Jumio updates KYX Platform with streamlined compliance
“With this launch, more of the 4Stop capabilities are fully integrated into the KYX platform,” Bala Kumar, the company’s chief product officer tells Biometric Update. “So Jumio offers a one-stop shop for managing fraud and compliance.
The new features include, an integrated portal inspired by the 4Stop orchestration hub with customizable dashboards and hundreds of preconfigured business rules for use cases.
Unveiled at the Money20/20 USA event earlier today, Jumio’s KYX Platform is designed to streamline compliance with fraud, KYC and anti-money laundering regulations with an orchestration hub that merges global data, risk signals, real-time analytics, insights and a configurable rules engine.
The platform provides businesses with “a holistic view of incoming threats as they occur,” says Bala Kumar, the company’s chief product officer, enabling them to “bypass the standard setup of disparate point solutions that slow down the ability to fight fraud and serve customers.”
“The KYX platform evolution is designed to […] allow customers to easily access more data, intelligence, services and tools in one place and [also] to streamline the pain, time and cost of having to integrate multiple point solutions to manage fraud and maintain compliance,” Kumar tells Biometric Update.
The company first announced its transition from biometric ID verification to orchestration last October. Its focus is flexible digital ID management and fraud protection capabilities.
Jumio claims its KYC platform has completed more than 1 billion identity, risk and AML transactions for 1,000 organizations in more than 200 countries and territories. The products grant access to 500 global data sources for identity proofing, risk assessment and KYC/AML compliance.
Its identity proofing capabilities, including document and identity verification have been updated to address sophisticated ID and document manipulation, according to the company.
Jumio CEO Robert Prigge says his customers face a daunting environment. They need to “outpace tech-driven fraud advancements, which are expanding in terms of volume, origin and sophistication.”
The updates come weeks after Jumio published a new report about the negative effects of social media use on U.S. children and young adults, and how age and ID verification technology could reduce their impact.