New Backbase Partnership Could Further Boost Jumio in Financial Sector

“The companies already share some common customers including HSBC and Metro Bank, but the partnership could help to further expand Jumio’s client roster.”

A new distribution partner could give a further boost to Jumio‘s ongoing ascent. The company has teamed up with Backbase, a financial digitization consultancy that offers a range of FinTech solutions to its clients.

Dubbed the “Open Banking Marketplace”, the Backbase platform will now offer Jumio’s online identity verification system, which uses facial recognition and document reading to match end users to their official identity documents, with additional authentication mechanisms including a human review element.

The companies already share some common customers including HSBC and Metro Bank, but the partnership could help to further expand Jumio’s client roster. Other prominent clients of Backbase include Credit Suisse, Fidelity, ING, and Westpac, among others.

In a statement announcing the partnership, Jumio’s Chief Revenue Officer, Robert Prigge, said it means that for banks, Jumio’s solutions “can be easily leveraged through the Backbase digital banking platform to increase onboarding conversion rates, dramatically reduce fraud, and meet increasingly stringent compliance mandates.”

The partnership’s announcement comes on the heels of a Q2 update from Jumio showing a 269 percent jump in sales against Q2 of last year. The sales jump is part of a longer trend, with Jumio having seen sales increases over nine of its last 10 quarters.