Palo Alto based digital identification specialist Jumio has announced its ‘best-ever sales quarter’, boosted by strong uptake of its AI-powered eKYC and AML compliance solutions.
Reporting a 45% increase in sales over 2018 comparatives, Jumio governance states that the firm’s commercial momentum has expanded Jumio’s position as the ‘world leader in compliance provisions’.
Updating the market, Jumio details that its growth has been spurred by a broader global regulatory adoption of KYC and AML regulations attached to digital transactions and customer onboarding.
Furthermore, Jumio highlights that major financial institutions have enforced stricter compliance policies servicing digital customers and merchants, requiring a higher emphasis on verification and ID processes.
Robert Prigge, Jumio President said “An ever-growing number of consumers are opening new accounts on mobile devices, which is accelerating eKYC initiatives and making Jumio’s identity verification solutions an indispensable ingredient to the onboarding process
During the period, Jumio would further strengthen its commercial pipeline, securing major global accounts in leading eastern European bookmaker Novibet, Brazilian financial service firm BTG Pactual and Middle-East / North African banking group Bank ABC.
The update sees Jumio complete its corporate turnaround,as during 2017 the Palo Alto company required a $4 million investment resurrecting the enterprise from US Chapter11 bankruptcy proceedings.
Moving forward Jumio, details that it will continue to invest in compliance R&D services, forming innovation-led partnerships with Nok Nok Labs and TruNarrative.
“This Q2 growth demonstrates how our focus on verification accuracy, speed and innovation is helping us meet the needs of modern enterprises who now, more than ever, need a reliable means of proving that someone is who they claim to be online” Robert Prigge adds