Monzo has inked a new multi-year deal with Jumio, strengthening its current partnership.
The partnership started in 2017 and Jumio is Monzo’s main identity verification solution provider.
Both companies work together to deliver customers of Monzo a seamless and intuitive mobile banking onboarding experience. Currently, the digital challenger bank is nearing a two million customer base.
The UK digital-only banking space is most certainly a crowded one. Monzo provides its customers tailored money management solutions as well as normal day-to-day banking functionalities.
Jumio supports Monzo in meeting the strict KYC and AML compliance criteria all while minimising the need for time-consuming manual review.
Furthermore, in February 2019 Jumio launched Jumio Authentication. The video-selfie authenitcation function leverages biometrics for initial identity proofing and ongoing user authentication. This created a fast and secure online experience for users.
That new function delivers rapid authentication and is ideal for account logins.
Monzo and Jumio partnerships strengthens for customer innovation
Monzo tested various KYC vendors at scale using a range of ID types and identity scenarios.
They decided to strengthen their partnership with Jumio based on a number of factors, including:
- Meeting the established service level agreement (SLA),
- Overall verification accuracy and
- Supporting user data that informed the final verification decision.
Monzo’s head of financial crime, Natasha Vernier, commented: “As Monzo continues to grow and pursue new markets, we know that Jumio will scale with our business and continue to provide an essential service — helping Monzo create the best-possible experience for our banking customers while fighting financial crime.”
Jumio’s vice president of EMEA sales, Simon Winchester, also stated: “Digital transformation is imperative for emerging banks and fintechs seeking to keep up with the needs of consumers, which is why it’s so important to adopt an automated KYC process.
“We’re thrilled that Monzo continues to partner with us and trusts Jumio to execute this essential step while also creating a streamlined onboarding experience for their ever-growing number of new users.”