Trulioo, a leader in ID verification, has launched its UBO Discovery Agent, a new AI-driven tool designed to address the complexities of determining beneficial ownership of businesses. Announced on July 23, this innovation is part of Trulioo's broader UBO Discovery capability, which integrates with its business risk and know your business (KYB) verification processes. The company highlights that traditional methods of verifying ownership—often reliant on manual research or unverified self-certifications—are increasingly inadequate in today's fast-evolving regulatory landscape. The UBO Discovery Agent aims to automate and enhance this process by intelligently reconstructing ownership structures, thereby filling the gaps left by inconsistent registry coverage.
Zac Cohen, Trulioo's Chief Product Officer, emphasized the limitations of existing registries, noting that they often fail to reflect the dynamic nature of business ownership. Many registries only document ownership on paper and do not keep pace with real-time changes, complicating compliance efforts for businesses. The UBO Discovery Agent is designed to provide answers when traditional registries fall short, offering a more efficient and reliable means of identifying ultimate beneficial owners.
The introduction of this AI agent comes at a crucial time, as recent research indicates that nearly two-thirds of enterprises have lost legitimate customers due to friction in identity verification processes. As companies grapple with the dual challenges of rising identity fraud and the need for robust defenses, the risk of inadvertently alienating genuine users grows. The UBO Discovery Agent represents a strategic response to these challenges, aiming to streamline onboarding processes and reduce customer abandonment rates in sectors where trust is paramount.
Zac Cohen, Trulioo's Chief Product Officer, emphasized the limitations of existing registries, noting that they often fail to reflect the dynamic nature of business ownership. Many registries only document ownership on paper and do not keep pace with real-time changes, complicating compliance efforts for businesses. The UBO Discovery Agent is designed to provide answers when traditional registries fall short, offering a more efficient and reliable means of identifying ultimate beneficial owners.
The introduction of this AI agent comes at a crucial time, as recent research indicates that nearly two-thirds of enterprises have lost legitimate customers due to friction in identity verification processes. As companies grapple with the dual challenges of rising identity fraud and the need for robust defenses, the risk of inadvertently alienating genuine users grows. The UBO Discovery Agent represents a strategic response to these challenges, aiming to streamline onboarding processes and reduce customer abandonment rates in sectors where trust is paramount.
Source: PYMNTS
