Jumio launches biometric digital KYC platform to orchestrate identity proofing layers and services
Jumio has launched a platform to tie together its various biometric and identity proofing services for streamlined onboarding and KYC processes, the company has announced.
The new Jumio KYX Platform combines face biometrics and liveness with identity and address verification, fraud, signals and database checks to create authentication, anti money-laundering (AML) monitoring and AML screening layers. The signals analysis services for assessing new user risk will be launched in the coming months. Enterprises can implement it to know and trust the “x” in their business, whether a customer, user, patient, employee, business partner or student, safeguard existing accounts and mitigate financial crime risk. The technology allows organizations around the world to comply with regulatory requirements such as GDPR, in addition to KYC and AML.
Identity verification and digital KYC processes are among the top hurdles for organizations carrying out digital transformation, according to the announcement.
“Digital transformation is more than a buzzword. It’s today’s business imperative. To succeed, organizations must transform quickly and do it in ways that build trust, security and satisfaction,” said Robert Prigge, Jumio’s CEO. “Businesses can tailor the Jumio KYX Platform to fit their unique needs and risks and tap into services that accelerate digital transformation without sacrificing security and convenience.”
The platform’s engine includes an award-winning UX, state-of-the-art artificial intelligence and machine learning capabilities, including for biometric facial recognition, custom workflows, global coverage and bank-grade security, Jumio says.
Organizations often have to layer identity services in order to increase identity assurance, relying on multiple methods. Intelligent orchestration of these tools therefore becomes important, and Jumio cites Gartner research indicating that 75 percent of businesses will use a single vendor with strong orchestration capabilities and connections to third parties for identity proofing services by 2023, up from less than 15 percent today.
Once accounts are created, Jumio’s biometric KYX Platform provides services to protect against account takeovers and empower compliance teams to make fast, informed decisions.
Jumio published a blog post recently arguing for the benefits of an SDK-based biometric approach to online identity verification over APIs and web apps.