On September 26, 2024, Trulioo, a leading identity verification platform, announced an expansion of its partnership with Airwallex, a global payments and financial platform. This collaboration, which has been in place since 2017, aims to bolster compliance and improve fraud prevention across 181 countries.
Strengthening Compliance with Advanced Verification Tools
Since the inception of their partnership, Airwallex has integrated Trulioo’s suite of verification services, including Identity Document Verification, Business Verification, and Person Match tools. These technologies are pivotal in enabling Airwallex to navigate complex global regulations effectively.
Elliot Colquhoun, Vice President of IT & Information Security at Airwallex, remarked, “Trulioo delivers a dynamic solution, enabling Airwallex to adapt our identity workflows over time to outpace fraud and maintain compliance.” This integration is essential for protecting the security of over 100,000 global businesses while ensuring that legitimate transactions proceed without disruption.
Impressive Growth and Global Reach
Airwallex has recently reported exceeding $100 billion in annual processing volume, with an annual run rate approaching $500 million. The company operates under more than 60 regulatory licenses worldwide, including 42 in the United States. It complies with regulations from multiple authorities, such as the Monetary Authority of Singapore and the Financial Conduct Authority in the UK.
The collaboration with Trulioo has been crucial in maintaining this expansive growth. Steve Munford, CEO of Trulioo, stated, “Our verification technology has empowered Airwallex to confidently enter new markets, meet stringent regulatory requirements, and build trust and safety.” This flexibility allows Airwallex to adapt to changing regulations swiftly.
Enhancing Fraud Prevention Through Innovative Solutions
Across the 181 countries supported by this partnership, Trulioo has verified a range of identification documents, including passports, ID cards, and driver’s licenses. In 2024, Airwallex reported significant improvements in its automatic document verification processes, resulting in reduced median processing times.
The advanced verification technology provided by Trulioo plays a pivotal role in Airwallex’s ability to counter fraud while maintaining compliance. Colquhoun noted the importance of partners like Trulioo, stating, “They are essential to effectively identify and block fraud.”
Conclusion: A Stronger Future Together
In conclusion, the expanded partnership between Trulioo and Airwallex represents a strategic alliance that enhances compliance, improves fraud prevention, and supports the rapid global expansion of both companies. By leveraging cutting-edge verification technology, they are well-positioned to navigate the complexities of the global financial landscape, ensuring security for businesses worldwide.
