Jumio has launched its AI Labs in Montreal, focusing on the creation, experimentation and deployment of machine learning (ML) and deep learning technologies.
The RegTech 100 company said the new office will expand upon the innovation driven by Jumio’s Vienna-based AI team, with the Montreal staff will work on building production models that perform three key functions associated with online identity verification: data extraction, fraud detection and risk scoring.
Jumio’s AI Labs, which are developing deep learning models to dramatically improve identity verification accuracy and verification speed. The team is led by Labhesh Patel, CTO and chief scientist at Jumio, who is currently hiring additional ML engineers and AI specialists for the Montreal location.
“Because of Jumio’s scale and deep experience in ID and identity verification, we have amassed very large datasets that are being leveraged to develop highly predictive AI models,” said Patel. “Jumio’s AI Labs will build on this experience to further refine our supervised AI models, develop best practices, and continue as a platform of innovation.”
Montreal was chosen as the lab’s location due to the city’s emergence as a major technology hub for AI, combined with a low cost of living and several large local universities and academic institutions.
“Jumio’s creation of its AI Labs in Montreal and the investment in research around deep learning are both strong signals of the economic attractiveness of Montreal. This is the result of the city’s ongoing effort to promote a vibrant ecosystem of innovation,” said Hubert Bolduc, president and CEO, at Montréal International.
Based in Palo Alto, with offices in the US and Europe, Jumio’s solutions are used by companies in the financial services, sharing economy, higher education, retail, travel and online gaming sectors. Having verified over 50 million identities, Jumio adopts ‘three core pillars’ for customer verification: ID Verification, Identity Verification and Document Verification. Leveraging advanced technology like biometric facial recognition and machine learning, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world.
Last year, Jumio was 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.
Just last month, the RegTech partnered with Monzo to verify new users and support Know-Your-Customer (KYC) requirements. The digital challenger bank said it will use Jumio’s Netverify Trusted Identity as a Service (TIaaS) to help verify customers who are moving from its prepaid card service to a full current account.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
