Trulioo’s New Tool Can Tell You If A Company Is Legit

Trulioo, the global identification company, announced news on Wednesday (Oct. 4) that it launched its Global Business Verification solution aimed at providing a low-cost way to conduct due diligence on businesses around the world.

In a press release, Trulioo said the tool can help verify if a business is real in order to enable companies to detect cybercrime, fraud and other criminal activity, like tax evasion or money laundering.

“The application of Optical Character Recognition (OCR) technology in our Global Business Verification product helps automate compliance workflows by extracting data from official documents retrieved from government registers,” said Stephen Ufford, CEO of Trulioo, in a press release announcing the new tool. “And with use of both Artificial Intelligence (AI) and Natural Language Processing (NLP), extracted data can be reliably allocated into searchable fields, where it is then delivered into a formatted and consumable report, which can be reviewed during the due diligence process.”

The new tool is offered via the company’s GlobalGateway platform, which is its business verification solution that gives customers the ability to automatically validate company information, such as business registration number, company name, address, status, key management personnel and date of incorporation. The Global Business Verification solution achieves that by querying hundreds of government registers and public records in real time, the company said in the press release.

Customers can also request business registration documents that include shareholder information and annual reports, in a further effort to make sure the business is real.

“Our Business Verification solution empowers organizations with the necessary information required for Know Your Business (KYB) due diligence to help meet regional and international AML / KYC (Anti-Money Laundering / Know Your Customer) compliance requirements,” Ufford added in the press release.

The company noted that its latest AI tool via the GlobalGateway platform marks another step forward in the identity sector, making it easier for companies to trust businesses with which they are interacting while preventing cybercrime and fraud.