SOURCE: Jumio

Jumio

June 13, 2013 08:00 ET

Bitcoin Purchase Platform BitInstant Integrates Jumio's Netverify to Speed Transactions and Reduce Fraud

Jumio ID Scanning and Validation Technology Provides Fast and Accurate Way to KYC Using the BitInstant Platform

PALO ALTO, CA--(Marketwired - Jun 13, 2013) - Jumio, Inc., the fast growing online and mobile credentials management company, today announced that Bitcoin purchase platform, BitInstant, has implemented Jumio's Netverify software into its online funds transfer process. Jumio's technology provides secure and convenient KYC functionality, enabling BitInstant customers to confirm their identity in real time, and offering an all-important extra layer of protection for financial transactions.

"Our goal is to make the Bitcoin purchase process as seamless as possible for our customers and Jumio plays a key role in accelerating that transaction," says Charlie Shrem, CEO of BitInstant. "By enabling customers to easily scan and validate their ID with their mobile phone or webcam, we take the friction out of the authentication process while protecting against fraudulent activity."

With Netverify, BitInstant can easily confirm that its customers' online and offline identities are one and the same by scanning their passport, driver license or government ID issued by more than 60 countries. This instant authentication replaces manual and time-consuming authentication processes such as faxing or mailing a copy of their ID that customers typically endure and that present an obstacle to transaction completion.

"Knowing your customer is important for all online businesses but perhaps never more so than in payment transactions," said Daniel Mattes, CEO of Jumio. "As bitcoins have rapidly increased in popularity, purchase platforms like BitInstant, along with the merchants and Bitcoin exchanges they interact with, need the security and confidence that comes from knowing exactly who is on the other end of the transaction."

Jumio's Netverify is the easiest way to confirm a customer's identity in real time, reducing fraud and the costs associated with reviewing low-quality copies of mailed or faxed documents while increasing overall conversions. Using the camera on a smartphone or computer, consumers scan an image of the front and back of IDs and documents to complete the customer verification process in real time. Both the business and customer receive feedback if the ID is valid, thus allowing for the transaction to continue without delay. The technology enables companies to meet KYC (Know-Your-Customer) and ID verification requirements and helps businesses develop a critical degree of trust with their customers. In addition, Netverify uses 256-bit encryption to transmit data, guaranteeing the highest level of security for sensitive transactions.

Netverify is available for web sites and on iPhone and Android, enabling mobile applications to add ID and document scanning into mobile applications.

For more information about Jumio Netverify, go to http://www.jumio.com/netverify.

About BitInstant
BitInstant enables customers to quickly buy and sell bitcoins and conveniently transfer funds between their various accounts. Based in Manhattan, NY and operating since 2011, BitInstant is a trusted leader in the Bitcoin ecosystem. Learn more at http://new.bitinstant.com

About Jumio
Utilizing advanced computer vision technology, Jumio is a next generation credentials management company offering payments and ID scanning & validation products for mobile and web transactions. Designed to reduce fraud and increase revenue by minimizing friction in customer transactions, Jumio's products integrate easily into mobile apps or websites and create great customer experiences. Jumio's products are widely used by leading retailers, marketplaces and financial institutions.

Jumio's Netswipe® enables customers to scan their cards in online and mobile checkout resulting in increased revenue and reduced fraud for the merchants. Netverify™ supports real-time ID verification in over 60 countries to help clients meet a variety of know-your customer requirements. The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.

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