PingPong, a cross border payments company, has collaborated with Trulioo to deploy its Business Verification and Watchlist Screening solutions.
This initiative is aimed at reducing the reliance on manual onboarding processes and ensuring adherence to compliance standards.
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Trulioo offers a global identity verification platform that caters to both individual and business verification needs.
PingPong, having exceeded $250bn in cumulative transaction volume, operates 32 offices worldwide and holds over 60 financial licences.
Licences from authorities including the Financial Conduct Authority, the Monetary Authority of Singapore, and the Australian Securities and Investment Commission and among others.
With the partnership in place, PingPong aims to broaden its international presence while meeting the Know Your Business (KYB) and Anti-Money Laundering (AML) compliance requirements through the automation of verification processes in various jurisdictions.
PingPong global compliance officer Julia Yao said: “Ensuring compliance while providing world-class, digital-first onboarding for businesses is critical to our global payments infrastructure.
“As we continue to scale and power cross-border payment services for enterprises of all sizes, automation and smart technology are fundamental to delivering fast, secure payments services. Trulioo is a vital partner as we combine our regional expertise and cutting-edge technology to automate business verification around the world.”
Trulioo’s Business Verification service claimed to authenticate over 700 million business entities globally, using a data network that is refreshed every 15 minutes.
Its “real-time” verification capabilities are designed to align with KYB and AML compliance demands across different markets, providing detailed information on businesses and their beneficial owners.
Trulioo CEO Vicky Bindra stated: “We’re proud to partner with PingPong to help drive growth and compliance in the cross-border payments industry.”
Last year, PingPong secured a payment system service provider (PJP) licence from the central bank of the Republic of Indonesia.
