Bahrain – Bank ABC, MENA’s leading
international Bank announces partnership with Jumio, the leading end-to-end
AI-powered identity verification and authentication provider. The partnership
enables Bank ABC’s new mobile-only bank to compliantly onboard new individual
customers using Jumio’s award-winning biometric-based identity verification
technology.
Headquartered in Bahrain and serving
customers across five continents, Bank ABC is set to launch one of the region’s
first mobile-only banks. It has invested in establishing digitised operations
including a fully digital KYC capability, and simplifying and streamlining the
onboarding process is central to these efforts.
“Bank ABC is committed to leveraging
the benefits of AI technologies to create seamless customer journeys for
accessing banking services securely,” said Sael Al Waary, Bank ABC’s Deputy
Group Chief Executive Officer.
Earlier this year at the 3rd Middle
East and Africa FinTech Forum, Mr. Al Waary said: “Across the region, banks and
other financial institutions are facing enormous disruption from technology.
But change should be embraced, not feared. Technology will revolutionize the
way we do business. More importantly, it will empower people across the region,
and be a force for true financial inclusion.”
“We’re proud to be the first bank in
the Middle East to leverage face recognition-based biometrics and machine
learning to enhance the KYC and identity-proofing processes,” said Yousif
Almas, Group Chief Innovation Officer at Bank ABC. “As more and more customers
move online and transact via their mobile devices, it’s critical for Bank ABC
to deliver a simple, fast and intuitive onboarding experience that takes
minutes, not hours or days.”
Bank ABC’s integration of Jumio’s
Identity Verification enables the Bank to verify online customers by having
them first capture a picture of their ID card with a smartphone and then take a
selfie, with certified liveness detection functionality. This process ensures
that the user is who they claim to be and is present during the transaction. As
Bank ABC expands digital operations globally and in the MENA region, Jumio will
support such growth with its ability to verify IDs digitally across
geographies.
“Jumio is excited to partner with
Bank ABC and help the company revolutionize digital banking in the Middle
East,” said Robert Prigge, Jumio’s president. “We’re happy to contribute to
their mission of delivering a level of service that matches, or exceeds, the
market practice internationally by providing the leading-edge identity
verification services that vet the digital identities of new customers —
quickly, securely and compliantly.”
Bank ABC is a leading player in the
region’s banking industry and provides global innovative Wholesale Banking coverage
and products that include Corporate and Financial Institutions coverage,
Transaction Banking (Trade Finance and Cash Management), Project and Structured
finance, Syndications, Treasury and Financial Markets products and Islamic
Banking. It also provides retail banking services through its network of retail
banks in Jordan, Egypt, Tunisia and Algeria.
Leveraging advanced technology
including augmented intelligence, AI, biometrics, machine learning, certified
3D liveness detection and human review, Jumio helps organisations meet
regulatory compliance including KYC, AML and GDPR and definitively establish
the digital identity of their customers. Jumio has verified more than 170
million identities issued by over 200 countries and territories from real-time
web and mobile transactions. Its 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.