Jumio renews digital ID partnership with Monzo
Written by Hannah McGrath
Digital ID firm Jumio has struck a new multi-year agreement to provide regulatory technology to Monzo.
Jumio has provided the challenger bank with artificial intelligence (AI) driven software provider to help meet strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance mandates since 2017.
The new partnership is aimed at ensuring closer working between the two firms to simplify the mobile customer onboarding experience through online identity verification and maintaining the bank’s efforts to combat fraud and financial crime.
Natasha Vernier, Monzo’s head of financial crime, said: “As Monzo continues to grow and pursue new markets, we know that Jumio will scale with our business."
Simon Winchester, Jumio’s vice president of EMEA sales, added: “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."