P2P lending company Landbay has begun implementing Netverify, a product created by credentials management company Jumio.
Netverify is set to authenticate lenders’ identities, comply with anti-money-laundering regulations and improve user experience.
The multi-year deal will see Jumio’s ID verification technology become part of Landbay’s ‘Know Your Customer’ compliance process. Since the implementation of this technology, the speed of customer onboarding has improved by a factor of five.
Gray Stern, CCO at Landbay, said: "Jumio’s technology is simply a step above the rest in the market. We needed a solution which could help streamline processes for both lenders and borrowers and for us as a business. We have this with Jumio."
David Pope, director of marketing EMEA at Jumio, said: "Compliance with KYC regulations designed to prevent financial crime, balanced with a simple and quick customer-friendly experience, has never been more important. With new cutting-edge financial institutions, such as Landbay, the benefits of mobile technology are being seen by consumers and businesses alike."