Jumio Teams Up to Fight Financial Crime with TruNarrative

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.

Finovate Alumni News

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  • Jumio Teams Up with TruNarrative to Fight Financial Crime.
  • Currencycloud to Power Cross Border Payments for Fellow Fintech.
  • Minna Technologies Raises $6.3 Million.

Around the web

  • Dwolla introduces Labels to help application owners customize how funds are allocated.
  • Akamai launches Enterprise Defender to help customers secure all enterprise applications and users.
  • Kabbage to power loans for Azlo small business clients.
  • Lighter Capital has financed more than $150 million in 500+ rounds of revenue-based financing to over 300 startups.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • NYMBUS Helps Drive PNB’s New Digital Only Bank.

Around the web

  • Mercury Payment Solutions and Arion Bank select Fiserv AML Technology.
  • Challenger bank Monzo to use Jumio’s Netverify for customer identity authentication.
  • Neener Analytics selected by FIS for investment and participation in The Venture Center Accelerator
  • Launchfire wins Gold at the 2019 Hermes Creative Awards.
  • Jack Henry & Associates named a Best Place to Work in Kentucky for Seventh Consecutive Year.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Yes, Banks Can Compete with Apple’s New Credit Card

What’s in your wallet? Or rather, what’s in banks’ clients’ wallets? Some sexy competition appeared on the market yesterday, as Apple announced the pending launch of its own credit card in collaboration with Goldman Sachs and Mastercard.

The card is touted more for its mobile and digital qualities than its shiny titanium finish. Despite the shine, however, many of the card’s features and offerings aren’t new. And that’s good news for banks. While traditional financial institutions aren’t as sexy as tech companies such as Apple, they are generally viewed as more trustworthy. And with that kind of foundation, all banks need to do is piece together the features into their own credit card offering and market it properly.

Fortunately, there are plenty of fintech firms out there to help. Here are some of the features Apple is promoting and a list of corresponding fintechs that can help banks take the same approach.

Physical card security

Apple boasts a titanium card with the customer’s name etched on the front– no credit card number, no cvv code, no expiration date. All of that information is tucked away inside the app. Physical card innovator Dynamics takes a similar (though admittedly less visually appealing) approach. The Pennsylvania-based company offers a computer-in-a-card that hides part of the card number, the cvv code, and expiration date on the physical card until the consumer enters their PIN into the card. As an added bonus, Dynamics also offers in-card loyalty and rewards features, as well as a card that hosts multiple numbers, allowing customers to toggle between debit and credit cards.

Chat functionality

As a company that is known for simplifying technology, Apple is taking a similar approach with its customer service. “Have a question? Just text,” is the message the company features on its card website. Fortunately, there are plenty of fintechs that help banks simplify their customer experience. Two such companies are Finn.ai and Clinc, both of which leverage AI to save banks money on customer service representatives, while simplifying and expediting access to answers via a chat interface.

PFM

One way to win over customers is to convince them you’ll help them organize their finances and ultimately save them money. That’s why Apple is offering in-app PFM capabilities. And while the technology hasn’t changed much since it debuted before the fintech craze, the colorful user interface is beautiful enough to convince anyone to want to look at their spending behavior.

Banks have seemingly endless options to compete with this feature. And while most financial institutions currently offer some sort of PFM capabilities, it’s worth looking at it from a superficial point of view. Utah-based MX and Sweden-based Tink both offer visually-pleasing interfaces that are arguably more beautiful than Apple’s and are backed by powerful PFM engines.

Mobile app security

Apple’s iPhone holds the hardware for both fingerprint and facial recognition technology, and since the company is reinforcing its focus on security, it is leveraging biometrics for account access. With the right software, banks can leverage fingerprint and facial recognition technology as well. Jumio, IDology, and Mitek all offer technology banks can implement for fast account access, as well as account onboarding.

Fast onboarding

With access to consumer data, Apple has an advantage of being able to quickly onboard new consumers using existing consumer information. There are multiple fintechs that help banks onboard consumers quickly, as well, including Digital Onboarding, Q2’s Gro Solutions, and Fenergo. Digital Onboarding motivates customers to open new accounts using incentives and gamification. Gro Solutions touts the ability for customers to open and fund accounts in under four minutes. And Fenergo takes a holistic approach to onboarding, providing banks a lifetime view of the client to help perform data refreshes, ongoing due diligence, and upsell and cross-sell opportunities.

Rewards

Credit card rewards programs may seem like a feature of the past, but rewards are certainly still relevant. With its new card’s rewards program, Apple once again seeks to simplify things by offering consumers daily rewards. Two fintechs, Cardlytics and Cartera Commerce, offer tried and true loyalty and rewards programs. These offerings not only boost consumer loyalty, they also offer banks further insight and analysis into consumer spending.

Apple’s new credit card is shipping this summer. Fortunately for banks, fintechs are here to help them compete.

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Around the web

  • Avaloq signs clients for PSD2 service.
  • Kontomatik enters Southeast Asian market.
  • Feedzai named best in class in fraud and AML vendor market by Aite Group.
  • Yahoo! Finance features SocietyOne and the growth of P2P lending in Australia.
  • American Banker: Jumio teams up with ComplyAdvantage to help banks ID crooks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Jumio Unveils Automated AML Screening Solution

Courtesy of an integration with ComplyAdvantage, trusted identity as a service innovator Jumio is launching a new, fully-automated AML solution, Jumio Screening. The new solution leverages ComplyAdvantage’s automated watchlist and politically exposed persons (PEPs) screening and monitoring to streamline the compliance process.

Chief Product Officer for Jumio Philipp Pointner highlighted the role of sanctions lists in helping fight financial crime such as money laundering. “This integration equips our clients with market-leading data and best-of-breed digital identity and screening technologies to make the right AML risk decisions with automated customer onboarding and ongoing monitoring,” Pointner said.

ComplyAdvantage’s technology is integrated into the dashboard of Jumio’s Netverify platform, making identity verification, sanctions and adverse media screening available from one location. The screening solution automatically flags new online customers during initial onboarding if their name appears on any of the sanctioned lists, and alerts compliance professionals who can conduct a more detailed review.

Jumio’s technology leverages AI, computer vision technology, machine learning, and live verification experts to verify the authenticity of ID documents and real-world identities, as well as provide authentication, in seconds. The company has verified more than 170 million identities issued by 200+ countries, and its solutions have been deployed in use cases ranging from customer onboarding to high-risk transaction monitoring.

Founded in 2010, Jumio demonstrated its Netverify platform at FinovateAsia last fall. Earlier this month, the company announced the latest stage in its expansion in Latin America: the opening of a sales office in Brazil. Jumio was recognized recently with top honors in the compliance, biometrics, and fraud prevention categories at the 2019 InfoSec Awards, and began the year winning a 2019 Innovation Award from the Business Intelligence Group. The company is headquartered in Palo Alto, California.

Finovate Alumni News

On Finovate.com

  • Nordigen, Sensibill Earn Spots in Fintech Europe’s Incoming Cohort.
  • Jumio Unveils Automated AML Screening Solution.
  • Community Access from Urban FT Brings Digital Tools to Small Banks.

Around the web

  • PayPal teams up with JP Morgan Chase to offer instant transfer option.
  • Coinbase’s Custody service completes its first over-the-counter trade directly from offline storage.
  • HackerOne announces detecting vulnerabilities in up to 43 digital asset projects.
  • Ping Identity wins the DeveloperWeek 2019 Devies Award and the Info Security Global Excellence Award.
  • The Paypers interviews Modo CEO and founder Bruce Parker.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Jumio Lands in Brazil; TurnKey Lender Raises Capital

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and South Asia

  • Pakistan-based payment system operator and PSP Mobi Direct selects Worldline for its digital infrastructure platform.
  • State Bank of India partners with Hitachi Payment Services on joint venture to support digital payments in India. SBI also picked Financial Software and Systems to implement its “One Nation, One Card” digital payments program.
  • Inc42 lists 5 Trends in Fintech You Will See in 2019.

Latin America and the Caribbean

  • Jumio opens office in Brazil and operations center in Barranquilla, Colombia, as part of expansion into Latin America.
  • Mexico’s central bank turns to Amazon for public mobile payment system.
  • Banco Bolivariano of Ecuador deploys mobile banking technology from Diebold Nixdorf.

Asia-Pacific

  • TurnKey Lender locks in new investment from OSK Ventures.
  • United Overseas Bank (UOB) of Singapore launches its Smart Business Transformation Programme for SMEs in Thailand.
  • Malaysia’s Maybank introduces its e-wallet service for cashless payments.

Sub-Saharan Africa

  • Veridium teams up with Blue Turtle Technologies to drive deployment of biometric technology in Africa.
  • Nigeria’s United Bank for Africa (UBA) goes live in the U.K.
  • People’s Bank of Zanzibar launches new core banking system with technology from ICSFS.

Central and Eastern Europe

  • Russia’s Alfa-Bank joins Marco Polo Network to offer blockchain-based trade and supply chain finance services to its clients.
  • Kontomatik earns license from Bank of Lithuania to operate as an AISP in 11 EU countries.
  • Palestine Islamic Bank to deploy Temenos Infinity and Temenos T24 systems as part of its digital transformation efforts.

Middle East and Northern Africa

  • Al Taif Islamic Bank to deploy Sharia-compliant, core banking technology from Finastra, Fusion Islamic.
  • Working group supported by TheCityUK and Turkish stock exchange Borsa Istanbul launch joint effort to promote Islamic fintech solutions.
  • Scoop Empire looks at the UAE’s role in foster innovation in fintech, especially with AI.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Jack Henry & Associates Inks Deal with First State Community Bank.
  • Salt Edge Teams Up with UK-Based PFM App Emma.

Around the web

  • Fintech solution provider Ninth Wave announces full support for FDX API within its Ninth Wave Platform.
  • Global investment platform OurCrowd marks $1 billion raised milestone.
  • Optimove launches Optimove Streams to give markets insight into campaign performance testing.
  • Former Cisco Systems CEO John Chambers joins Averon’s advisory board.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Signifyd Unveils Chargeback Solution for Online Merchants.
  • Tink to Support Payment Initiation, PFM for Lunar Way.

Around the web

  • Jumio wins trio of honors at 2019 InfoSec Awards: Market Leader in Compliance, Best Product in Biometrics, and Best Product in Fraud Prevention.
  • Tradeshift and Basware end takeover talk.
  • Veridium teams up with Blue Turtle Technologies to drive deployment of biometric technology in Africa.
  • TickSmith launches new transaction cost analysis (TCA) solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.