Monzo partners with RegTech 100 company Jumio for KYC

RegTech 100 company Jumio has partnered with Monzo to verify new users and support Know-Your-Customer (KYC) requirements.

The digital challenger bank will use Jumio’s Netverify Trusted Identity as a Service (TIaaS) to help verify customers who are moving from its prepaid card service to a full current account.

This will enable the bank to comply with KYC requirements while removing the burden of time-consuming manual verifications. Jumio’s Netverify will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.

Robert Prigge, CRO at Jumio, said: “Jumio is already being used by top European banks and our new partnership brings instant, trusted identity verification to the UK’s leading new challenger bank while supporting its growth by enabling trusted verification of existing and new customers to meet KYC compliance.

“Our identity verification leads the market with measures supported by advanced hybrid technologies, including Biometric Facial Recognition and Face Matching, to prove that customers are genuine.”

Earlier this year, Monzo was granted a full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority earlier this year.

Having verified over 50 million identities, Jumio adopts ‘three core pillars’ for customer verification: ID Verification, Identity Verification and Document Verification. Leveraging advanced technology like biometric facial recognition and machine learning, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world.

Based in Palo Alto, with offices in the US and Europe, Jumio’s solutions are used by companies in the financial services, sharing economy, higher education, retail, travel and online gaming sectors.

The RegTech 100 company recently partnered with Insights Network, an EOS blockchain-based data exchange, to streamline the INSTAR Wallet user onboarding authentication experience.

It also also recently teamed up with smart cryptocurrency payments platform Byteball. The new partnership supports the company in optimising know Your Customer (KYC) processes for users taking part in Initial Coin Offerings (ICOs).

Last year, Jumio was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.

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