Jumio, Provider of AI enhanced Identity Orchestration, AML Solutions, Introduces Enhanced KYX Platform

Jumio, the provider of end-to-end identity proofing, risk assessment and eKYC/AML compliance solutions, unveiled its extended Jumio KYX Platform, with “an integrated orchestration hub benefiting from the company’s acquisition of 4Stop.”

The platform “streamlines fraud and eKYC/AML compliance management with the intuitive one-stop orchestration hub, which 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.”

With over one billion identity, risk and AML transactions completed for over 1,000 organizations in more than 200 countries and territories, Jumio is “delivering on its promise to eradicate online identity fraud and accelerate digital trust for all.”

Organizations today must “detect and respond to increasingly sophisticated fraud attacks quickly and accurately to reduce business impact while also maintaining customer trust.”

According to recent global Jumio research, 80% of consumers “prefer the assurances delivered by digital identity verification measures when choosing online brands.”

Unfortunately, many organizations “rely on a plethora of point solutions to evaluate the fraud risk across the user journey.” This creates friction “in the onboarding process and can lead to transaction abandonment.”

The ever-present threat of new fraud vectors and constant change of compliance mandates across the globe “complicate the organization’s ability to keep up, forcing them to deploy considerable internal resources to manage fraud and compliance.”

David Mattei, strategic advisor at Aite-Novarica Group, said:

“Businesses’ ability to effectively manage fraud by stitching together myriad point solutions is no longer sustainable amidst increasingly robust attacks and IT resource constraints. In addition to enabling organizations to fight fraud in real time as the threat landscape evolves, orchestration platforms provide greater agility to respond to fraud and are simple to use. In fact, our research shows that global fraud executives whose fraud solutions are integrated were two times more likely to report that managing fraud was ‘somewhat to very easy’ versus those whose fraud tools were not integrated.”

The Jumio KYX Platform “helps businesses know and trust their users, players, patients — whoever the ‘X’ is in their business — online. Its intuitive orchestration hub assists professionals tasked with protecting the organization and its customers from fraud, money laundering and other financial crimes during account onboarding, authentication and ongoing transaction processes.”

Tom Mazzaferro, Western Union chief data & innovation officer, remarked:

“Our customers trust us to safely and quickly move their money around the globe. Whether they want to transfer money via the Western Union app, or at our retail locations, Jumio helps us to minimize fraud, maintain eKYC compliance standards from a single platform and improve overall customer experience. We look forward to continuing our partnership with Jumio as we launch new products and services to serve the needs of our customers even better, while improving their overall experience.”

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