RegTech 100 company Jumio has partnered with Backbase, an omni-channel digital banking platform.
The deal will see Jumio’s online identity verification services enhance Backbase’s Open Banking Marketplace. Together they aim to deliver online identity verification services that help organisations optimise conversions, deter fraud and meet KYC, AML and GDPR compliance mandates within an intuitive digital banking experience.
Backbase’s Omni-Channel Banking Platform is a digital banking software solution that unifies data and functionality from traditional core systems and new FinTech players into a seamless digital customer experience.
More than 100 large financials have tapped the platform to streamline their digital self-service and online sales operations including HSBC, ABN AMRO, CheBanca!, Credit Suisse, Fidelity, HDFC, Hiscox, ING, KeyBank, Legal & General and Westpac.
Customers on the Backbase digital banking platform will now be able to add Jumio’s online identity verification capabilities to enhance the onboarding experience.
“Backbase equips financial institutions with a one-stop shop to facilitate their digital transformation,” said Robert Prigge, Jumio’s chief revenue officer. “This alliance enables Jumio to help these same banks with simple yet powerful identity verification and Know-Your-Customer solutions that can be easily leveraged through the Backbase digital banking platform to increase onboarding conversion rates, dramatically reduce fraud, and meet increasingly stringent compliance mandates.”
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.
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.
Jumio recently partnered with Monzo to verify new users and support Know-Your-Customer (KYC) requirements. The digital challenger bank 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.
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.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
