Palo Alto, CA. (PRWEB) April 08, 2014 -- IdentityMind Global, an on-demand anti-fraud and risk management platform, and Jumio, the fast growing credentials management tech company, today announced a partnership to provide ecommerce retailers, financial institutions, and payment service providers (PSPs) with an integrated solution designed to minimize account fraud, reduce merchant risk, and provide financial institutions with Know Your Customer (KYC) capabilities to comply with Federal, Card Brands and Banks’ regulations.
Jumio’s Netverify turns a smartphone or computer into an ID scanning terminal that makes it fast and easy to capture and verify consumers’ credentials – a passport, driver license, ID card or utility bill in more than 100 countries worldwide – to meet KYC requirements and reduce fraud. Jumio’s Netverify is fully integrated into IdentityMind’s™ Anti-Fraud and Risk Management Platform.
“Identity verification is fundamental to the KYC process, especially when underwriting a merchant account or verifying international customers’ identities, foreign nationals and underbanked consumers,” said Daniel Mattes, Jumio’s CEO. “The combination of identity data from IdentityMind and Jumio’s credential verification technology provides a much more complete picture addressing the challenging question of whether the user creating an account is who they claim to be.”
Jumio’s integration to the IdentityMind ecosystem enhances the identity verification technologies and databases available to IdentityMind clients under the KYC, Anti-Money Laundering, and Merchant Risk products. The customer data contained in a government-issued document is validated for authenticity and can be used for sanction screening against OFAC, PEP, and other international lists. Furthermore the information contained in the document can enable querying against other public and private databases for ensuring that the consumers’ historical transactions and records are consistent and risk-free.
"Determining that individuals are who they say they are is a requirement for financial institutions. Traditionally financial institutions have accomplished this by asking customers to provide hard copies of documents, sometimes scanned, faxed, or presented in person – a process that is cumbersome and can take several days" said Garrett Gafke, IdentityMind Global’s CEO. "Modern business applications impose requirements for a faster and more automated verification of identities. Acquiring entities must underwrite merchant accounts with greater efficiencies and generally in real-time, just as Money Transmitters and Money Service Businesses, like Bitcoin exchanges have to provide KYC in real-time to offer consumers a competitive offering.”
Jumio’s NetVerify integration into IdentityMind’s Platform is available immediately for Acquiring Banks, Payment Service Providers (PSP/ISO/MSP,IPSP), Money Transmitters, Money Service Providers and Online Merchants.
About IdentityMind Global
IdentityMind Global™ is an e-commerce company offering an on-demand platform for payments, risk management, anti-fraud and anti-money laundering services for: Acquiring Banks, Payment Processors and Gateways, Payment Service Providers (PSP/ISO/MSP,IPSP), Digital Currency Exchanges, Financial Institutions (Banks, Money Service Businesses (MSBs), Money Transmitters) and Online Merchants.
These services are offered in real-time based on patent-pending Electronic DNA (eDNA™) technology which tracks the different entities (consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) involved in a transaction. It builds reputations associated with these entities which can then be used when evaluating anti-fraud, merchant account applications, consumer account origination, identity verification services, potential money laundering, and others. This reputation is shared during the analysis so everyone can benefit from the “network effect” while protecting the privacy of the entities involved.
Jumio is a next-generation payments and ID software-as-a-service company that utilizes proprietary computer vision technology to reduce mobile/online payment and ID friction and fraud, while increasing revenue and customer satisfaction. The company’s mission is to provide its clients with intuitive, consumer-facing technologies that make it possible to conduct a wide range of mobile transactions without a single keystroke. Half of the top 10 consumer internet companies, along with hundreds of other retailers, financial institutions, marketplaces, gaming companies and more have adopted Jumio products to enable their customers to efficiently speed through sign-up and checkout processes yielding not only higher completion rates but an improved customer experience. Jumio has received numerous innovation awards from leading industry associations and is listed on The Sharepost 100 as one of the world’s most innovative and compelling private companies.
Jumio was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, Jumio operates globally with offices in the US and Europe and processes credentials issued by over 100 countries. For more information, visit http://www.jumio.com/
For more information, please refer to our website http://www.identitymind.com, or reach us at sales(at)identitymind(dot)com.
© 2014 IdentityMind Global™. All rights reserved. IdentityMind, IdentityMind Platform, IdentityMind eDNA, and the IdentityMind logo are trademarks or registered trademarks of IdentityMind, Inc in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Jose Caldera, IdentityMind, Inc., http://www.idmpay.com, +1 650-6189980, [email protected]
SOURCE IdentityMind, Inc.