Monzo to solve KYC compliance challenge with Jumio
26 June 2017 | 4913 views | 0
Jumio, the creator of Netverify Trusted Identity as a Service (TIaaS), has today announced a partnership with Monzo, which will see the digital challenger bank use Netverify to help verify new and existing customers.
Monzo will use Jumio to help verify customers who are moving from its prepaid card service to a full current account. This will enable the bank to comply with KYC requirements while removing the burden of time-consuming manual verifications from Monzo employees.
Know-Your-Customer (KYC) requirements form an essential part of strict financial crime regulation, which require Monzo to prove that its customers are who they say they are. Jumio’s Netverify will also be used to verify existing prepaid card consumers and new people signing up for Monzo’s current accounts.
The new bank was granted a full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority earlier this year.
Robert Prigge, CRO at Jumio, said: ‘’Jumio is already being used by top European banks and our new partnership brings instant, trusted identity verification to the UK’s leading new challenger bank while supporting its growth by enabling trusted verification of existing and new customers to meet KYC compliance. Our identity verification leads the market with measures supported by advanced hybrid technologies, including Biometric Facial Recognition and Face Matching, to prove that customers are genuine.”
Natasha Vernier, Head of Fraud at Monzo, added: “Our mission is to build a current account for a billion consumers. Working in partnership with Jumio, we’re now able to provide instant verification to ensure those using our bank enjoy the fast and secure service they expect in every other aspect of life.”