As per the official press release, PingPong will leverage Trulioo’s Business Verification and Watchlist Screening solutions to minimise manual onboarding. By automating verification processes across regions, the partnership will enable PingPong to grow its presence around the world while adhering to know your business (KYB) and anti-money laundering (AML) compliance standards.
Trulioo’s Business Verification solution can reportedly verify over 700 million business entities via an integrated global data network that is refreshed every 15 minutes. The company’s real-time verification capabilities are designed to meet KYB and AML compliance requirements across different markets and to offer a comprehensive overview of businesses and their ultimate beneficial owners.
The wider context
The partnership between PingPong partners with Trulioo comes following a significant growth in the cross-border payments market. According to reports, the market is anticipated to reach USD 50 trillion by 2032, with a 5.9% CAGR. PingPong is a provider of cross-border embedded payment solutions that has reportedly surpassed USD 250 billion in cumulative transaction volume. Its API-first cross-border payments platform integrates with enterprises to send, manage, and receive money faster on a global scale.
The growth of the cross-border payments market has led to numerous challenges for business, spanning from the need to comply with country-specific regulations, rising fraud risks, and onboarding expectations.
As part of the partnership, PingPong will employ business verification and screening technology from Trulioo in a bid to verify entities worldwide and reduce onboarding time and operational burdens.
As regulators are enforcing stricter requirements in an effort to protect consumers across multiple industries, KYB and know your customer (KYC) solutions are also growing in popularity for non-financial businesses. As such, Juniper Research anticipates that the spend for this category of businesses will grow by 140% over the next five years and reach USD 22 billion globally by 2029.
