Serpro, Jumio, SmartSearch sign deals to boost fintechs’ KYC, AML checks

Fintechs are making more deals with identity verification (IDV) firms across the globe, including Brazil’s Serpro helping a UK client with KYC and AML checks, Jumio biometrics integrating with a provider of infrastructure for financials in Latin America and the selection of SmartSearch by a UK CRM provider.

Serpro strikes deal with LSEG

Brazilian state-owned technology company Serpro has signed a deal to provide two of its data validation solutions to the London Stock Exchange Group (LSEG). Data from the Federal Revenue Service of Brazil will be fed into LSEG’s Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, helping financial services companies to verify identities.

Serpro is responsible for over 200 million records within the Individual Taxpayer Register (Cadastro de Pessoas Físicas – CPF) as well as other critical national databases. Thanks to the collaboration, the UK-based financial conglomerate in charge of the London Stock Exchange will gain access to the CPF API as well as the API of the National Register of Legal Entities of Brazil (Cadastro Nacional da Pessoa Jurídica – CNPJ).

“When a Brazilian user opens a digital account with a brokerage that uses LSEG’s verification services, the system requests their CPF number,” explains Giovani Pereira, international market business analyst at Serpro.

By integrating with Serpro’s API, LSEG can check in real time whether an individual taxpayer number is active and in good standing and verify whether information such as name and date of birth matches with the Federal Revenue records, he adds.

Examining the legal entity register, on the other hand, can help verify a company’s legal status, tax registration, official trade name, address, and whether it is linked to politically exposed persons (PEPs).

“This information is essential for risk assessment in money laundering prevention and mitigation procedures,” says Pereira.

Aside from the Federal Revenue of Brazil, Serpro underpins government agencies such as the Federal Police, the Ministry of Foreign Relations, and the National Traffic Department. In October last year, it entered a strategic partnership with biometric identity verification company REACT-OnID, allowing Brazilian institutions to perform biometric verification against Serpro’s government databases.

The company also provided a facial recognition system to verify delegates at a G20 meeting held in Rio de Janeiro in 2024.

Jumio partners to bring fintech product to LatAm

Identity verification firm Jumio has announced technology integration with fintech infrastructure company Prometeo, aiming to bring a product combining identity authentication and bank account validation to companies across Latin America.

The unified product will allow organizations such as fintechs, digital banks, payment gateways, online gaming platforms, and e-commerce companies to simplify user onboarding and payments and prevent fraud. A company will be able to not only verify that an account belongs to the applicant but also validate their identity using biometrics, allowing faster KYC and AML processes.

“We’re no longer just confirming whether an account exists – we’re also verifying who’s behind it, which redefines how fintechs and digital companies build fast and efficient onboarding processes,” says Roberto Gaudelli, commercial director at Prometeo.

Prometeo works with 1200 financial institutions across 11 countries, allowing corporations to integrate with the financial system in Latin America and the U.S., according to the firm’s statement.

SmartSearch announces integration with Plannr

Another collaboration in the IDV and fintech space comes from the UK.

AML and KYC platform SmartSearch has announced it will integrate its technology with Customer Relationship Management (CRM) technology maker Plannr.

Planner develops platforms for financial and wealth management firms, and the new integration will allow them to carry out compliance checks and client onboarding seamlessly.

“This collaboration allows firms using Plannr to streamline their compliance obligations, reduce risk, and remain confidently aligned with regulatory standards – all from within one integrated platform,” says Kerry Cleary, partnership director at SmartSearch.

SmartSearch’s product relies on data from credit scoring companies such as Equifax, Experian and TransUnion. Its technology helps Planner achieve a pass rate of up to 97 percent, completing KYC checks in as little as two seconds, the two companies say in a release.

Article Topics

AML  |  biometrics  |  fintech  |  identity verification  |  Jumio  |  KYC  |  LSEG Risk Intelligence  |  Serpro  |  SmartSearch