Jumio and eKYC solutions has announced the launch of a new video-based verification solution for financial institutions and other regulated businesses.
It is designed for banks, fintechs, cryptocurrency exchanges, digital wallets and other regulated businesses looking to pivot from branch-based onboarding to an omnichannel strategy.
Financial institutions can 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.
Dean Hickman-Smith, Jumio’s chief revenue officer, said:
“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.”
Martin Ferreiro Subi, head of product strategy and transformation at Ebury, providers of foreign exchange, payment, lending and cash management solutions, said:
“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.”
Video Verification helps meet challenges like regulatory compliance, fraud detection, digital security and the customer experience with an intuitive online identity verification experience that deters bad actors from using fake identity credentials and documents to gain access to a fintech’s digital financial system.
