Product Overview of Jumio
Jumio is a comprehensive identity verification and eKYC (Know Your Customer) platform designed to help businesses verify the identities of their users, prevent fraud, and comply with various regulatory mandates. Here are the key features and functionalities of the Jumio platform:
Identity Verification
Jumio’s core product, the KYX Platform, automates the online identity verification process using advanced technologies such as artificial intelligence (AI), machine learning, and biometrics. This platform ensures that the identity document (ID) presented is authentic and valid, and that the person holding the ID is the same individual shown in the ID photo. It also performs liveness detection to verify the physical presence of the user during the transaction.
Biometric Authentication
The platform includes biometric facial recognition and liveness detection, which serve as powerful tools for authentication. This technology prevents spoofing attempts and ensures that the user is physically present, thereby deterring fraudsters.
Document Authentication
Jumio verifies ID documents in real-time by checking against known ID templates to ensure all requisite security features, such as holograms, watermarks, and font types, are present. This process ensures secure ID document authentication.
Compliance
Jumio helps businesses comply with various regulations including KYC, AML, CCPA, GDPR, and other financial services directives. The platform is designed to meet these compliance requirements seamlessly, reducing the burden on businesses to manage complex regulatory environments.
Risk Management and Fraud Detection
The platform calculates a configurable risk score from multiple risk signals, enabling businesses to make informed decisions about user verification. It also includes pre-set rules for AML monitoring that screen new users against global watchlists and PEP (Politically Exposed Persons) data. Advanced algorithms identify suspicious behavior patterns and red flags, helping to protect against fraud attempts.
Integration and Customization
Jumio offers easy integration with existing systems through a single API layer, allowing businesses to incorporate identity verification into their processes without significant technological changes. The platform also features an intuitive no-code orchestration layer that can be customized to fit specific business needs, enabling the creation of dynamic workflows that trigger the right checks at the right time.
User Experience
Jumio aims to minimize user friction and verification time, thereby increasing conversion rates. Features such as the ability to retake pictures of IDs or selfies if the initial image is unreadable help reduce abandonment rates. The platform ensures a smooth and efficient verification process, making it quicker and easier for customers to complete their onboarding.
Security
All data transmitted and stored through Jumio is secured with strong AES 256-bit encryption, and the platform is PCI-DSS Level 1 compliant, ensuring high standards of data security and privacy.
In summary, Jumio’s KYX Platform is a unified, end-to-end solution that combines advanced identity verification, biometric authentication, and fraud detection capabilities to help businesses ensure compliance, prevent fraud, and enhance the user experience.