SOURCE: Jumio Corp.

Jumio Corp.

June 26, 2017 03:00 ET

Jumio partners with Monzo for strong identity verification

Trusted identity verification expert joins with pioneering bank to verify new users and support Know-Your-Customer (KYC) requirements

PALO ALTO, CA and LONDON, UNITED KINGDOM--(Marketwired - Jun 26, 2017) - Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), has today announced a partnership with Monzo, which will see the digital challenger bank use Netverify® to help verify new and existing customers.

Monzo will use Jumio to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the burden of time-consuming manual verifications from Monzo employees.

Know-Your-Customer (KYC) requirements form an essential part of strict financial crime regulation, which require Monzo to prove that its customers are who they say they are. Jumio's Netverify will also be used to verify existing prepaid card consumers and new people signing up for Monzo's current accounts.

The new bank was granted a full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority earlier this year.

Robert Prigge, CRO at Jumio, said: "Jumio is already being used by top European banks and our new partnership brings instant, trusted identity verification to the UK's leading new challenger bank while supporting its growth by enabling trusted verification of existing and new customers to meet KYC compliance. Our identity verification leads the market with measures supported by advanced hybrid technologies, including Biometric Facial Recognition and Face Matching, to prove that customers are genuine."

Natasha Vernier, Head of Fraud at Monzo, added: "Our mission is to build a current account for a billion consumers. Working in partnership with Jumio, we're now able to provide instant verification to ensure those using our bank enjoy the fast and secure service they expect in every other aspect of life."

As the de facto standard in identity verification, with over 50 million identities verified, Jumio adopts three core pillars for comprehensive customer verification -- ID Verification, Identity Verification and Document Verification. In 2017, the company achieved its strongest results to date and has won Best Fraud Prevention Platform at the 2017 FinTech Breakthrough Awards, and was named "Cutting Edge Biometrics Security Solution" winner in the 2017 Cyber Defense Magazine InfoSec Awards.

About Jumio
Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer. 

Leveraging advanced technology like biometric facial recognition and machine learning, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world. Jumio has verified more than 50 million identities issued by over 200 countries from real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, higher education, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US and Europe, and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com