Providers of identity and document verification solutions Jumio has announced a new multi-year agreement with digital-only challenger bank Monzo.
Partners since 2017, Jumio has been Monzo’s primary identity verification solution provider – dealing with the onboarding experience for Monzo’s user base of nearly two million.
“Digital transformation is imperative for emerging banks and fintechs seeking to keep up with the needs of consumers, which is why it’s so important to adopt an automated KYC process,” said Simon Winchester, Jumio’s vice president of EMEA sales.
Jumio supports Monzo in meeting the Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance mandates.
The two firms showcased their customer-centric focus with a noticeable wins for at the UK Digital Awards 2018 in the “Financial Services: Best User Experience” and “Best Online User Experience B2C – Best Digital Customer Journey” categories.
Winchester continued: “We’re thrilled that Monzo continues to partner with us and trusts Jumio to execute this essential step while also creating a streamlined onboarding experience for their ever-growing number of new users.”
Monzo said it decided to strengthen its relationship with Jumio after considering and testing various KYC vendors at scale using a range of ID types and identity scenarios.
“As Monzo continues to grow and pursue new markets, we know that Jumio will scale with our business and continue to provide an essential service — helping Monzo create the best-possible experience for our banking customers while fighting financial crime,” commented Natasha Vernier, Monzo’s head of financial crime.