Jumio, the pioneering provider of end-to-end identity management and eKYC technologies, today announced the introduction of the Jumio KYX Platform, a centralized platform that adapts to the specific needs and threats of organizations. The Jumio KYX Platform helps modern companies to quickly check on-board user identity, protect current accounts, and minimize financial crime risks. If it’s a client, consumer, patient, employee, business partner, or student, Jumio allows modern businesses to identify and then trust the ‘X’ of their sector. The platform helps organizations across the globe to handle regulatory criteria, such as KYC, AML, and GDPR, by offering a layered approach to identity proofing and corroboration.
The Jumio KYX Framework consists of three layers designed to create, maintain, and re-establish trust with remote users.
KYX Engine: The engine behind the Jumio KYX Platform comprises a range of interwoven features, including award-winning UX, state-of-the-art AI / ML, custom workflows, global coverage, and bank-grade protection.
Identity Proofing and Corroboration: organizations should set up a range of identity facilities to improve the standard of identity verification and address key questions: is the person who claims to be online and is it secure to start doing business with them Since many organizations rely on more than one identity-testing process, it is increasingly imperative for businesses to intelligently orchestrate many various capabilities.
By 2023, 75% of organizations will use a single provider with good identity orchestration capabilities and links to several other third parties for identity proofing and affirmation, a rise of less than 15% today (source: 2020 Gartner Business Guide for Identity Proofing and Affirmation).
The KYX Platform provides the following identity proofing services:
- Address Services: Verify and corroborate the address of the customer with independent third-party outlets.
- Identification Authentication: Automatic and hybrid identification proofing technologies that offer the industry’s highest degree of authentication accuracy.
- Biometrics: Sophisticated Liveness and Face Matching technology for unsurpassed identity assurance and ease of use.
- Fraud: Drastically reduce current anomaly detection account fraud, blocklist checks, and the selfie needed.
- Databases: Electronic database pings, including government watch lists, DMV and PEPS and prohibitions help to detect fraud and AML threats more easily.
- Alerts (coming soon): Jumio will announce new updates in the coming months that include incremental fraud alerts to help determine the risk of new users.
Authentication and AML Monitoring: Once the account has been developed, Jumio provides a range of services designed to defend the account against theft and enable enforcement teams to make smarter decisions more easily and to minimize the danger of money laundering and other financial crimes.
Trust Jumio when identification counts. The Jumio KYX Platform provides a variety of identity proofing services to reliably build, retain, and restore faith from account opening to continuing transaction monitoring. Jumio has checked more than 250 million identities issued by more than 200 countries and territories in real-time online and smartphone transactions. Jumio’s technologies are used by major financial services, sharing, digital money, banking, travel, and online gaming businesses.