RegTech 100 company Jumio has partnered with Insights Network, an EOS blockchain-based data exchange.
The AI-powered trusted identity as a service provider said it has partnered with Insights to streamline the INSTAR Wallet user onboarding authentication experience.
Jumio will provide real-time KYC/AML-compliant ID verification for users of the INSTAR Wallet, removing the need for users to verify themselves every time they use the data exchange.
Every INSTAR Wallet user is required to undergo an onboarding process that includes identity verification. Jumio facilitates and streamlines this process by providing the Know Your Customer (KYC) and Anti-money Laundering (AML) checks.
According to the RegTech, the partnership ‘radically reduces’ the friction associated with customer account setup, while securely authenticating users and providing them with a blockchain “passport,” a digital proof of authenticity that can be used across the blockchain.
Once authenticated, Insights Network will enable individuals to securely own, manage and monetise their data through a combination of blockchain technology, smart contracts and secure multiparty computation.
“As the recent uproar over the misuse of data by Cambridge Analytica suggests, privacy practices are often hidden in the fine print, which can let third parties access consumers’ personal data without their knowledge,” said Jumio’s CEO, Stephen Stuut. “That’s why we’re so excited to partner with Insights Network. Together, we can simplify the compliance process for online identity verification and help users regain control of their personal data.”
The INSTAR Wallet allows users to subscribe to Insights Network partners’ blockchain projects and be rewarded with INSTAR tokens for their data. Over 100,000 potential users have signed up to use the app and 40,000 users have already passed their KYC check.
Insights’ solution uses secure multiparty computation to facilitate the exchange of data with blockchain smart contracts. These contracts ensure the transfer of funds and record a proof of consent in the ledger.
Jumio combines ID Verification, Identity Verification and Document Verification to allow businesses to establish the real-world identity of the consumer. Leveraging advanced technology like biometric facial recognition, machine learning, artificial intelligence and human review, Jumio helps customers to meet regulatory compliance including KYC, AML and GDPR and tie the digital identity to the physical world. Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions.
Earlier this year, Jumio partnered with CasinoCoin to provide real-time KYC/AML-compliant ID verification. CasinoCoin is the cryptocurrency specifically designed for the regulated online gambling industry. The RegTech will provide ID verification for users of its new Bankroll Manager wallet (BRM), removing the need for players to verify themselves every time they register with a new operator.
The RegTech also recently teamed up with smart cryptocurrency payments platform Byteball. The new partnership supports the company in optimising know Your Customer (KYC) processes for users taking part in Initial Coin Offerings (ICOs).
Jumio was recently 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
