Name: Loqate at FinovateSpring 2023 – Powering global address verification
Uploaded: 2023-06-20T15:26:21.866Z
Duration: 359.19
Description: At the FinovateSpring 2023 conference in San Francisco, FinTech Futures caught up with Justin Duling, Senior VP Commercial Director at Loqate, to discuss how the company’s address verification solution aims to capture, verify and enrich global address data to help customers reduce failed deliveries and boost conversion rates globally.

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English

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It, is FinTech Futures at Finovate

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Spring and I'm joined by Justin

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Duling of Loqate how are you?

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I'm well.

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How are you?

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I'm very well, thank you.

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Very well.

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How have you been joined

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the conference so far?

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It's been great.

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A lot of great interaction with

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clients and prospects and a lot

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of great networking opportunities.

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Excellent.

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Excellent.

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So I guess yeah, just get started then

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ask, give us quick instructions then

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to yourself and your, role at locate.

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Yep.

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So I'm Justin Duling.

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I'm the general manager of the

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partner business at Locate which

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is an address management firm.

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So we've got two basic product lines.

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Address capture.

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I think you're on a website and you start

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typing in your address and you get a

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pick list of addresses to choose from.

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Then it form fills and then address

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verification which is paring matching

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formatting and verifying an address

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on the backend of the transaction.

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All underpinned by curated

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global data in all 249 countries,

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territories and possessions.

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Excellent.

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Excellent.

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So I guess you've obviously explained

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a little bit what, you're doing there.

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Yeah.

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But can you tell us a bit more about the,

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industries that you're servicing as well?

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Yeah, so we're horizontal to the

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market but as it relates to to

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FinTech, we we do a lot of work

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with payments companies and RegTech.

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So usually an address verification

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check ahead of people Id for

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anti-fraud, either in line with the

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transaction or during a registration.

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And so essentially a, good address,

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a properly formatted address gets

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better match rates which equals

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fewer false positives, less fraud.

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Excellent.

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Excellent.

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So what are some of the key

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challenges that you aim to solve for

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the companies that you work with?

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Yeah, so I think a lot of people think

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address, what's the big deal, right?

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It's an address.

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Is an address, and that might be

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the case in the US and the uk.

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But you get outside of I don't know.

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The top 15 countries that have strong

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postal authorities and addresses is

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a description of a location rather

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than a properly formatted thing

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that you and I might think of it.

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So being able to curate the data and

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then format it the way that a local

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might describe it is a huge challenge.

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Excellent.

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Excellent.

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I guess on, that one, can you describe

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the cross-border payments challenge

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and then you wait me to exercise?

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Yeah it's just that, right?

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So it's I'll give a,

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pretty typical example.

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Somebody in Ireland or India or

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Latin America might have a central

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point of collection for their mail.

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But they might live in in

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you a different place, right?

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If they sign up for a bank account or,

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some sort of payments application They

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sign up, they describe their, address,

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but that may not match a reference

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data address that that the company has.

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And so they could get de

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declined for an account, right?

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So what we'll do is, we'll, our software

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and data curation methods, we'll figure

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out how that local describes where they

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work, live and conduct business, and

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make that into a reference data record.

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Allowing for a better match once the

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once the bank processes that transaction.

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Excellent, And can you tell us a

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few more of the FinTech companies

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then, that you're working with?

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Okay.

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Yeah.

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A large partner of ours is Alloy

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so in the RegTech business.

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And so they've done precisely

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that they've, integrated us into

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every transaction to to allow for

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better matches with with people.

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And they've, seen.

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Almost double digit increases

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in match rates which allows them

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to onboard more good customers.

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Excellent, So can you elaborate then on

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how locate improves that fraud data model?

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Yeah really with the better match, right?

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So the, better match decreases the,

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false positive rate which which in

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turn increases the, amount of good

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customers that can be onboarded.

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And and, we see a lot of that.

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So I, mentioned the emerging market

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example, but even when we look at

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places like Germany and the uk.

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There's there's nuances in, address

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structures and sub delivery points that

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end up in in address address strings

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and being able to, standardize that

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that address and make it consistent in

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the And the data flow of the FinTech,

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that's the processing that transaction

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allows for the better matches.

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Excellent, So I guess to finish off

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then what's, next for Loqate and

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if you've got anything else in the

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pipeline that you could tell us about?

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I'd be remiss if I was having any

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interview and didn't say ai right?

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Course.

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Yeah.

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It's so omni mission, the huge

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challenge of especially emerging

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markets of of curating enough data.

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And then standardizing that data.

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And so locate our, mission is

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to create the, address standard

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and not to create a new one.

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And and replace addresses

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with something funky.

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But to best describe and

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process how people describe

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their own locations, right?

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And so we built machine learning models

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to analyze customer input data to do

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just that, to fill in blank spots.

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As well as to to properly parse the,

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location elements that are most important

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for, the locals as they describe where

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they work, live, and conduct business.

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Excellent.

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Thank you so much for taking the

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time out to, to speak with me.

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Justin.

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It's been a pleasure.

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It's been a pleasure.

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Thank you.

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Yes, thank you.

I think you're on a website and you start

But can you tell us a bit more about the,

industries that you're servicing as well?

once the bank processes that transaction.

FinTech Futures

Expert Insight

At the FinovateSpring 2023 conference in San Francisco, FinTech Futures caught up with Justin Duling, Senior VP Commercial Director at Loqate, to discuss how the company’s address verification solution aims to capture, verify and enrich global address data to help customers reduce failed deliveries and boost conversion rates globally.