RegTech 100 company Jumio has partnered with CasinoCoin to provide real-time KYC/AML-compliant ID verification.
CasinoCoin is the cryptocurrency specifically designed for the regulated online gambling industry. The RegTech will provide ID verification for users of its new Bankroll Manager wallet (BRM), removing the need for players to verify themselves every time they register with a new operator.
The company claims its blockchain technology will enable players to complete transactions, in less than five seconds, with one KYC verification within their Bankroll Manager wallet. It bought onboard Jumio’s technology to boost operational efficiency for its partner platforms as it removes the burden of verifying new players.
Jumio’s advanced identity verification solution, Netverify, will also satisfy regulators by helping CasinoCoin create a complete KYC/AML tracking environment. Using Netverify ID Verification, new Bankroll Manager users can verify a government-issued ID document via their smartphone or laptop cameras, helping them to open an account in seconds.
John Caldwell, director of advocacy for the CasinoCoin Foundation, said: “Jumio has been supporting organisations in both the online gambling and cryptocurrency spheres for a long time now, and has established a formidable reputation as a KYC partner.
“This made them the obvious choice for us when seeking out an ID verification solution for our Bankroll Manager wallet. They have played an integral part in helping us create a near-perfect anti-money laundering (AML) environment that utilises Jumio’s latest KYC technology coupled with our new, proprietary AML tracking tool, to provide regulators with the most secure and transparent funding system available today.”
By leveraging technology like artificial intelligence, biometric facial recognition, machine learning, and human review, Jumio helps customers to meet regulatory compliance including KYC, AML and GDPR and tie the digital identity to the physical world.
Based in Palo, Alto, Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions. Its solutions are used by leading companies in the online gaming, financial services, sharing economy, cryptocurrency, higher education, retail, and travel sectors.
Earlier this year, Jumio teamed up with smart cryptocurrency payments platform Byteball. The new partnership supports the company in optimising know Your Customer (KYC) processes for users taking part in Initial Coin Offerings (ICOs).
Jumio was recently hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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