Trulioo’s leading identity verification platform helps to facilitate remittances in one of the world’s largest markets
Trulioo, the leading global identity verification company, today announced that it now offers instant identity verification of consumers in the Philippines through its GlobalGateway platform.
GlobalGateway, Trulioo’s global identity verification platform, helps businesses automate their customer onboarding processes and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
Last year, the Philippines 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.
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A large portion of remittance flow into the Philippines comes from the UK, positioning it as a lead driver, second only to the US. This month, remittances from the UK were valued at 1.6 percentage points, making it a substantial catalyst of growth.
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,” 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.”
Globally, the remittance industry is massive and continues to grow — 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 continued. “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.”
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.