Money20/20: Large User Base Leads to Smarter AI in Jumio’s Netverify Platform

“…Jumio’s platform performs 200,000 ID verifications a day […] and has scanned 80 million transactions in total, allowing its AI to advance by leaps and bounds.”

Jumio has taken the opportunity of this week’s Money20/20 event to announce an upgraded version of its Netverify Trusted Identity as a Service platform.Money20/20: Large User Base Leads to Smarter AI in Jumio's Netverify Platform In a statement, the company said that its solution is now “dramatically smarter, faster, and more scalable.”

Much of the improvement is thanks to the company’s large user base. Jumio says that fraud attempts account for a little under one percent of all the transactions processed on its platform; meanwhile, machine learning technology operates most effectively when it can be trained on larger samples of data. Fortunately, Jumio’s platform performs 200,000 ID verifications a day – reflecting the 87 percent increase in year-over-year sales reported by the company at the end of Q2 – and has scanned 80 million transactions in total, allowing its AI to advance by leaps and bounds.

Also helpful is Jumio’s upgrade to Netverify’s document verification capability, which can now scan more identity documents based on the Latin alphabet, including documents in English, French, Italian, and Spanish. And the solution is now PCI-compliant, ensuring that Netverify is compatible with the PCI DSS standard, which can in turn reduce costs for clients.

Jumio is showing off its solution from booth 1425 at Money20/20, which runs from October 22nd to 25th in Las Vegas.