Jumio boosts verification process through video-based solution

Jumio, the specialist provider of AI-powered end-to-end identity verification and eKYC solutions, has elevated its offering with the launch of a new video-based verification solution for financial institutions and other regulated businesses.

This solution is specifically catered for banks, fintechs, cryptocurrency exchanges, digital wallets and other regulated businesses looking to pivot from branch-based onboarding to an omnichannel strategy in the wake of the COVID-19 pandemic.

The safe onboarding of customers comes at a crucial time, as the efficiency of the customer journey takes on heightened importance as firms seek to ensure engagement through the pandemic.

Dean Hickman-Smith, Jumio’s chief revenue officer commented: “Cybercriminals are innovative and trained to exploit loopholes. By using stolen real identities, purchased from the dark web, they’re often able to fool traditional forms of online identification.

“With video-based KYC, businesses can reduce their cost of operations by as much as 90% by eliminating field agent travel, reducing paper costs and streamlining the recording, transmitting and archiving processes.”

Jumio Video Verification seeks to allow financial institutions to safely and securely onboard remote customers online with two-way video-based verification while ensuring KYC/AML compliance through an audit trail and qualified preservation of all recorded interviews.

Martin Ferreiro Subi, head of product strategy and transformation at Ebury, providers of foreign exchange, payment, lending and cash management solutions added: “Jumio Video Verification facilitates our remote onboarding process in one of our core markets. It allows us to verify the identity of our customers online by securely capturing pictures of an ID document and a selfie while recording the entire process. Our customers are delighted that it only takes a few minutes.”

Expert Analysis: This launch and video verification can boost financial institutions as they are being tasked with the challenge of uniting compliance, fraud detection, digital security and the customer experience.