Plynk partners with Jumio to power ID verification for European expansion
LONDON, UK – August 30, 2017 – Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), today announced a partnership with Plynk, Europe’s first money messaging app, to accurately verify users who are loading money onto their Plynk accounts for instant person-to-person payments.
Plynk removes the complexity and awkwardness from money transfers between friends by integrating a payments account and a messaging platform so people can instantly send funds to other Plynk account-holders in the familiar setting of a messenger. Money can be sent either to a single individual or easily distributed through group chat applications, without the fees and delays that are associated with high street banks. Users simply register and receive a payment account, an IBAN and virtual Mastercard for online payments.
Jumio’s trusted Netverify solution will help Plynk deliver a hassle-free user experience by verifying frequent customers who are instantly loading money from their debit and credit cards to their Plynk payment account. The verification takes less than a minute and does not require users to leave the app. This convenient process is perfectly suited to Plynk’s target market of on-the-go, digital-first consumers.
A streamlined verification process is important for convenience-focused, mobile-only financial products such as Plynk, which must comply with Anti-Money Laundering (AML) legislation and Know Your Customer (KYC) requirements but, unlike brick and mortar licence-holders, cannot physically check customer identities in-person.
Netverify’s ability to process identity documents from over 200 countries will also help to promote scalable growth for Plynk as the app expands into the Spanish and Portuguese markets. Since launching in January 2017, Plynk has grown rapidly across Android and iOS within the Irish market, with plans to eventually become Europe’s dominant money messenger.
Robert Prigge, CRO, Jumio, said:
‘’As the market’s most reliable digital identity platform, with over 60 million identities verified at the highest accuracy rate, Jumio is delighted to partner with Plynk. Netverify is perfectly suited to the unique challenges of meeting KYC/AML compliance for digital-only organisations, and this partnership further consolidates our established credentials for trusted verification and a great user experience in the financial services industry.’’
Charles Dowd, CEO and Co-Founder, Plynk, said:
‘’In today’s fast-moving digital world, Plynk is leading the way in making the money transfer process as easy as sending a text or a photograph to friends. The speed, innovation and security of Jumio’s Netverify aligns perfectly with Plynk’s key values of being fast and fun. This, combined with Jumio’s excellent track record in helping highly reputable companies meet tight KYC and AML regulations, made Jumio a natural partner for us, and we look forward to working and growing together.’’
Netverify® Trusted Identity as a Service incorporates three core pillars: ID Verification, Identity Verification and Document Verification, and uses advanced technology such as AI, machine learning, eyeball tracking and Intelligent Process Automation to establish the real-world identity of the consumer.
Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology like biometric facial recognition and machine learning, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world. Jumio has verified more than 60 million identities issued by over 200 countries from real time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, higher education, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US and Europe, and has been the recipient of numerous awards for innovation.
Founded in 2015, Plynk is Europe’s first money messaging app offering instant person-to-person payments. Headquartered in Dublin, Plynk was co-founded by Charles Dowd and Clive Foley to remove the complexities of money transfers amongst family and friends, making it fun, fast and free.
Linked to users’ social networks, Plynk users can send money as a message to a single contact or in group chats instantly and with no fees. Once an account is created, users receive a payment account with a dedicated IBAN and virtual MasterCard for online payments.
In May 2017, Plynk announced a significant €25 million in a Series A raise, led by a private investment trust, Suisse Privée Ltd. This investment marks one of the largest ever Series A raises in Irish history.
Plynk is available for iOS and Android.
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