Jumio Teams Up to Fight Financial Crime with TruNarrative
via Finovate blog
Financial crime specialist TruNarrative is partnering with identity verification innovator Jumio to bolster its fraud detection and customer onboarding platform. The integration will enable TruNarrative’s existing customers and prospects to verify the authenticity of more than 3,300 ID document types from more than 200 countries and territories.
“We are very pleased to welcome Jumio as a partner within our Appstore,” TruNarrative CEO John Lord said. “The service helps our customers comply with their obligation to verify that their customers are who they say they are, enhancing the use of traditional evidence databases and document verification.”
Jumio’s identity verification and authentication solution combines AI, OCR, and biometrics to help organizations fight fraud, onboard customers faster, and remain compliant. The company’s AI-powered, Trusted-Identity-as-a-Service technology provides ID, identity, and document verification and authentication. Jumio also offers a new screening service – unveiled this spring – that combines ID verification and complete AML screening and monitoring.
Jumio head of worldwide partnerships Stephen Kearney explained the partnership as a way for businesses to provide a comprehensive anti-fraud solution without relying on multiple “disparate” solutions. “With TruNarrative, Jumio’s identity proofing, fraud detection, and eKYC solutions can be easily integrated into a single platform that enables these organizations to better defend themselves against financial crime,” he said.
Jumio demonstrated its Netverify identity verification solution at FinovateAsia 2018 in Hong Kong. The technology helps establish that the individual behind a transaction is physically present and is who they say they are by using a combination of ID and identity verification, as well as liveness detection.
More recently, Jumio reported that challenger bank Monzo would use Netverify for customer identity authentication. We highlighted Jumio this spring in our look at companies that can help banks compete against the new credit card from Apple.
Founded in 2010 and based in Palo Alto, California, Jumio has raised more than $55 million in funding from investors including Millennium Technology Value Partners and Centana Growth Partners, which acquired Jumio in 2016.