Jumio acquires 4Stop, integrates data sources to further build out biometric KYX Platform
Jumio has acquired strategic partner 4Stop, which provides orchestration along with a data marketplace for compliance and fraud prevention technologies, to integrate with its platform for end-to-end digital identity management and compliance with know your customer (KYC) and anti-money laundering (AML) requirements.
Adding 4Stop’s 650-plus data sources enables Jumio customers to manage customer digital identity lifecycles with a single platform, according to the announcement. The easy integration of the API layer also allows for rapid configuration of the Jumio KYX Platform, the company says.
Jumio’s ambitions for end-to-end digital identity orchestration, with its selfie biometrics and ID document checks at the core, were explained by CPO Bala Kumar in an interview with Biometric Update in October. They also motivated the acquisition of Beam a year earlier.
“Today’s pace and sophistication of cybercrime means organizations cannot afford to rely on multiple vendors for their identity verification and fraud prevention needs,” comments Jumio CEO Robert Prigge. “There’s no way around it: a successful identity company must now have KYC, AML, KYB and orchestration. Together, 4Stop and Jumio’s solutions will offer this and more, delivering a complete, end-to-end approach to identity orchestration and fraud prevention. Not only will customers be able to rely on a single system for all of their identity and fraud prevention needs, they’ll also have an integrated and comprehensive view of their entire system, ensuring superior monitoring and risk management.”
The 4Stop data and risk marketplace includes proprietary real-time fraud protection technology and a selection of premium global data services that it says is the largest of its kind available.
“It has always been 4Stop’s passion to establish a modern, end-to-end and versatile data and risk management platform to better serve business’ global compliance and fraud defenses. Our online ecosystem and regulations are constantly evolving. Businesses need to quickly adapt and sync with leading technology and obtain future-proof sustainability,” says Ingo Ernst, 4Stop CEO. “We are very excited for the opportunity to join forces with Jumio to build and perfect crucial next-generation identity and anti-fraud solutions to support the growth of global online ecosystems.”
The deal is expected to close early in the new year.
The financial terms of the deal were not disclosed.
Jumio was recently revealed as the biometric customer verification provider for European bike share company Wunder Mobility.