UK challenger bank Monzo extends biometric identity verification partnership with Jumio
Challenger bank Monzo and Jumio have extended their partnership with a new multi-year agreement that will see Jumio continue to provide biometric identity verification to Monzo customers for intuitive mobile onboarding.
Monzo is one of the UK’s top digital banks, with a user base approaching 2 million, according to the announcement. Jumio and Monzo’s collaboration won in two categories at the UK Digital Experience Awards 2018 for “Financial Services: Best User Experience” and “Best Online User Experience B2C – Best Digital Customer Journey.” Jumio says its technology helps Monzo meets KYC and AML compliance mandates, while minimizing the time needed for manual reviews, and the digital bank decided to extend the relationship after considering and testing various KYC vendors at scale. The decision was based on Jumio meeting the established service level agreement (SLA), its overall verification accuracy, and the supporting user data that informs verification decisions.
“Digital transformation is imperative for emerging banks and fintechs seeking to keep up with the needs of consumers, which is why it’s so important to adopt an automated KYC process,” says Simon Winchester, Jumio’s vice president of EMEA sales. “We’re thrilled that Monzo continues to partner with us and trusts Jumio to execute this essential step while also creating a streamlined onboarding experience for their ever-growing number of new users.”
“As Monzo continues to grow and pursue new markets, we know that Jumio will scale with our business and continue to provide an essential service — helping Monzo create the best-possible experience for our banking customers while fighting financial crime,” adds Monzo Head of Financial Crime Natasha Vernier.
Jumio recently reported a 60 percent year-over-year increase in revenue for Q1 2019.