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ID Verifier Jumio Broadens Partnership with Challenger Monzo

Jumio has announced a new multi-year agreement with Monzo, strengthening a long-standing partnership with one of the UK’s top digital banks.

Jumio has been Monzo’s primary identity verification solution provider since 2017, and the two companies have worked since day one to offer an easy-to-use, intuitive mobile onboarding experience for Monzo’s customers — a user base that is nearing 2 million.

Jumio helps Monzo meet strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance mandates, all while minimising the need for time-consuming manual review.

Monzo decided to strengthen its relationship with Jumio after considering and testing various KYC vendors at scale using a range of ID types and identity scenarios. They continued with Jumio based on a number of decision criteria, which included meeting the established service level agreement (SLA), overall verification accuracy and the supporting user data that informed the final verification decision.

Jumio helps Monzo meet strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance mandates, all while minimising the need for time-consuming manual review.

This criteria, together with the overall customer onboarding experience and strong working relationship, reinforced the decision to build the partnership further.

When TFT asked Dean Nicolls, Vice President of Global Marketing for Jumio whether the archaic nature of state-issued identity is leading to a “garbage in, garbage out” problem for digital verification, he responded;

“There’s no doubt that state-issued identities (e.g., a driver’s license or passport) are a bit archaic in light of emerging national digital ID programs.   

Each government has its own set of security features, and as a result, some ID documents include the latest and greatest technology while others don’t. This is compounded by the fact that every ID document has a certain shelf life (e.g., 10 years for passports) and older versions probably won’t include all the latest security enhancements.  

Because IDs can be lost or stolen, they should not be used alone as proof of someone’s digital identity. Consequently, IDs need to be corroborated with additional evidence of someone’s identity (e.g., a selfie or biometric face map). And because of recent spoofing attacks, liveness detection checks need to be built into the process to ensure that the person is physically present when creating an online account or making a material account change.”

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