Jumio acquires Beam Solutions’ AML Platform
By Pavithra R
Jumio, AI-powered online identity verification and authentication services company, has announced that the company has acquired the AML platform from San Francisco-based Beam Solutions, a startup focused on transaction monitoring and know-your-customer (KYC). Financial terms of the deal were not disclosed.
Jumio will integrate Beam’s suite of anti-money laundering (AML) solutions into its current KYX Platform to strengthen the company’s position in the anti-financial crime marketplace.
Launched in 2016, Beam provides secure, accurate and easy-to-use solutions for banks, broker-dealers, credit unions, lenders, FinTechs, cryptocurrency providers, marketplaces and other regulated organizations who need to comply with KYC, AML, and suspicious activity reporting (SAR) regulatory requirements. Beam aims to make the financial system safer by applying creative technological innovation to the detection and reporting of suspicious financial activity that facilitates money laundering, terrorism and human trafficking.
As financial crime continues to evolve, the asset purchase of Beam Solutions is expected to create strategic synergies, technological unity and innovation opportunities for Jumio to better meet the needs of existing and new customers by providing a comprehensive end-to-end compliance solution.
“Financial institutions of all sizes currently rely on a number of point solutions to combat financial crime and mitigate money laundering threats. At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage. Together, Jumio and Beam’s solutions deliver the first end-to-end compliance solution designed to minimize reputational and regulatory risk, increase operational efficiency and genuinely address harmful activity,” said Robert Prigge, Jumio’s CEO.
Currently, organizations that are subject to financial regulations rely on multiple systems to mitigate financial crime and meet their compliance obligations. The asset purchase of Beam Solutions accomplishes several strategic objectives, including:
- The KYX Platform: Beam provides critical AML transaction monitoring, watchlist and sanctions screening and customer risk rating functionality to expand Jumio’s KYX Platform strategy.
- AI-Powered Anomaly Detection: Beam leverages machine learning to analyze hundreds of factors about various financial transactions to search for abnormal patterns and activity adaptively. This capability will be enhanced by combining with Jumio’s AI Labs to reduce the number of false positives further and dramatically lessen review time.
- Case Management: Beam streamlines the process of suspicious activity investigation by integrating powerful tools with a modern, intuitive workflow. The data captured during the onboarding process can be fed into this process, making analysts better informed and more efficient.
- A more holistic view: By integrating upfront KYC processes and ongoing AML screening and transaction monitoring, organizations will have a more comprehensive and holistic view of the risk associated with each customer.
“When financial institutions are compelled to use multiple solutions, efficiencies are lost, both with respect to workforce and data. Data gathered during the onboarding and customer due diligence processes should be leveraged going forward as part of the ongoing KYC and transaction monitoring program. That’s the real promise of this partnership,” said Andreas Bayer, Beam’s co-founder and CTO.
Founded in 2010, Palo Alto-based Jumio uses informed AI to deliver identity verification and has replaced outdated KBA and SMS-based 2FA with a biometric-based approach ensuring strong customer authentication. The company by leveraging advanced technology including informed AI, biometrics, machine learning, certified 3D liveness detection and human review, helps organizations meet regulatory compliance including KYC, AML and GDPR and establish the digital identity of their customers.
Also read Cybersecurity in Financial Services Report 2020.
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