Identity verification platform Jumio has strengthened its partnership with challenger bank Monzo by singing a new multi-year agreement.
Jumio has been supplying Monzo with its identity verification services since 2017 and have been working together to improve mobile onboarding for customers. The RegTech platform helps Monzo meet compliance with KYC and AML legislation requirements, while reducing the amount of manual reviews.
Monzo chose to deepen its relationship with Jumio after exploring a range of vendors and types of ID solutions. It picked Jumio due to its ability on meeting the established service level agreement (SLA), its overall verification accuracy and its supporting user data which informs the final verification decisions.
Jumio is an end-to-end identity verification and authentication solution which helps companies to meet AML, KYC compliance, combat fraud and accelerate various onboarding processes.
Jumio vice president Simon Winchester said, “Digital transformation is imperative for emerging banks and FinTechs seeking to keep up with the needs of consumers, which is why it’s so important to adopt an automated KYC process.
“We’re thrilled that Monzo continues to partner with us and trusts Jumio to execute this essential step while also creating a streamlined onboarding experience for their ever-growing number of new users.”
Jumio has had quite an active 2019, having recently opened a new office in Brazil to support its expansion across the Latin America region.
Last month, the RegTech company launched a fully automated AML screening solution which had been built through a partnership with ComplyAdvantage. The solution gives proactive alerts when a customer joins and conducts ongoing monitoring of customers after the onboarding phase to ensure compliance is maintained.
The company also released a video-selfie authentication solution which will be used for services in high-risk scenarios or unlock doors, complete self-check-ins, and continuous security of regularly used services.
