Trulioo Launches ID Verification for Gen Z, Student Inclusion – pymnts.com

Global identity verification firm Trulioo is launching an expanded service, with U.S. student records added to the company’s GlobalGateway marketplace supporting compliance, know your customer (KYC), and anti-money laundering (AML) solutions, according to a press release on Tuesday (Dec. 7).
With the new service, Trulioo customers have the capability to verify the identity of 97% of students in the U.S., totaling some 18.3 million. The expanded verification capabilities can help Gen Z access financial products, since most students have sparse or no credit history.
See also: Trulioo Debuts Match Rate Challenge for KYC Rates
“Many Gen Zers, and even millennials, often encounter problems opening accounts or getting a loan due to their thin credit files,” said Steve Munford, Trulioo CEO. “The robust network of digital identity services from Trulioo enables organizations to reliably onboard thin-file customers, remain compliant and mitigate fraud and risk, all while providing a seamless experience.”
As the first generation of digital natives, Gen Z — the demographic born between 1997-2012 — is seen as a formidable consumer group once they have help gaining a financial foothold. As a group, they count on fast, flawless transactions wherever they shop, or they are likely to move on to another site or app. Gen Z and millennials together have an estimated spending power of $44 billion per year, according to the release.
Read more: Germany Taps Trulioo to Offer Age Verification Services for Minors
As the digital economy continues to grow, reliable verification of students’ identities, as well as the identities of generations even younger, is expected to become more important.
“GlobalGateway provides access to over 400 identity sources and services to reliably and securely verify the identities of over 5 billion individuals around the world through one API,” according to the release.
Trulioo’s platform provides real-time verification of 5 billion consumers and 330 million businesses around the world via one API integration. Organizations use Trulioo’s GlobalGateway for compliance and fraud prevention automation.
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NEW REPORT: TECHREG™ CHRONICLE – DECEMBER 2021

About: This report represents the inaugural edition of the TechREG™ Chronicle. The regulation of digital businesses is emerging as one of the signature issues of our times. Through this new publication, we seek to contribute to the debate and discussion over when, how, and when not to regulate digital businesses and the key technologies they use.
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