I-Remit integrates Jumio biometric technology for AML, KYC compliance
Filipino-owned non-bank remittance service provider I-Remit has integrated Jumio’s biometric-based identity verification and authentication technology to improve digital onboarding and user experience, the company announced.
I-Remit provides a money transfer service for both Filipinos in the country and abroad. With 10 million people working abroad as per World Economic Forum data, I-Remit wants to attract a younger, tech-savvier audience to keep up with shifting demographics and the fast digital transformation in the remittance industry.
To stay relevant in a growing industry, I-Remit released earlier this year an online alternative to in-person transactions called Iremtix. Users no longer have to go to a physical branch to send and receive money, they can use the online platform that works on both web and mobile. Iremtix is available for money transfers between the Philippines and Canada, Singapore, Japan and UK, but more countries will be added to the list in the near future.
Jumio provides a solution that uses machine learning, AI, and facial biometrics to verify identity by matching live selfies with government ID photos. Under the partnership, I-Remit can now verify user identity for customer in over 200 countries with more than 3,000 different types of IDs.
“Jumio’s technology solves two of our most pressing problems — onboarding scalability and customer experience,” said Ron Benito, I-Remit executive vice president of international treasury. “Jumio saves us money and time, provides eKYC speed and precision, and the customer onboarding experience is superior.”
By partnering with I-Remit, Jumio will continue building its business in the Asia Pacific region. In March 2018, the company opened a sales office in Singapore.
“It’s imperative that the remittance industry, and the financial services world at large, streamlines the digital onboarding process for customers,” said Frederic Ho, Jumio vice president, Asia Pacific. “Jumio is happy to partner with I-Remit in order to create an intuitive and secure digital experience for their global customer base, offering bank-grade security, dramatically faster verification and increased conversions.”
In October, Jumio was recognized by Gartner for its identity verification services, for the second year in a row. Last week, the company announced major biometric and OCR improvements following a two-year AI investment.