country had a GDP of US$329.7 billion that same year, according to estimates from the International Monetary Fund, meaning remittances account for approximately 10% of the country’s economy.

“Typically it’s a very arduous process and especially when we talk about developing economies, they just don’t have the same profile as Canada. And what I mean by that: the majority of the population might not have a credit file,” he said.

“Traditional methodologies of verifying individuals just don’t work.”

Trulioo’s platform offers access to global data sources to verify the identities of consumers and businesses online.

Cohen said his company’s API plugin is customizable for local markets, allowing businesses to tap into it quickly to make use of the verification services.

Trulioo has services in 100 countries and can verify the identities of 4.5 billion individuals and 250 million business entities.