SOURCE: Jumio Corp.

Jumio Corp.

Jumio Corp.

October 11, 2016 07:00 ET

Jumio to Power Online Money Transfers for UAE Exchange

Jumio's Netverify Solution to Deliver Fast and Secure Digital ID Verification and Facial Recognition for UAE Exchange Customers

PALO ALTO, CA and LONDON, UNITED KINGDOM--(Marketwired - Oct 11, 2016) - Online money transfers have become the fastest and most convenient channel for sending and receiving funds, but it comes with certain challenges, including security. UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, has partnered with Jumio, the leading digital ID verification company, to provide greater secured digital platforms for seamless financial transactions.

Customers can conveniently open a new online account on www.money2anywhere.com, the online remittance portal powered by UAE Exchange, in less than 60 seconds by scanning and submitting their government-issued photo ID.

Commenting on the partnership, Rajesh GK, Chief Product Officer of UAE Exchange, said: "Technology has empowered transactions and money movement, but it also poses risks on the financial system like channelising unauthorised payments, identity fraud and online theft. Our objective has always been to strengthen our abilities to mitigate these risks, secure the money and protect the identities of customers. We are glad to associate with Jumio for their Netverify™ solution as it will facilitate digital identification and face recognition for our online portals. These solutions are at present being customised and integrated with our own technology architecture."

Adds Philipp Pointner, Vice President Products, Jumio: "UAE Exchange represents our first banking client in the booming Middle East market and we are pleased to be working with such a well-established market leader. Mobile is revolutionising how people move and access money around the world. Yet vital know-your-customer and anti-money legislation requirements must be adhered to. Not only can Jumio ensure that customers get on board quickly, but we also confirm that it is all fully complaint with regulations -- that is why we are the market leader in ID verification and proofing solutions."

UAE Exchange is a 35-year plus financial institution founded in 1980. It first went digital in 2008 and since then has processed online transactions exceeding USD $1 billion. The organisation has a strong digital presence in Australia, Bahrain, Canada, Hong Kong, Ireland, Malaysia, Qatar, UAE, UK and the USA. With the focus firmly on digital, the brand plans to increase its digital customer base by 30 to 35 percent for the year 2016-2017 and derive 25 percent of its global revenue from digital in the coming years.

Jumio, as part of the agreement, will implement a frictionless and secure on-boarding process for customers of UAE Exchange that will be fully compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations.

About UAE Exchange
UAE Exchange commenced its operations in 1980. Today, it has grown into a leading global remittance, foreign exchange and payment solutions brand. Headquartered in Abu Dhabi, the brand has spread its footprint worldwide. With close to 800 branches across 31 countries in 5 continents, it has emerged as the widest globally networked remittance brand.

Strong correspondent banking relationship with over 140 global banks and smart technology add to its might. Over 9000 professionals, representing 40+ nationalities, strive to achieve excellence and bring delight to more than 13.2 million customers worldwide.

UAE Exchange is an ISO-certified brand and a member of prestigious global associations, recognised and awarded for its quality and business excellence.

About Jumio
Jumio delivers the next-generation in digital ID verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience. Jumio uses computer vision technology to verify credentials issued by over 200 countries in real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, retail, travel and online gaming sectors. Based in Palo Alto, California, and Funded by Centana Growth Partners and Millennium Technology Value Partners, 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.