04 March 2015, London, UK – Jumio Inc., the fast growing online and mobile credentials management company, today announced that P2P lending specialist Landbay has implemented Jumio’s Netverify® to authenticate lenders’ identities, to comply with anti-money-laundering regulations and improve their clients’ user experience.
The multi-year deal will see Jumio’s ID verification technology become part of Landbay’s Know Your Customer compliance process. UK-based Landbay specialises in providing mortgages for buy-to-let lenders via its P2P platform. This provides the opportunity for investors to lend directly to a diverse portfolio of borrowers with buy-to-let mortgages and allows eligible mortgage applicants the chance to access competitive rates of borrowing.
Landbay required a more streamlined and secure way of validating the identity documents of its customers. Its previous process required time-consuming manual input of document data and was much more susceptible to fraud and human error. As a result, the speed of customer onboarding for Landbay has now been improved by a factor of five. Following in-depth research of other providers of ID document authentication technologies including Experian, Jumio was the clear choice for Landbay to solve its ID verification needs.
“Jumio’s technology is simply a step above the rest in the market. We needed a solution which could help streamline processes for both lenders and borrowers, and for us as a business. We have this with Jumio. The solution has not only added confidence for us, but also benefits by aiding in our compliance with Know Your Customer regulations. We can now complete customer verification five times quicker with Jumio compared to our old manual processes. It was not a difficult decision to roll the system out across the entire business,” commented Gray Stern, CCO at Landbay.
“Compliance with KYC regulations designed to prevent financial crime, balanced with a simple and quick customer-friendly experience has never been more important. Today, people want to be able to do everything via their mobile devices, especially financial services. With new cutting-edge financial institutions, such as Landbay, the benefits of mobile technology are being seen by consumers and businesses alike,” said David Pope, Director of Marketing EMEA at Jumio.
Jumio is a fast-growing credentials management company that utilizes proprietary computer vision technology to authenticate customer ID credentials in real-time web & mobile transactions and reduce mobile checkout friction. Jumio’s products are designed to increase revenue, reduce fraud and increase customer satisfaction.
The company’s mission is to provide its clients with intuitive, consumer-facing technology that integrates easily into their apps and websites and makes it possible for their consumers to conduct a wide range of mobile transactions with a minimal number of keystrokes. Half of the top 10 consumer Internet companies, along with hundreds of other retailers, financial institutions, marketplaces, gaming companies and more have adopted Jumio products to help speed through customer sign-up and checkout processes. Jumio has received numerous innovation awards from leading industry associations and is listed on The Sharepost 100 as one of the world’s most innovative and compelling private companies.
Jumio’s products include Netverify® for web and mobile which supports real-time ID verification of credentials issued by over 120 countries to help clients meet a variety of know-your customer requirements. BAM Checkout™ enables customers to complete a mobile checkout in seconds by scanning their payment card and driver license, resulting in increased revenue and reduced fraud for the merchants.
Jumio was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, Jumio operates globally with offices in the US and Europe and processes credentials issued by over 120 countries. For more information, visit https://www.jumio.com/
Landbay is a peer-to-peer lender offering a simple, transparent and rewarding way to invest. It offers people looking for attractive low risk returns the opportunity to lend directly to a diversified portfolio of borrowers with buy-to-let mortgages, with all loans at modest loan-to-value levels and secured against tenanted, existing UK residential property.
Eligible mortgage applicants get the chance to access competitive rates of borrowing through a fast and efficient service, while investors enjoy attractive stable returns paid as monthly interest. Both parties benefit through Landbay radically cutting the spread between these rates that would have been taken as profit by traditional lenders.
Landbay focuses on lending to professional buy-to-let landlords on carefully valued, existing, tenanted UK residential property. Landbay differs from many mainstream lenders by operating high quality manual underwriting systems with more attention paid to landlords’ personal finances to help reduce risk for lenders.
Landbay is regulated by the FCA as a peer-to-peer lender under recently introduced regulation. No peer-to-peer lenders are currently covered by the FSCS. Landbay is based in London (UK) and more information can be found at www.Landbay.co.uk