Blockchain Remittance Provider And RippleNet Partner I-Remit To Utilize Jumio’s ID Verification Tech
- I-Remit is the largest non-bank remittances provider in the Philippines and partnered with Ripple last year to use blockchain technology.
- Jumio specializes in identity verification and was acquired by BTC Pactual in 2016.
Jumio is an innovator in the identity verification sector, and a recent press release from Business Wire states that it has officially partnered with I-Remit, a remittance provider. I-Remit is based in the Philippines, and its collaborative work will help with digital onboarding and KYC with Jumio. I-Remit has earned its place as the largest non-bank remittance provider in the area, and they’ll be able to use Jumio’s technology as a way to verify identity on the IREMITX money transfer platform.
Frederic Ho, the vice president for the Asia Pacific region for Jumio, stated, “It’s imperative that the remittance industry, and the financial services world at large, streamlines the digital onboarding process for consumers. Jumio is happy to partner with I-Remit in order to create an intuitive and secure digital experience for their global customer base, offering bank-grade security, dramatically faster verification, and increased conversions.”
To verify the real-world identity of customers, Jumio’s process involves biometrics for facial recognition, 3D liveness detection, and authentication via selfies. With the use of augmented intelligence and machine learnings, companies are able to reduce and prevent fraud, while meeting the compliance needs and directives associated with AML and KYC.
As Ron Benito sees it, the technology of Jumio is helping with two big issues that the company faces – scalability with onboarding and customer experience. The EVP of International Treasure for I-Remit commented, “Jumio saves us money and time, provides eKYC speed and precision, and the customer onboarding experience is superior.”
I-Remit was founded in 2001, and already has a network with over 1,000 subsidiaries, branches, and agents, spread across almost two dozen countries and territories in North America, Europe, Asia, and the Middle East. I-Remit is also partnered with Ripple, which is a collaboration that started on August 15th, 2018, allowing them to use the xCurrent cross-border settlements and payments tech solution for lower costs, greater speed, and improved scalability. The partnership made I-Remit the first company to use blockchain technology in their money transfers.
Jumio was founded in 2013 but was acquired by Centana Growth Partners three years ago. Since Jumio was established, it has verified over 200 million identities in over 200 countries and territories.
Through the summertime, Jumio established a partnership with BTG Pactual, which supported the onboarding process for the latter. Jumio also partnered with one of MENA’s leading international banks – Bank ABC, which is located in Bahrain. This collaboration will help with identity verification of the mobile-only bank.