Mobile bank selects Jumio to verify users and meet KYC compliance
Mobile-only bank Monzo will be using Jumio’s Netverify Trusted Identity as a Service to help verify customers who are moving from its prepaid card service to a full current account, enabling the bank to comply with Know-Your-Customer (KYC) requirements.
Netverify will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.
“Our mission is to build a current account for a billion consumers,” explained Natasha Vernier, head of fraud at Monzo. “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.”
The new bank was granted a full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority earlier this year.
“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,” commented Robert Prigge, CRO at Jumio. “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.”
In April, Jumio issued its financial results for Q1 2017, which showed 47 percent growth in annual recurring revenue (ARR) year-over-year.