Jumio, Inc., the fast growing online and mobile credentials management company 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 regulation. 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.