Monaco taps Jumio to verify new cryptocurrency wallet customers
Jumio has been selected as a partner by payments and cryptocurrency platform Monaco to provide customer onboarding, “Know Your Customer” (KYC) and anti-money laundering (AML) checks as Monaco scales toward its goal of “Cryptocurrency in Every Wallet.”
Monaco enables users to buy, exchange, and spend fiat and cryptocurrencies at interbank exchange rates.
“As a leader in compliance and user experience, Monaco’s goal is to streamline the identity verification process without compromising accuracy,” said Kris Marszalek, Co-Founder and CEO of Monaco. “Jumio’s AI-powered technologies fit with our priority of creating smooth and simple user journeys, keeping our users happy and increasing client retention by taking the complexities out of the online verification process usually associated with regulatory KYC and AML compliance.”
Asia Pacific markets are increasingly allowing financial services companies to shift to modern, online identity verification processes leveraging technologies such as machine learning and biometrics, according to the announcement.
“KYC is one of the biggest pain points in the financial industry in Asia Pacific. The process is costly and laborious, and hugely duplicative,” said Frederic Ho, Jumio’s vice president of Asia Pacific. “We’re thrilled that Monaco is leading the way by being one of the first companies to leverage online identity verification during the onboarding process to simplify KYC. What’s more, they deliver a fundamentally better user experience while benefiting from more accurate fraud detection.”
Jumio recently opened an office in Singapore, and announced a partnership to provide customer onboarding for precious metal financial services company Goldmoney.