Jumio, which supplies identity as a service, will give identity verification tools to TruNarrative via a new partnership.
TruNarrative provides financial institutions with tools to improve their fraud detection, KYC, customer onboarding and AML compliance.
In working with Jumio, its existing clients will be able to add the Jumio ID verification services within their TruNarrative configurations. This will supply them with a streamline account set-up process, simplified KYC compliance and advanced financial crime detection.
The Jumio platform empowers TruNarrative customers to seamlessly check the validity of ID documents and provide a more reliable and automated identity proofing solution that covers over 200 countries and territories, supporting over 3,300 ID document types. In order to safeguard accurate verification, the platform leverages advanced technologies such as AI, OCR, computer vision and biometrics.
Jumio head of worldwide partnerships Stephen Kearney said, “Protecting your customers while making the experience as frictionless as possible has long been the goal for financial services and payment companies, but it’s required them to stitch together a variety of disparate solutions.
“With TruNarrative, Jumio’s identity proofing, fraud detection and eKYC solutions can be easily integrated into a single platform that enables these organizations to better defend themselves against financial crime.”
Atom Bank recently became the latest financial institution to make use of the TruNarrative service. It integrated the RegTech’s software in order to bolster its AML transaction monitoring and financial crime customer screening and monitoring efforts.
Jumio has been expanding significantly over the past year, having recently opened a new office in Brazil as a hub for its Latin America expansion goals.
The RegTech also recently extended its partnership with challenger bank Monzo. In the new multi-year deal, Jumio will supply th4e bank with KYC and AML tools necessary for meeting relevant compliance standards.
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