Jumio has deployed its digital identity services to Brazilian investment bank BTG Pactual to automate onboarding processes.
One of the requirements BTG sought for an automated digital onboarding platform was one that used face-matching identity verification technology and could process Brazilian ID documents.
Its reasoning for this is because the country’s National ID System is quite complex. The main ID card does not follow technical standards and there is no single rule for generating an ID number. Further to this, the issuance network is not digitally integrated, and each state has its own regulatory agency and rules for cards. This means an individual could have multiple ID numbers.
BTG initially launched as a wealth management firm for high-net worth and ultra-high-net worth individuals. The firm recently launched the BTG Pactual digital solution to offer investment services to any Brazilian individual that was a balance of $30,000.
When choosing a partner for vetting vendors, BTG chose Junio because of its ability to accept and verify multiple types of government-issued IDs including passports, driver’s license and ID cards.
BTG Pactual digital head of B2C and products Rogerio Karp said, “We have had a fast, friction-free onboarding process since Day 1 thanks to Jumio. Even though some users have tried to trick our onboarding process, with Jumio we are able to identify them before they can cause us any harm.”
This partnership comes after Jumio has put a focus on boosting its operations in LatAm. Supporting this growth is its newly launched sales office in Brazil which is acting as a hub for the area.
Jumio president Robert Prigge said, “We are extremely proud to partner with BTG Pactual, Latin America’s largest investment bank, to develop their digital investment services and provide faster verification and client onboarding.
“Throughout LatAm, it’s becoming increasingly important for growing banks to accelerate customer acquisition with instant, paperless KYC processes while holding high standards of data privacy and integrity.”
Jumio has been making a number of partnerships in the marketplace over the past year. Most recently, it formed a new deal with Bank ABC to support its KYC capabilities.
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