Jumio has launched its comprehensive Jumio KYX Platform, which will provide clients with mobile onboarding, identity verification, and ongoing fraud prevention. The platform will allow organizations to comply with the latest Know-Your-Customer regulations, though the ‘X’ in the name reflects the fact that KYX is not designed exclusively for customers, and can instead be used to “Know” anyone that an organization interacts with in the course of doing business.
In that regard, the platform can be used to verify the identity of a patient, an employee, or a student, depending on the specific nature of the organization. Jumio KYX builds on the company’s expertise in the field of mobile onboarding, and will help clients consolidate their identity and authentication requirements.
Jumio KYX is built with a KYX engine that offers custom workflows and machine learning and AI capabilities. It can be deployed as a hybrid or fully automated solution, and uses a number of different methods to confirm the identity of an individual. For example, the address service will reference third-party sources to verify someone’s address, and run their name through various government databases to make sure they are not on any watch lists.
The platform also supports face-based biometric onboarding and authentication. Jumio’s technology matches the image on a photo ID to a selfie taken with liveness detection.
Once an account has been created, Jumio KYX will continue to watch for suspicious activity to prevent money laundering and guard against account takeover fraud. The company is hoping that the solution will support digital transformations, and meet the growing demand for online services during the COVID-19 pandemic.
“To succeed, organizations must transform quickly and do it in ways that build trust, security and satisfaction,“ said Jumio CEO Robert Prigge. “Businesses can tailor the Jumio KYX Platform to fit their unique needs and risks and tap into services that accelerate digital transformation without sacrificing security and convenience.”
According to Jumio, the volume of online account openings jumped from 22 percent of all account openings in 2019 to 31 percent in 2020. The company has provided remote onboarding services for many organizations in the past few years, and has also received numerous awards for its identity verification portfolio.