Jumio ID doc and biometric selfie with liveness checks chosen for onboarding by payment company Sokin
Payments company Sokin will use biometrics and document authentication technology from Jumio to provide secure and compliant digital client onboarding.
Jumio’s AI-powered digital identity verification technology has been integrated by Sokin to validate online customers with a smartphone photo of their government ID and a selfie for analysis with facial recognition and biometric liveness detection to prevent fraud.
“We offer payment cards in over 75 countries and wallets in 150 countries so need to have fast and effective client identification as part of our detailed compliance processes,” states Sokin CEO Vroon Modgill. “We want to be able to check and onboard everyone as quickly and efficiently as possible, so they can benefit from making payments or transferring money with Sokin. Jumio offers best-in-class technology which complements our systems, so we are very pleased that this partnership enables us to work together.”
Sokin’s business and consumer customers pay a fixed subscription price, starting at $2.99, for global payments, allowing them to avoid repeat or hidden costs while receiving some of the best rates for market transactions, according to the company announcement. Transactions are not marked up, and Sokin says average prices are 20 percent lower than other payment solutions.
“Jumio technology is now essential for all businesses where KYC and AML compliance is built into online customer onboarding and authentication,” comments Jumio CEO Robert Prigge. “Our solutions are designed to help fintechs like Sokin develop and expand their services across different regulatory environments.”
The announcement continues a hot streak of customer growth for Jumio, which recently reported a 100 percent increase in new customers signed up in Q2, on a year-over-year basis.