The online and mobile credentials management company has announced details of a partnership with Loot, a prepaid card and smart-money management app for students.
Loot is a student banking service that is currently being launched around the country, making the most of the exposure Fresher Fairs provide. It is a purely online service that allows students to use banking facilities and manage their finances.
Because it is an online-only service, the company must be able to verify the credentials of new and existing customers in a way that complies with Know-Your-Customer (KYC) requirements.
Loot therefore decided to use Jumio’s verification system that allows to authenticate their customers’ credentials in mobile and desktop transactions.
Loot will now be able to on-board students from over 130 different countries by having them scan their government-issued ID, such as passports and driving licenses, using the camera on their mobile devices. Jumio’s computer vision technology and ID experts authenticate the customer ID document in the background determining that it is a bonafide, un-manipulated and legitimate government issued ID.
“One of our biggest challenges was how to get students quickly signed up while still being Know-Your-Customer compliant. Jumio’s approach to KYC is also good for the demographic of our target market that does not yet have a broad credit reference agency footprint,” said Olly Purdue, CEO of Loot.
He went on to highlight the difficulty in particular for foreign students who need many documents confirming their status before they can open up a bank account.
“Jumio’s ID document verification technology solves a genuine problem for financial services firms originating accounts for students and young people. Traditional KYC technology often fails this demographic and asking potential customers to hike into their branch to show ID documentation is not something that creates brand resonance with millennials,” said David Pope, Marketing Director EMEA at Jumio.
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