Unrivaled KYB and KYC Coverage From Trulioo Strengthens Airwallex’s Compliance and Fraud Prevention Across 181 Countries

Trulioo, a leading identity platform known for its extensive global coverage in person and business verification, has announced an expansion of its partnership with Airwallex, a prominent global payments and financial platform. Since their collaboration began in 2017, the integration of Trulioo’s identity verification services has enabled Airwallex to maintain compliance and prevent fraud across 181 countries.

Key Aspects of the Partnership Expansion

1. Enhanced Integration for Compliance

   • Airwallex has implemented Trulioo's Identity Document Verification, Business Verification, and Person Match to ensure compliance with various regulatory requirements.
   • The partnership has supported Airwallex's substantial growth, as evidenced by its recent announcement of surpassing $100 billion in annual processing volume.

2. Global Reach and Licensing

   • Airwallex operates with over 60 licenses worldwide, including 42 money transmitter licenses in the U.S.
   • The company adheres to regulations from several financial authorities, including the Monetary Authority of Singapore and the Financial Conduct Authority of the U.K.

3. Strategic Use of Trulioo’s Verification Technology

   • Since 2017, Trulioo's technology has been pivotal in helping Airwallex navigate complex global regulations, with extensions of their capabilities to the Americas and Europe.
   • The recent integration of Trulioo Business Verification in 2022 has further streamlined the process of verifying businesses and their beneficial owners.

4. Focus on Fraud Prevention and Security

   • Elliot Colquhoun, Airwallex’s VP of IT & Information Security, emphasizes the importance of Trulioo’s solutions in blocking fraudulent activities while ensuring smooth transactions for legitimate businesses.
   • Trulioo has verified passports from 162 countries, ID cards from 119 countries, and 104 types of driver’s licenses, significantly enhancing Airwallex's verification processes.

5. Future Innovations and Improvements

   • In 2024, Airwallex reported improvements in automatic document verification, resulting in reduced median processing times.
   • Steve Munford, CEO of Trulioo, underscores the importance of their collaboration in supporting Airwallex’s global expansion while meeting stringent regulatory requirements.

The expanded partnership between Trulioo and Airwallex marks a significant milestone in identity verification and fraud prevention within the fintech industry. With advanced technology and flexible integration options, Trulioo continues to empower Airwallex to navigate the complexities of global compliance while fostering trust and safety in its services.