Jumio, today announced a partnership with Monaco, the pioneering payments and cryptocurrency platform that enables users to buy, exchange, and spend fiat and cryptocurrencies, such as bitcoin and ether, at perfect interbank exchange rates.
Monaco's vision of Cryptocurrency in Every WalletTM places a high premium on the user experience during the onboarding process. Jumio facilitates the process by providing the Know Your Customer (KYC) and Anti-money Laundering (AML) checks. To enable access to the app, users must first pass both the KYC and AML processes to verify that they are who they claim to be.
“As a leader in compliance and user experience, Monaco’s goal is to streamline the identity verification process without compromising accuracy,” said Kris Marszalek, Co-Founder and CEO of Monaco. “Jumio’s AI-powered technologies fit with our priority of creating smooth and simple user journeys, keeping our users happy and increasing client retention by taking the complexities out of the online verification process usually associated with regulatory KYC and AML compliance.”
This comes at a time when Asia Pacific markets are increasingly allowing financial services and payments companies to shift from manual, in-person verification processes to more modern online identity verification processes that make the most of available technologies, such as machine learning, AI, computer vision, and biometrics.
“KYC is one of the biggest pain points in the financial industry in Asia Pacific. The process is costly and laborious, and hugely duplicative,” said Frederic Ho, Jumio’s vice president of Asia Pacific. “We’re thrilled that Monaco is leading the way by being one of the first companies to leverage online identity verification during the onboarding process to simplify KYC. What’s more, they deliver a fundamentally better user experience while benefiting from more accurate fraud detection.”