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Vancouver, BC, March 21, 2022--(T-Net)--Trulioo announced that it now offers expanded identity verification coverage in Greece and Israel via Trulioo GlobalGateway. The two EMEA countries combined represent 20 million consumers and are classified as Developed by the Organization for Economic Co-operation and Development (OECD).

With the global nature of the digital economy, customers can be anywhere. Being able to onboard a person quickly, seamlessly and compliantly, wherever they reside, is crucial to ongoing expansion.

The coverage is another important milestone toward Trulioo's goal of being able to verify every person on the planet.

Greece has a GDP (per person) of $27,902 (all currency in USD). Online indicators point to significant potential, as 85.1% of households have internet access and 88.8 out of 100 inhabitants have mobile broadband subscriptions. eCommerce in Greece is increasing; in 2021, there was a 20% growth rate, with revenue of $3.6B.

Some digital initiatives of the country include:

• A new digital KYC platform called Introduce yourself - KYC (Know Your Customer) allows citizens who have Greek Tax Identification Numbers and Taxisnet credentials to remotely provide identity verification.
  
  
• The Bank of Greece has created a Fintech Innovation Hub to encourage and promote financial innovation and guide new business models.

The use of cash payments in Greece is widespread, and 15% of the population does not have bank accounts, making it challenging to verify individuals through conventional means like credit bureaus. Digital identity verification is especially critical when traditional methods aren't available, allowing underbanked individuals to be verified through a wider array of alternative data sources

Trulioo is a leading global identity verification company, building trust online so that businesses and consumers can transact safely and securely.

Trulioo provides real-time verification of 5 billion consumers and 330 million business entities worldwide — all through a single API integration. Organizations rely on its identity verification platform, GlobalGateway, to help meet their business and compliance requirements and automate due diligence and fraud prevention workflows.

Michael Ramsbacker, Chief Product Officer, Trulioo

"It's critical to create and sustain an inclusive economy - no one should be left behind because they may not have a conventional banking history or credit score," said Michael Ramsbacker, Trulioo CPO. "Offering support in Greece will ensure organizations can connect with consumers digitally, ultimately advancing financial inclusion."

Israel has a GDP (per person) of $39,493. While its internet access rate is lower than Greece at 75.9%, it has widespread mobile broadband use, with 137.8 subscriptions per 100 inhabitants.

The market for eCommerce in Israel is growing fast; in 2021, it had revenues of $5.976B with an expected CAGR from 2021-2025 of 11%. It has a strong fintech sector, with over 12 unicorns already and fintech start-ups raising over $1B in each of the last three years.

Israel is investigating digital KYC processes; the Identity & Biometric Applications Unit of Israel's National Cyber Directorate published a (now closed) RFI for Online and electronic KYC (Know Your Customer) process, systems and service.

Current identity requirements are:

• Name
• Address
• Identification Number
• Date Of Birth
• Passport
• Identity Card

Tel Aviv is a significant technology and innovation hub in Israel, home to one-third of the world's cybersecurity unicorns. The Israeli government recently proposed substantial updates to its data privacy laws to mitigate information security violations.

"With consumer privacy top of mind in Israel, we recognize the importance of offering services that help our customers deploy identity verification programs that abide by evolving data collection policies," added Ramsbacker. "Trulioo offers services that organizations can rely on to verify identities the world over, irrespective of jurisdiction or market."

Intelligent identity verification helps simplify expansion into new markets. With one API integration, Trulioo enables you to add new markets efficiently. We know it's not simply about entering a market, but optimizing performance; with best-in-class data coverage and intelligent KYC match engine capabilities, we help create customer onboarding experiences that deliver strong results.

Performance is also about deploying substantial compliance and fraud prevention measures to help prevent bad actors, limit financial crimes and build trust. With Trulioo, customers can fine-tune automated workflows to create the correct onboarding process for a specific scenario.

With the additional resources to better verify identities in Greece and Israel, Trulioo says it is now even better positioned to be a global partner.

About Trulioo

Trulioo is the leading global identity verification company, building trust online so that businesses and consumers can transact safely and securely. Trulioo provides real-time verification of 5 billion consumers and 330 million business entities worldwide — all through a single API integration. Organizations rely on its identity verification platform, GlobalGateway, to help meet their business and compliance requirements and automate due diligence and fraud prevention workflows. The Trulioo mission is to help provide every person on the planet with a digital identity to enable access to basic financial services and support.