10/25/2021 | Press release | Distributed by Public on 10/25/2021 04:45
Jumio, the leading provider of AI-powered end-to-end identity verification, eKYC and AML solutions, today announced the launch of an intuitive no-code orchestration layer for its KYX Platform that unifies an entire set of risk and fraud detection capabilities to address identity proofing, compliance verifications and AML use cases. Jumio pioneered the ID + selfie approach to identity verification and is now significantly expanding its platform capabilities for business customers. The KYX Platform will now provide multi-layered, end-to-end risk detection with flexible workflows, increasing visibility by showing a holistic view of the consumer identity and any underlying risk.
As fraudsters become increasingly sophisticated, businesses are having to layer in countless risk signals from multiple vendors in an attempt to protect their ecosystems. The Jumio KYX Platform addresses these pain points by enabling its customers to orchestrate the controls and assurances needed to know and trust their end users - all through a single API layer powered by AI and automation, achieving record high catch rates and low false positives.
"Jumio's next-generation KYX orchestration platform reimagines the process from one-off authentication to holistic user recognition and verification," said Jumio CEO Robert Prigge. "Rather than treating all users as potential threats, the platform puts the business customer at the center of the verification process. This delivers a more seamless user experience that verifies consumer or employee data coupled with enhanced authentication using a document such as a government-issued ID."
With the addition of an orchestration layer, Jumio's platform leverages its best-in-class identity verification technology to address today's market challenges caused by the rampant theft of personally identifiable information (PII) via large-scale data breaches. Jumio's ability to quickly verify and validate consumers, via government-issued IDs and other data sources and risk signals, completely differentiates the next-generation KYX Platform from other providers who rely on data that have been compromised in breaches. The engine behind the platform allows enterprises to create custom risk and fraud workflows using a no-code interface and presents a unified risk score to provide a single outcome across multiple risk checks.
"Our intent is to take the heavy lifting of fraud prevention out of the hands of our customers. By leveraging our KYX Platform, complete with flexible workflows, no-code orchestration and multi-layered risk signals, organizations can assess not only the risk of the individual, but also the devices associated with them, the IDs they furnish and their facial biometrics - all in one platform through a single API layer," said Bala Kumar, chief product officer of Jumio. "We want to enable our customers to focus on their primary business and leave the fraud prevention to us. We are their first and strongest defense for bringing in valuable customers while keeping the bad actors out. Suspicious transactions will get pushed to our integrated case management solution so fraud and compliance analysts can quickly triage and resolve any issues."
Latam fintech pioneer, Rappi, is one of the first Jumio customers to sign up for early access to the next-generation Jumio KYX Platform.
"We're excited to work with a platform that gives us the flexibility to add data sources, maximize conversions and optimize the user workflow and overall customer experience," said Juan Pablo Ortega, Rappi co-founder. "This vision aligns and supports our expansion ambitions and goals for the future."
Visit jumio.com/KYX to learn more.
When identity matters, trust Jumio. Jumio's mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification, eKYC and AML platform. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has carried out more than 400 million verifications spanning over 200 countries and territories from real-time web and mobile transactions.
Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.
For more information, please visit www.jumio.com.