{"id":38289,"date":"2023-10-05T22:04:46","date_gmt":"2023-10-05T22:04:46","guid":{"rendered":"https:\/\/www.trulioo.com\/blog\/"},"modified":"2023-10-05T22:04:46","modified_gmt":"2023-10-05T22:04:46","slug":"automated-identity-verification","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/crypto\/automated-identity-verification","title":{"rendered":"Automated Business and Identity Verification Highlight Consensys, Trulioo Partnership"},"content":{"rendered":"\n<p>Organizations that operate across borders face a broad range of digital challenges, from complying with shifting regulations to meeting customer onboarding expectations for speed and convenience.<\/p>\n\n\n\n<p>Consensys, a leading blockchain and web3 software company, overcame many of those challenges through a <a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/consensys-captures-global-verification-efficiency\">partnership with Trulioo<\/a>. The company integrated Trulioo Business Verification, Person Match and Watchlist Screening capabilities through Workflow Studio, the no-code workflow builder.<\/p>\n\n\n\n<p>Before the partnership with Trulioo, the Consensys verification process could take up to an hour per customer. With Trulioo, the company reduced customer onboarding to just minutes.<\/p>\n\n\n\n<p>Those were the kind of results Consensys wanted, said Steven Szaroleta, Consensys compliance and operational risk manager.<\/p>\n\n\n\n<p>\u201cWhat we were looking to use Trulioo for was new and immediate,\u201d he said, \u201cand Trulioo was able to work with us to get what we needed quickly.\u201d<\/p>\n\n\n\n<p><strong>Manual Verification Can Limit Growth<\/strong><\/p>\n\n\n\n<p>Organizations that rely on manual business and identity verification can miss out on expansion opportunities, open the door to unnecessary risk and run afoul of regulatory requirements.&nbsp; On top of that, the time spent by employees for manual checks has a measurable cost, detracting from other important tasks.&nbsp;<\/p>\n\n\n\n<p>Manual verification errors can lead to mistaken rejections, data re-entry and onboarding delays. Slow processes also can negatively affect the customer experience and result in abandonment.&nbsp;<\/p>\n\n\n\n<p>\u201cIf you don\u2019t have a seamless onboarding process,\u201d Szaroleta said, \u201ccustomers are going to get frustrated and go to a different provider.\u201d<\/p>\n\n\n\n<p><strong>Automated KYB and KYC Verification<\/strong><\/p>\n\n\n\n<p>For Consensys, the primary verification use cases were Know Your Customer (KYC) and Know Your Business (KYB) compliance.<\/p>\n\n\n\n<p>In the fast-moving world of blockchain and web3, organizations can face different regulations in regions across the globe. Consensys operates in multiple markets worldwide and wanted a flexible verification partner with global expertise.<\/p>\n\n\n\n<p>The partnership with Trulioo enabled Consensys to quickly set up <a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/global-expansion\">KYC and KYB workflows<\/a> that can adapt to the company\u2019s changing needs and comply with shifting regulations. Trulioo also can optimize verification workflows with local expertise in markets across the globe.\u00a0<\/p>\n\n\n\n<p>\u201cThe Trulioo team was really helpful at navigating through all the requirements for verifying businesses,\u201d Szaroleta said.<\/p>\n\n\n\n<p>Automated identity verification for KYC and KYB offers advantages such as speed, accuracy and cost-efficiency. The processes help businesses adhere to legal and regulatory standards, mitigate fraud and meet customer onboarding expectations.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"not-post section\">\n\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/consensys-captures-global-verification-efficiency\" class=\"block bg-brown-100 md:relative md:flex md:flex-row\" >\n\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t<picture>\n\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/09\/cs-consensys-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/09\/cs-consensys-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/09\/cs-consensys-thumbnail-304x171.jpg\" width=\"304\" height=\"171\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover\">\n\t\t\t\t\t<\/picture>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"pt-4 p-6 lg:pt-6\">\n\t\t\t\t<p class=\"p-sm md:p-xxs subheading md:subheading text-red-500 mb-4\">Read the case study<\/p>\n\t\t\t\t<h4 class=\" mb-1 text-green-900\" > Consensys Captures Global Verification Efficiency<\/h4>\t\t\t\t<p class=\"p-sm md:p-xs text-green-900\">Learn how a blockchain and web3 software company accelerates person and business onboarding.<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/a>\n<\/div>","protected":false},"excerpt":{"rendered":"Organizations that operate across borders face a broad range of digital challenges, from complying with&#8230;","protected":false},"author":8,"featured_media":37899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[329],"post-types":[172],"post-topics":[113],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Automated Business and Identity Verification<\/title>\n<meta name=\"description\" content=\"Automated identity verification for KYC and KYB offers advantages such as speed, accuracy and cost-efficiency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trulioo.com\/blog\/crypto\/automated-identity-verification\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Automated Business and Identity Verification\" \/>\n<meta property=\"og:description\" content=\"Automated identity verification for KYC and KYB offers advantages such as speed, accuracy and cost-efficiency.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.trulioo.com\/blog\/crypto\/automated-identity-verification\" \/>\n<meta property=\"og:site_name\" content=\"Trulioo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/trulioo\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-05T22:04:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/09\/cs-consensys-thumbnail.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1370\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Valkama\" \/>\n<meta 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