Jumio to provide biometric ID verification for money messaging app Plynk
Plynk simplifies the process of money transfers between friends by integrating a payments account and a messaging platform to allow people to instantly send funds to other Plynk account-holders in a messenger.
The app allows users to send money to a single individual or distribute funds through group chat applications, without the fees and delays that are associated with major banks.
Users simply register and receive a payment account, an IBAN and virtual Mastercard for online payments.
Jumio’s Netverify solution will help Plynk deliver a seamless user experience by verifying frequent customers who are instantly loading money from their debit and credit cards to their Plynk payment account.
The verification is achieved in less than a minute and does not require users to leave the app, making the process ideally suited to Plynk’s target market of on-the-go, digital-first consumers.
A streamlined verification process is critical for mobile-only financial products such as Plynk, which must comply with anti-money laundering (AML) legislation and know-your-customer (KYC) requirements but are unable to physically check customer identities in-person.
In addition, Netverify’s ability to process identity documents from over 200 countries will also help to promote scalable growth for Plynk as the app expands into the Spanish and Portuguese markets.
Launched in January, Plynk has grown rapidly across Android and iOS within the Irish market, with aspirations of eventually becoming Europe’s premiere money messenger.
“As the market’s most reliable digital identity platform, with over 60 million identities verified at the highest accuracy rate, Jumio is delighted to partner with Plynk,” Robert Prigge, CRO of Jumio, said. “Netverify is perfectly suited to the unique challenges of meeting KYC/AML compliance for digital-only organisations, and this partnership further consolidates our established credentials for trusted verification and a great user experience in the financial services industry.”
Netverify Trusted Identity as a Service incorporates ID verification, identity verification and document verification, as well as uses advanced technology such as AI, machine learning, eyeball tracking and Intelligent Process Automation to verify the identity of the consumer.
“In today’s fast-moving digital world, Plynk is leading the way in making the money transfer process as easy as sending a text or a photograph to friends,” Charles Dowd, CEO and co-founder, Plynk, said. “The speed, innovation and security of Jumio’s Netverify aligns perfectly with Plynk’s key values of being fast and fun.”
Last week, Branddocs partnered with Jumio to offer the company’s solutions to its client base in Spain and LATAM.