ID document onboarding time reduced from a day to seconds with Jumio document verification
Document verification technology developed by Jumio has helped Paysafe cut its onboarding time from a day or longer to a matter of seconds, according to a case study published by the biometric identity verification provider.
The case study “Paysafe adopts streamlined digital onboarding process” describes a transition from an upload-based process that was time-consuming for customers, but allowed the company to meet its regulatory requirements, to an automated solution that maintains know your customer (KYC) and anti money laundering (AML) compliance.
“As soon as I heard about Jumio’s services it became quite obvious what the opportunities for improving our customer experience were,” states Alessandro Bruno-Bossio, Paysafe senior vice president of customer service. “Since then, Jumio has continued to lead in its space and develop its technology. They have also stayed ahead of the curve as regulatory requirements have increased and released other features that have helped us counter friction and customer pain points as part of our compliance procedures.”
Paysafe’s requirements included verifying customers’ identity with biometrics, but also their residential address. Jumio Document Verification enables Paysafe customers to take pictures of documents like utility bills, credit card statements, bank statements and social security cards with their smartphones as proof of address. The solution works even with those documents which have been crumpled or creased, according to the white paper.
“There was definitely an increase in conversions as a result of implementing Jumio, and a big step change for us compared to when we were doing manual reviews,” said Jason Harper, Paysafe vice president of product. “That helped us in a real, tangible way. It was very impactful for onboarding and conversions.”
Jumio launched a biometric deduplication service in partnership with the American Association of Motor Vehicle Administrators (AAMVA) earlier this year to fight synthetic identity fraud.
The company says it now supports more than 3.500 ID document sub-types from around the world, and has verified more than 250 million identities from over 200 countries and territories with real-time web and mobile transactions.
Mitek provides ID document checks for COVID-19 financial relief
Mitek is providing its Mobile Verify technology to non-profit donation platform Gift Card Bank for free to quickly and accurately verify the identity of individuals requesting support. Gift Card Bank donates gift cards and financial support to people impacted by COVID-19.
Users upload a picture of an ID document and answer a few questions in the authentication process.
“In today’s rapidly evolving digital economy, identity verification is critical to ensuring peoples’ online safety and security,” states Max Carnecchia, CEO of Mitek. “We’re proud and grateful that our fraud prevention technology will help an innovative organization like Gift Card Bank deliver financial assistance to people who are hurting the most.”
Smart Engines updates Smart IDReader and adds new customers
Smart Engines has released version 3.8.1 of its Smart IDReader SDK to improve the accuracy and speed of identity document scans with a webcam or mobile device camera.
The new version upgrades reading of PDF417 barcodes, Aadhaar credentials, and other documents, and improves the accuracy and speed of photo detection in MRZ mode, according to the announcement. Several new supported document types and templates have also been added.
The company also announced that BioCollections Worldwide began using Smart IDReader earlier this year as part of its patient data intake process. The software was deployed to a web-based app for identity verification of people registering for COVID-19 tests.
Home Credit Bank has also selected Smart IDReader into its mobile banking app to recognize bank cards with computer vision.
Smart Engines recently announced that it has sold 50 million ID recognitions in the first half of 2020, the same number as it sold in all of 2019, and reached 98 percent of its full-year bottom line from last year during 1H 2020.
AML | biometrics | digital identity | identity document | identity verification | Jumio | KYC | Mitek | Smart Engines