Paysafe Case Study Shows Benefits of Jumio’s Biometric Identity Verification

“There was definitely an increase in conversions as a result of implementing Jumio, and a big step change for us compared to when we were doing manual reviews.” – Jason Harper, Vice President of Product, Paysafe

Jumio is highlighting the effectiveness of its identity verification platform with a new case study that puts Paysafe in the spotlight.

Based in the UK, Paysafe is a multinational online payments specialist. It processes an annualized transactional volume of more than $85 billion, and operates in more than 40 currencies.

As such, the organization has to comply with rigorous Know Your Customer and Anti-Money Laundering requirements, which Jumio has been helping it to do since 2014.

“As soon as I heard about Jumio’s services it became quite obvious what the
opportunities for improving our customer experience were,” explained Paysafe customer service SVP Alessandro Bruno-Bossio. “Since then, Jumio has continued to lead in its space and develop its technology. They have also stayed ahead of the curve as regulatory requirements have increased and released other features that have helped us counter friction and customer pain points as part of our compliance procedures.”

But Jumio has also helped in another critically important way: improving the end user experience. Thanks to its document reading and facial recognition technology, Jumio allows Paysafe customers to verify their identities by submitting images of official identity documents and even things like credit card statement and utility bills, in order to verify their addresses.

This automated approach has allowed Paysafe to reduce the time needed for identity verification from a process that could take longer than a day, to just a matter of minutes.

That improved efficiency has had tangible benefits, according to Paysafe product VP Jason Harper. “There was definitely an increase in conversions as a result of implementing Jumio, and a big step change for us compared to when we were doing manual reviews,” he attested. “That helped us in a real, tangible way. It was very impactful for onboarding and conversions.”

This kind of client enthusiasm makes a strong case for Jumio’s solution, and bodes well for the company as it seeks to expand into French language markets with the recent opening of its new sales office in France.

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August 25, 2020 – by Alex Perala