Digital identity management and verification startup Jumio Corp. today unveiled its extended Jumio KYX Platform, with an integrated orchestration hub benefiting from its acquisition of “know your customer,” compliance and anti-fraud firm FourStop GmbH in December.
The enhanced platform streamlines fraud, eKYC and anti-money-laundering compliance management with a one-stop orchestration hub. The hub brings together global data, risk signals, real-time analytics, actionable insights and a configurable rules engine to help businesses defend against fraud without compromising user experience, the company says.
Jumio notes that organizations today must detect and respond to increasingly sophisticated fraud attacks quickly and accurately to reduce business impact while maintaining customer trust. According to recent research by Jumio, 80% of consumers prefer the assurances delivered by digital identity verification measures when choosing online brands.
Although the problem can easily be identified, Jumio claims that many organizations rely on a plethora of point solutions to evaluate the fraud risk across the user journey. The mix of solutions is said to create friction in the onboarding process and can lead to transaction abandonment. Added to the mix is the ever-present threat of new fraud vectors and constant changes in compliance mandates across the globe, complicating an organization’s ability to keep up.
The Jumio KYX Platform helps businesses know and trust their users or customers through an orchestration hub that helps those tasked with protecting the organization and its customers from fraud, money laundering and other financial crimes during account onboarding, authentication and ongoing transaction processes.
The platform includes identity proofing with expanded risk signals. The signals offer an extensive portfolio of globally trusted data sources for added assurance when evaluating risk across the user journey. Name, address, phone, email and device risk signals also provide additional assurance and support compliance
The integrated orchestration hub offers an enterprise-grade dashboard that presents business-critical information in a custom visual format with options to dive deep into data. Data access includes over 500 global data sources for identity proofing, risk assessment and eKYC/AML compliance. Real-time analytics and actionable insights through the hub help business users respond to threats.
A self-service rules engine allows businesses to tailor their processes according to their unique use cases across industries using customizable workflows, with more than 800 preconfigured rules to help business users jump-start their fraud defense.
“By putting business users at the center of the verification process and providing them with a holistic view of incoming threats as they occur, Jumio allows organizations to bypass the standard setup of disparate point solutions that slow down the ability to fight fraud and serve customers,” explained Jumio Chief Product Officer Bala Kumar.
The new Jumio officering is being demonstrated at the Money20/20 USA conference in Las Vegas, Nevada, through Oct. 26.