Jumio has released a new Video Verification solution designed primarily for the financial industry. The platform will allow banks to onboard new customers remotely, with secure two-way video sessions that negate the need for a trip to a branch office during a pandemic.
Jumio Video Verification is compliant with the latest Know-Your-Customer and Anti-Money Laundering regulations, and each session will be recorded to create an auditable history of verification events. The solution can be deployed to protect cryptocurrencies and digital wallets in addition to banks and other more traditional financial institutions.
The organizations that adopt Jumio Video Verification will be able to choose from one of three different modes. The Assisted version will connect customers with a Jumio agent assigned to that financial institution, while the Unassisted version will forego the agent and allow customers to complete the onboarding process on their own. In that regard, the Unassisted version is comparable to other Jumio onboarding products, insofar as customers will be asked to record their identity documents and take a selfie to verify their identity.
The Platform Only version, on the other hand, is closer to the Assisted version. The only difference is that the financial institution will hire and use their own agents instead of outsourcing those responsibilities to Jumio. In both cases, agents can be connected to customers through a browser or on a mobile device.
Jumio Video Verification will authenticate each new customer with a combination of AI and human review to make the onboarding process more efficient.
“With video-based KYC, businesses can reduce their cost of operations by as much as 90 percent by eliminating field agent travel, reducing paper costs and streamlining the recording, transmitting and archiving processes,” said Jumio CRO Dean Hickman-Smith.
Jumio Video Verification is the second new Jumio product in as many months. The company released the automated Jumio KYX solution back in September.
Together, the two new offerings should only bolster Jumio’s prospects moving forward. The company added a record number of new users in the second quarter of 2020, and followed that up with record sales and traffic figures in Q3.