Identity verification tech provider Jumio, which was recently hand-picked for the RegTech100, has partnered with digital banking service Meed.
Through the deal, Jumio will provide Meed with ID verification services for its package of financial services.
The company’s Netverify solutions will help Meed verify the authenticity of government-issued IDs and the digital identities of new users so they be directed to regional member banks as part of its virtual matchmaking service.
Stephen Landry, chief operating and technology officer at Meed, said: “Our innovative business model puts a premium on global coverage, KYC/AML compliance and a seamless customer experience.
“We looked at many providers, but found the Jumio solution to be superior based the quality of their global footprint and the sophistication and accuracy of their biometric-based identity verification.”
A wholly-owned subsidiary of GlobeOne, Meed provides a new global platform for a community of networked member banks, corporate members and individual users, to deliver a specially configured set of core banking and financial services products that ‘incorporate gamification to promote financial health’.
Jumio’s Netverify enables businesses to increase customer conversions by combining the three core solutions of ID Verification, Identity Verification and Document Verification. Founded in 2010, the company Leverages biometric facial recognition, machine learning, and human review, to helps customers to meet regulatory compliance including KYC and AML.
In 2016, Jumio raised $15m in a new round of funding just months after its assets where acquired by Centana Growth Partners. The company has also teamed up with Plynk to provide identity verification for the European money messaging app, with Branddocs TrustCloud, and with UK-based challenger bank Monzo.
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.
Given the increasingly complex requirements placed by regulatory authorities on AML and KYC procedures, along with the heavy fines imposed for inadequate compliance, the Global RegTech Review found that nearly half of all RegTech companies address those two legislations.
The capital invested in RegTech companies according to the area of regulation addressed by their solutions revealed that KYC appears to be causing the most problems within financial institutions. Since 2012, 23.1% of all RegTech investments, which amounts to $878m, can be attributed to investments in KYC solutions. AML follows closely behind with 23.0%.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
