Jumio has acquired the AML platform from Beam Solutions. Jumio will integrate Beam’s suite of AML solutions into its current KYX Platform to further strengthen the company’s position in the anti-financial crime marketplace. Financial terms of the agreement were not disclosed.
Jumio customers can use the Beam integration to detect suspicious activity, and gain a more holistic view of risk factors through the Jumio KYX platform. The new capabilities help regulated entities that need to comply with AML, know you customer (KYC) and suspicious activity reporting (SAR) requirements, like fintechs, banks, broker-dealers, credit unions, lenders, cryptocurrency providers, and marketplaces.
While there are many vendors that provide AML transaction monitoring, Beam Solutions is one of only a handful with newer, cloud-centric technology, Jumio VP of Global Marketing Dean Nicolls told Biometric Update in an email. Beam gathers data from sources including social media and the U.S. Census to enrich transaction data and flag suspicious activity.
“Financial institutions of all sizes currently rely on a number of point solutions to combat financial crime and mitigate money laundering threats. At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage,” said Robert Prigge, Jumio’s CEO. “Together, Jumio and Beam’s solutions deliver the first end-to-end compliance solution designed to minimize reputational and regulatory risk, increase operational efficiency and genuinely address harmful activity.”
“When financial institutions are compelled to use multiple solutions, efficiencies are lost, both with respect to workforce and data,” said Andreas Bayer, Beam’s co-founder and CTO. ”Data gathered during the onboarding and customer due diligence processes should be leveraged going forward as part of the ongoing KYC and transaction monitoring program. That’s the real promise of this partnership.”
As financial crime continues to evolve, the asset purchase of Beam Solutions will create strategic synergies, technological unity and new innovation opportunities for Jumio to better meet the needs of existing and new customers around the world by providing a comprehensive end-to-end compliance solution. Beam’s U.S. employees will relocate to Jumio’s Palo Alto headquarters.
