Trulioo, the leading global identity verification company, today announced that its flagship identity verification solution, GlobalGateway, was ranked first in the Verification Tools/Identity Checks category and third in the Overall Supplier Rankings in the 2016 RegTech Performance Report published by Market Fintech Limited.
The report estimates that more 189 global financial institutions have deployed a range of new RegTech solutions from 20-plus technology suppliers across a range of compliance activities from transaction monitoring and automated regulatory reporting to instant identity validation and verification.
“This new performance report will be of particular interest to financial firms looking to adopt new regulatory technologies,” said Tina Snelling, CEO of Market Fintech Limited, which produced the report. “Institutions often struggle to answer questions that regulators may pose because their systems weren’t designed for that purpose.”
Developed for the global market, GlobalGateway, helps business comply with a diverse range of identity verification requirements, including Anti-Money Laundering (AML) and Know Your Customer (KYC).
“The report brings valuable insight to an emerging, highly complex and critical area of financial technology,” said Jon Jones, President of Trulioo. “Compliance needs regulatory technology to efficiently and accurately automate the basic tasks, so that resources can be focused on policy, execution and system design.
Our product was built from the ground up to address AML and KYC compliance with transparency at top of mind – a critical and powerful component to achieve identity verification in a regulatory context.”
Still in its early days, RegTech is made up of many best-of-breed solutions, often developed by veterans of the banking industry who identified a problem and wanted to devise a smart solution.
“Even the largest banks can’t continue to hire tens of thousands of compliance staff; they need technology to help them meet the regulations,” said Jones. “Instant identity verification is a key step in providing legitimate banking services and the RegTech Performance Report will help increase the role that technology can play in compliance.”