Jumio will supply its biometric-based identity verification technology to Bank ABC through new partnership.
The mobile-only bank plans to become one of MENA’s first digital banks and due to this it has focused on building strong digitalised capabilities, including KYC tools, it said.
By working with Jumio, Bank ABC will be able to verify online customers by having them take a photo of their government-issued ID with a smartphone and then take a selfie. To ensure the selfie is real, Jumio uses liveness detection functionality.
Implementing this means the bank can guarantee the user is who they claim to be during the transaction process.
The bank is hoping to expand its operations around the world, particularly the MENA region, and in conjunction with this, Jumio will continue to offer its digital ID services across geographies.
Bank ABC group chief digital officer Yousif Almas said, “We’re proud to be the first bank in the Middle East to leverage face-based biometrics to streamline the KYC and identity-proofing processes.
“As more and more customers move online and transact via their mobile devices, it’s critical for Bank ABC to deliver a simple, fast and intuitive onboarding experience that takes minutes, not hours or days.”
Jumio has been on a partnership spree this year, providing a variety of businesses and industries with its tools to improve digital onboarding.
TruNarrative, which builds fraud detection, KYC, and customer onboarding technology for financial institutions, recently teamed up with Jumio. The deal sees Jumio integrate its ID verification tools into the TruNarrative platform to help streamline KYC compliance.
Some of the other companies to partner with Jumio this year include ComplyAdvantage, Monzo and novibet.
RegTech 100 company Jumio also recently launched a new sales office in Brazil to support its expansion efforts for the LatAm region.
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