Jumio Partners with ComplyAdvantage

Jumio, Silicon Valley start-up focusing on identity verification, introduces an AML solution in partnership with the UK RegTech ComplyAdvantage.

Goals: Help corporate customers meet intricate AML and counterterrorism requirements.
The new platform, called Jumio Screening, builds on Netverify ID verification solution by Jumio and ComplyAdvantage’s exhaustive databases.
Targets: this solution is meant for financial institutions who must comply with AML and KYC requirements.
How it works
- Once the new customer signed up, this tool verifies if his name is listed in one of ComplyAdvantage databases.
- The service also includes proactive alerts and consistent monitoring to help businesses stay compliant.
- Screening profiles and filters can be customised based on customers’ risk tolerance levels using scalable configuration options.
These partners are betting on AI and Machine Learning techs to improve compliance levels. ComplyAdvantage’s technology will be embedded in Jumio’s Netverify dashboard to provide their customers with access to a full-fledged solution from a single portal.

Assist financial institutions with enhancing compliance to AML requirements. As customer relations increasingly rely on digital processes, KYC has been enhanced and customer experience becomes simpler. Yet, online businesses increasingly must screen and monitor customer relations, to comply with current AML regulations. Jumio and ComplyAdvantage claim they intend to assist financial institutions with meeting this challenge.
3-in-1 solution. Jumio’s platform supports faster identification processes, identity verification as well as automated AML controls. This could help them stand out from rival companies, including OneVisage, for instance.

Less than a month ago, Jumio launched an innovative face recognition-based ID verification and authentication service. This new screening and monitoring solution comes in addition to their existing range of offers.
Just like ComplyAdvantage, many start-ups are trying to attract banks and other financial institutions using next-generation AI-powered technologies.
In France, the Irish FinTech Know Your Customer recently won some banking institutions, including Crédit Agricole. This start-up features a digital solution enabling its users to accurately identify businesses and individual customers, faster, as well as run verification prior to signing them up as customers.

Category : Alertes quotidiennes