Jumio Enhances Risk Screening Capabilities of KYX Platform

Jumio has updated its Jumio KYX remote onboarding platform to make it easier for clients to manage the risks facing a modern organization. To that end, the company has released an orchestration layer for the KYX platform that lets an organization build custom workflows and screen for potential threats. The orchestration layer will assign a risk score to each interaction, and is delivered through a single unified API.

In that regard, the orchestration layer was designed to be as user-friendly as possible. Clients will not need to do any coding while setting up their workflows, and will be able to view all of their customer identity and risk screening information through a centralized dashboard. The solution will supplement Jumio’s facial biometrics technology, cross-referencing each user’s personal information with other data sources to ensure that the data is legitimate.

The resulting risk score is a consolidated and easily interpreted figure that reflects several automated risk screening procedures. Jumio’s facial recognition technology will match the user’s face to the image on a photo ID, while the rest of the platform provides greater assurances about the individual and the device and document they happen to be using.

According to Jumio, the orchestration layer is more robust than other risk screening solutions because it does not rely on information that may have been compromised in a data breech. As a result, the solution will help organizations catch more fraudsters while mitigating the number of false positives for genuine customers who want to open an account.

“Our intent is to take the heavy lifting of fraud prevention out of the hands of our customers,” said Jumio CPO Bala Kumar. “We want to enable our customers to focus on their primary business and leave the fraud prevention to us. Suspicious transactions will get pushed to our integrated case management solution so fraud and compliance analysts can quickly triage and resolve any issues.”

Jumio integrated iProov’s liveness detection technology into the KYX platform back in April. The platform is designed to help companies comply with Know Your Customer and Anti-Money Laundering regulations, and has been in high demand as digital traffic has increased during the COVID-19 pandemic.

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October 26, 2021 – by Eric Weiss