Jumio to integrate Beam’s AML screening and transaction monitoring services into its KYX Platform to detect financial crime and streamline regulatory compliance
Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, announced today that the company acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring and KYC.
Jumio will integrate Beam’s suite of AML solutions into its current KYX Platform to further strengthen the company’s position in the anti-financial crime marketplace. Financial terms of the agreement were not disclosed.
Launched in 2016, Beam provides secure, accurate and easy-to-use solutions for fintechs, banks, broker-dealers, credit unions, lenders, cryptocurrency providers, marketplaces and other regulated organizations who need to comply with anti-money laundering (AML), know-your-customer (KYC) and suspicious activity reporting (SAR) regulatory requirements. Beam’s mission is to make the financial system safer by applying creative technological innovation to the detection and reporting of suspicious financial activity that facilitates money laundering, terrorism and human trafficking.
“Financial institutions of all sizes currently rely on a number of point solutions to combat financial crime and mitigate money laundering threats. At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage,” said Robert Prigge, Jumio’s CEO. “Together, Jumio and Beam’s solutions deliver the first end-to-end compliance solution designed to minimize reputational and regulatory risk, increase operational efficiency and genuinely address harmful activity.”
Organizations that are subject to financial regulations currently rely on multiple systems to mitigate financial crime and meet their compliance obligations. The asset purchase of Beam Solutions accomplishes a number of strategic objectives, including:
The KYX Platform: Beam provides critical AML transaction monitoring, watchlist and sanctions screening and customer risk rating functionality to expand Jumio’s KYX Platform strategy, which combines data from a variety of sources to build a complete digital profile and risk assessment of each customer.
Case Management: Beam streamlines the process of investigating suspicious activity by integrating powerful tools with a modern, intuitive workflow. The data captured during the onboarding process can seamlessly feed into this process, making analysts better informed and more efficient. Analysts can then document their findings, progress through a workflow and submit regulatory filings — all through a single user interface.
AI-Powered Anomaly Detection: Beam leverages state-of-the-art machine learning to analyze hundreds of factors about millions of financial transactions to adaptively search for abnormal patterns and activity. This capability will be enhanced by combining with Jumio’s AI Labs to further reduce the number of false positives and dramatically lessen review time.
A More Holistic View: By integrating upfront KYC processes and ongoing AML screening and transaction monitoring, organizations will have a more comprehensive and holistic view of the risk associated with each customer. The combined offerings provide comprehensive protection from fraudsters, bad actors and money launderers through the entire customer lifecycle.
“When financial institutions are compelled to use multiple solutions, efficiencies are lost, both with respect to workforce and data,” said Andreas Bayer, Beam’s co-founder and CTO. ”Data gathered during the onboarding and customer due diligence processes should be leveraged going forward as part of the ongoing KYC and transaction monitoring program. That’s the real promise of this partnership.”
As financial crime continues to evolve, the asset purchase of Beam Solutions will create strategic synergies, technological unity and new innovation opportunities for Jumio to better meet the needs of existing and new customers around the world by providing a comprehensive end-to-end compliance solution. Beam’s U.S. employees will relocate to Jumio’s Palo Alto headquarters.
When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification and eKYC platform. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has verified more than 250 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, 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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