Online money transfers have become the fastest and most convenient channel for sending and receiving funds, but it comes with certain challenges, including security.
UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, has partnered with Jumio, the leading digital ID verification company, to provide greater secured digital platforms for seamless financial transactions.
Customers can conveniently open a new online account on www.money2anywhere.com, the online remittance portal powered by UAE Exchange, in less than 60 seconds by scanning and submitting their government-issued photo ID.
Commenting on the partnership, Rajesh GK, Chief Product Officer of UAE Exchange said: “Technology has empowered transactions and money movement, but it also poses risks on the financial system like channelising unauthorised payments, identity fraud and online theft. Our objective has always been to strengthen our abilities to mitigate these risks, secure the money and protect the identities of customers. We are glad to associate with Jumio for their Netverify® solution as it will facilitate digital identification and face recognition for our online portals. These solutions are at present being customised and integrated with our own technology architecture.”
Adds Philipp Pointner, Vice President Products, Jumio: “UAE Exchange represents our first banking client in the booming Middle East market and we are pleased to be working with such a well-established market leader. Mobile is revolutionising how people move and access money around the world. Yet vital know-your-customer and anti-money legislation requirements must be adhered to. Not only can Jumio ensure that customers get on board quickly, but we also confirm that it is all fully complaint with regulations - that is why we are the market leader in ID verification and proofing solutions.”
UAE Exchange is a 35-year plus financial institution founded in 1980. It first went digital in 2008 and since then has processed online transactions exceeding USD $1 billion. The organisation has a strong digital presence in Australia, Bahrain, Canada, Hong Kong, Ireland, Malaysia, Qatar, UAE, UK and the USA. With the focus firmly on digital, the brand plans to increase its digital customer base by 30 to 35 percent for the year 2016-2017 and derive 25 percent of its global revenue from digital in the coming years.
Jumio, as part of the agreement, will implement a frictionless and secure on-boarding process for customers of UAE Exchange that will be fully compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations.