APIs Deliver Simplified Integration for KYC Compliance

APIs enable agile, scalable services for banking, payments and other industries that conduct identity verification for Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance.

APIs can offer a quicker, easier and less costly path to verify customers while meeting expectations for speed, security and privacy. There were 102 billion open banking API calls worldwide in 2023, and that number is predicted to hit 580 billion in 2027.

Using APIs for Identity Verification and AML and KYC Compliance

Celent estimated the worldwide financial services industry will spend $34.7 billion on AML and KYC compliance technology.

APIs for onboarding identity verification can help organizations control compliance costs while satisfying regulatory requirements. Other benefits include:

• Accelerated implementation when the API connects to existing infrastructure
• Easy integration with other applications
• Less strain on developers
• Strong reporting and information flow
• A digitized process that eases the recordkeeping burden
• Procedural alignment across units, divisions and operating companies
• Faster entry into new markets
• A smooth, speedy customer onboarding experience
• Flexibility to meet different regulatory requirements across countries

Benefits of the Trulioo API

The Trulioo API enables developers to integrate all Trulioo capabilities through a single token and endpoint, regardless of region or product category. With one API token to access multiple services, Trulioo simplifies integration, ensures longevity, and reduces friction and time to market.

The Trulioo API can connect an organization’s system to multiple services, such as identity verification, ID document verification, global watchlists and business verification. The country-agnostic API can provide access to hundreds of vetted data sources and enable the verification of billions of people and millions of businesses worldwide.

Advantages of the Trulioo API include:

• Scalable Architecture – Get up and running quickly with low-code and no-code options and then integrate the Trulioo API for better control and flexibility
• Zero Developer Maintenance – All configurations and rule changes are handled by Trulioo, so developers do not need to open or edit the code
• Top-Grade Reliability – With 99.9% uptime, Trulioo ensures reliability
• Flexible Services and Country Coverage – Easily add services and countries without extensive code reworking
• Global Security Standards – Apply robust verification through a platform secured with industry-leading OAuth and mutual TLS protocols
• Trusted Results – Access standardized and normalized data from across the globe for all verification services
• Reduced Complexity – The Trulioo API’s structured code base is translatable across all code languages and is supported by comprehensive documentation and industry-leading security certifications

The Trulioo API can meet a global enterprise’s needs for functionality and expansion by delivering the flexibility to securely scale to additional countries, access new data sources and integrate KYC and identity verification capabilities with minimal developer resources.

This post was originally published in February 2017 and has been updated to reflect the latest industry news, trends and insights.