Payments and cryptocurrency platform selects Jumio to help scale its global expansion, onboard new customers, and satisfy AML and KYC requirements
SINGAPORE, March 12, 2018 (GLOBE NEWSWIRE) — Jumio, the leading AI-powered trusted identity as a service provider, 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.”
To learn more about Jumio or Monaco, please visit our respective stands E45 and A20 during Money 20/20 Asia in Singapore, March 13-15.
Monaco Technology GmbH with a vision of Cryptocurrency in Every WalletTM is the pioneering payments and cryptocurrency platform. The Monaco Visa card and mobile app allow users to buy, exchange, and spend fiat and cryptocurrencies, such as bitcoin and ether, at perfect interbank exchange rates.
Founded in June 2016, Monaco raised US$26.7 million through one of the most successful Token Sale events to date. The company is headquartered in Switzerland with offices in Hong Kong and Singapore.
For more information on Monaco, please visit www.mona.co. Monaco Visa cards can be reserved with the Monaco app available for download for iOS and Android users.
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology like biometric facial recognition, machine learning, artificial intelligence and human review, Jumio helps customers to meet regulatory compliance including KYC, AML and GDPR and tie the digital identity to the physical world. Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, higher education, cryptocurrency, retail, travel and online gaming sectors.
Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
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