Jumio provides biometric onboarding technology for Philippines bank
Jumio has entered a partnership with all-digital CIMB Bank Philippines to provide a seamless onboarding experience with biometrics for mobile banking customers and deliver AI-powered end-to-end identity verification and authentication technology to prevent fraud and ensure regulatory compliance, the company announced.
CIMB Bank Philippines has registered nearly 2 million citizens in its digital platform in a year, with 30 percent opening a bank account for the first time. Rapidly growing in the region, CIMB Bank Philippines has been recognized with eight banking awards in 2019 for its achievements.
Jumio’s identity verification technology is now integrated with the bank’s mobile application, reducing the 15-minute video KYC process to five minutes, the company says. The solution leverages machine learning, AI, certified liveness detection and facial biometrics to verify identity by matching a user’s live selfie with the photo shown on their government-issued ID.
“Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience,” said Vijay Manoharan, CIMB Bank PH CEO. “We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion.”
“In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process,” said Robert Prigge, Jumio CEO. “We are extremely proud to partner with CIMB Bank Philippines to help give more Filipinos access to digital banking in a secure, seamless and compliant manner.”
Last month, Jumio’s biometric video selfie authentication solution was recognized in the 2020 Business Intelligence Group (BIG) Innovation Award for its competence in account takeover and online fraud prevention.