Novum Bank Limited announces its partnership with Jumio, leader company in the digital ID verification, for the use of Netverify® within its key German market.
Before taking out a Novum prepaid MasterCard®, customers have to be verified via methods cumbersome to both the customer and Novum Bank Limited.
Jumio’s Netverify® is a system that enables a swift, secure and more diligent mobile on-boarding of customers and allows them to simply scan their IDs with a laptop or mobile device. The scans are then swiftly verified, with the whole process taking no more than two minutes.
The German financial market is one of the most highly regulated in the World, especially regarding ID and verification. With the implementation of Jumio’s Netverify®, the verification process became quicker, more secure and in line with regulatory expectations.
Mark Wallace-Jones, Director and CFO, Novum Bank Limited said: “
The German market is one of our strongest, but it is also very highly regulated. So, for this reason, we wanted a solution that would be more supportive of the regulatory requirements, whilst also allowing for a swift and seamless sign-up process. Using Jumio’s Netverify® has been instrumental in addressing these challenges, and as a result we have seen a significant fall in fraudulent attempts to sign up for our prepaid MasterCard® cards.”
Phillip Pointer, VP Products, Jumio, said: “
Meeting anti-money laundering and know-your-customer regulations is challenging for financial services providers, especially when focused on online banking transactions. Yet, Netverify has again, demonstrated that this need not be a challenge for banks or their customers. With Jumio’s computer vision technology, compliance requirements can be met without compromise on either speed or safety.”
About Jumio
Jumio delivers the next-generation in digital ID verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience. Jumio uses computer vision technology to verify credentials issued by over 200 countries in real time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, retail, travel and online gaming sectors. Based in Palo Alto, California, and Funded by Centana Growth Partners and Millennium Technology Value Partners, Jumio operates globally, with offices in the US and Europe, and has been the recipient of numerous awards for innovation.