Jumio announces biometric video customer verification solution for remote KYC
Jumio has released a new video verification solution with face biometrics for customer onboarding by businesses in regulated industries.
Dubbed Jumio Video Verification, the tool has been created with regulated businesses like banks, fintech, cryptocurrency exchanges, and digital wallets in mind.
Jumio said the new solution aims at helping these institutions to transition from a branch-based onboarding to an omnichannel strategy.
Jumio Video Verification provides two-way video-based verification for remote onboarding while ensuring the security of operations and KYC and AML compliance through an audit trail as well as the preservation of all recorded interviews.
“Cybercriminals are innovative and trained to exploit loopholes,” said Dean Hickman-Smith, Jumio’s chief revenue officer.
“By using stolen real identities, purchased from the dark web, they’re often able to fool traditional forms of online identification,” Hickman-Smith added.
The software offers three different modes utilizing biometric video facial verification. The assisted mode allows customers to be identified via video assistance technology with agents interacting in real-time through a browser or mobile app.
The unassisted mode, on the other hand, leverages self-service biometrics capabilities to capture a video of users’ documents, then a picture of their face. The AI-powered tool uses facial recognition to perform a liveness test.
A platform only option is also available, allowing customers to be identified and verified through video assistance technology operated by the company’s own agents.
Commenting on the news, Hickman-Smith said Jumio Video Verification will now help financial customers reduce costs and speed up onboarding processes.
“With video-based KYC, businesses can reduce their cost of operations by as much as 90% by eliminating field agent travel, reducing paper costs and streamlining the recording, transmitting, and archiving processes.”
More information about Jumio Video Verification is available on the company’s website here.