• Case Study
Webull Welcomes
Global Investors and
Minimizes Fraud With
Online Verification
Stop Bad
Actors at
the Door
Trulioo — Case Study
The
Challenge
450
In order to fulfill their mission to
create an equal opportunity for
everyone to control their financial
future, Webull needed to build
a product that was free and
accessible while providing a
smooth and secure onboarding
for their customers. This is where
Trulioo entered to help support
Webull’s goals.
Fast and Reliable Customer Identification
Like any other financial entity, Webull needed to
implement a Customer Identification Program (CIP)
into its account opening process. This was done to
comply with regulations such as Know Your Customer
(KYC) and Anti-Money Laundering (AML).
Regulated entities will testify that identity verification,
the core component of the CIP, can often delay
customer onboarding; users grow impatient with the
elongated wait times and abandon the onboarding
process altogether. According to Webull CEO Anthony
Denier, “a fast and reliable Customer Identification
Process during the account opening process was
crucial for us.” This is where the Trulioo solution comes
into the picture. After incorporating Trulioo Identity
Verification into the account opening process, Webull
was able to verify and onboard users quickly: “Trulioo
helped us onboard 100,000 accounts in just the first
six months — all while providing a seamless
user experience.”
The Trulioo API lets
clients access over 450
data sources across
195 countries.
Trulioo — Case Study
The
Solution
Why Webull Chose Trulioo
Fraud Prevention
Trulioo played a major role in identifying potentially
fraudulent users while they were trying to open
accounts with Webull. “We utilize Trulioo to flag
applicants who have previously been involved in any
fraudulent, conspirator, and/or trafficking infractions.
These applicants are not onboarded as Webull clients,”
says Denier.
International Expansion
The Trulioo API lets clients access over 450 data
sources across 195 countries. Clients can verify the
identity of 5 billion people using a single touchpoint.
According to Denier, “We are currently onboarding U.S.
and international clients onto our brokerage platform.
Trulioo’s streamlined API access to international
databases allows us to almost instantly pass or fail
applicants on a mass scale.”
Trust
From the very beginning, Webull wanted its customer
identification program to be highly reliable. According
to Denier, one of the tangible benefits of using Trulioo
is that Webull is now able to keep “a thoroughly
researched and compliant brokerage client list.”
“
Trulioo helped us onboard
100,000 accounts in just the first
six months, all while providing a
seamless user experience.”
• Anthony Denier CEO of Webull
The world’s
identity
platform.
Contact Us
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European Union,
Canada and other countries.
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.
About Webull Financial LLC
Webull Financial is a zero-commission, online
broker-dealer with no minimum deposit
requirements to open an account. These
incentives, combined with a host of compelling
features, such as real-time market data and
financial news, make Webull Financial the preferred
solution for experienced and novice investors alike.
The Webull app is currently being used across
the world by over 9 million people. Meanwhile, the
brokerage portion is being used in the U.S. and
some select non-U.S. locations.
Affordability, Superior Technology and a Great Team
Before choosing Trulioo, Webull did a comprehensive
search and assessment of all the available solutions in
the market. “Trulioo’s technology and flexible pricing
options were the key determinant factors in its selection.
Top-notch responsiveness by the customer success and
sales team, along with strong implementation were the
other factors,” says Denier.
Like Webull, the world’s biggest tech companies, banks,
payment processors, and money transfer companies,
along with major online marketplaces, financial
institutions, gaming companies and financial services,
use Trulioo to prevent fraud, mitigate risk and meet their
compliance requirements.
The Webull app is currently
being used across the world
by over 9 million people.