“[Jumio]’s solution combines facial recognition and document reading technology to verify the identities of end users, allowing financial services firms like BTG Pactual to automate the digital onboarding process while maintaining security and adhering to KYC requirements.”
BTG Pactual has become the latest bank to embrace Jumio‘s biometric customer onboarding technology.
Based in Brazil, BTG Pactual lays claim to being Latin America’s largest investment bank. Its Wealth Management division has typically only worked with high net worth customers, while its Investment Bank division has worked with large corporations; but now, thanks to the bank’s launch of its BTG Pactual Digital service, it can now serve Brazilian individuals with a balance of $30,000 or more.
Of course, this kind of digital service entails a certain amount of risk for the bank. But that’s where Jumio comes in: The company’s solution combines facial recognition and document reading technology to verify the identities of end users, allowing financial services firms like BTG Pactual to automate the digital onboarding process while maintaining security and adhering to KYC requirements.
“We have had a fast, friction-free onboarding process since Day 1 thanks to Jumio,” commented BTG Pactual Digital Head of B2C and Products Rogerio Karp in a statement announcing the deployment. “Even though some users have tried to trick our onboarding process, with Jumio we are able to identify them before they can cause us any harm.”
News of the deployment comes soon after the announcement that Bahrain’s Bank ABC had integrated Jumio’s Identity Verification platform, further signalling the company’s huge presence in the financial services market even as it attracts clients from other areas such as online gambling.
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