Jumio, the leader in digital ID verification, today announced that Novum Bank Limited, an ambitious and fast growing Malta-based bank that offers loans and prepaid cards, is now using Jumio’s Netverify to enable a swift, secure and more diligent mobile on-boarding of customers within its key German market.
The bank holds a license from the Maltese Financial Services Authority, which allows them to passport into other countries, including Germany.
The German financial market is one of the most highly regulated in the World, especially regarding ID and verification. As a result, before taking out a Novum prepaid MasterCard®, customers would have to be verified via methods cumbersome to both the customer and Novum Bank Limited.
The Bank, which passports its Maltese licence via the freedom of services, decided to adopt a professional, reliable and secure system to verify their clients’ identity. With the implementation of Jumio’s Netverify, the process became quicker, more secure and in line with regulatory expectations.
Netverify allows customers to simply scan their IDs with a laptop or mobile device. The scans are then swiftly verified, with the whole process taking no more than two minutes.
Mark Wallace-Jones, Director and CFO, Novum Bank Limited said: “The German market is one of our strongest, but it is also very highly regulated. So, for this reason, we wanted a solution that would be more supportive of the regulatory requirements, whilst also allowing for a swift and seamless sign-up process. Using Jumio’s Netverify has been instrumental in addressing these challenges, and as a result we have seen a significant fall in fraudulent attempts to sign up for our prepaid MasterCard® cards.”
Phillip Pointer, VP Products, Jumio, said: “Meeting anti-money laundering and know-your-customer regulations is challenging for financial services providers, especially when focused on online banking transactions. Yet, Netverify has again, demonstrated that this need not be a challenge for banks or their customers. With Jumio’s computer vision technology, compliance requirements can be met without compromise on either speed or safety.”