Jumio rolls out new video-based KYC, deployed by UK FinTech Ebury

By Megha Bhattacharya

AI-powered end-to-end identity verification and eKYC solutions Jumio announced the launch of a new video-based verification solution for financial institutions and other regulated businesses. The company stated that the solution delivery is aimed at banks, FinTechs, crypto exchanges, digital wallets looking to shift from branch-based onboarding to omnichannel strategy. The service is already underway at UK FinTech Ebury.

“Cybercriminals are innovative and trained to exploit loopholes. By using stolen real identities, purchased from the dark web, they’re often able to fool traditional forms of online identification,” said Dean Hickman-Smith, Jumio’s chief revenue officer. “With video-based KYC, businesses can reduce their cost of operations by as much as 90% by eliminating field agent travel, reducing paper costs and streamlining the recording, transmitting and archiving processes.”

Jumio’s Video Verification is expected to allow financial institutions to onboard remote customers online with two-way video-based verification while ensuring KYC/AML compliance through an audit trail and qualified preservation of all recorded interviews. The company offers three modes of video verification including assisted, unassisted and platform-only.

“Jumio Video Verification facilitates our remote onboarding process in one of our core markets,” said Martin Ferreiro Subi, head of product strategy and transformation at Ebury, providers of foreign exchange, payment, lending and cash management solutions. “It allows us to verify the identity of our customers online by securely capturing pictures of an ID document and a selfie while recording the entire process. Our customers are delighted that it only takes a few minutes.”

According to Jumio, Video verification aims to meet the challenges of regulatory compliance, fraud detection, digital security and the customer experience with the provision of an intuitive online identity.