Leading Cross-Border Platform Targets Reduced Onboarding Time While Meeting Diverse Regulatory Requirements
Trulioo, an industry-leading identity platform with proven global coverage for person and business verification, announced its partnership with PingPong, a world-leading provider of cross-border embedded payment solutions. PingPong selected Trulioo Business Verification and Watchlist Screening to minimize manual onboarding and deliver rapid, compliant payment experiences worldwide.
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PingPong, which has surpassed $250 billion in cumulative transaction volume and has 32 offices worldwide, is at the forefront of the rapidly growing global payments sector. The company holds more than 60 financial licenses and adheres to strict regulatory standards set by, among others, the Financial Conduct Authority, the Monetary Authority of Singapore and the Australian Securities and Investment Commission.’
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As cross-border payments boom, growing at an expected 5.9% CAGR to reach $50tn USD by 2032, businesses continue to face a number of hurdles such as country-specific regulations, fraud risks and onboarding expectations. PingPong will harness advanced Business Verification and Watchlist screening technology from Trulioo to quickly verify entities worldwide while reducing onboarding time and operational burdens.
The partnership enables PingPong to expand its global footprint while meeting rigorous Know Your Business (KYB) and Anti-Money Laundering (AML) compliance standards by automating verification processes across regions.
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“Ensuring compliance while providing world-class, digital-first onboarding for businesses is critical to our global payments infrastructure,” said Julia Yao, global compliance officer at PingPong. “As we continue to scale and power cross-border payment services for enterprises of all sizes, automation and smart technology are fundamental to delivering fast, secure payments services. Trulioo is a vital partner as we combine our regional expertise and cutting-edge technology to automate business verification around the world.”
Trulioo Business Verification can verify more than 700 million business entities through an integrated global data network that’s refreshed every 15 minutes. Its flexible, real-time verification capabilities are tailored to meet KYB and AML compliance requirements across diverse markets and provide a holistic view of businesses and their ultimate beneficial owners.
“The digital payments boom creates an abundance of growth opportunities and a broad attack surface for fraud, meaning enterprises can no longer rely on rigid verification methods,” Trulioo CEO Vicky Bindra said. “Fast, flexible and scalable verification capabilities deliver the trust and security that form the foundation of global commerce. We’re proud to partner with PingPong to help drive growth and compliance in the cross-border payments industry.”
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Source – PR Newswire
