Jumio acquires Beam Options’ AML expertise – FinTech Futures


Id verification agency Jumio has acquired Beam Options’ anti-money laundering (AML) platform for an undisclosed sum.

Jumio needs to make use of Beam’s tech to spice up its KYX platform

Based mostly in San Francisco, Beam Options gives transaction monitoring and know your buyer (KYC) options.

Jumio will combine the Beam AML product into its KYX expertise platform. The seller hopes the deal will strengthen its place within the anti-financial crime sector.

Beam gives “vital” AML transaction monitoring, watchlist and sanctions screening, Jumio states.

This may mix with information in its KYX system to construct a “full digital profile” of each shopper’s prospects.

Beam’s “state-of-the-art” machine studying expertise and anomaly detection is to be “enhanced” by combining with Jumio’s AI Labs.

As a part of the acquisition, Beam’s US workers will relocate to Jumio’s Palo Alto headquarters.

Jumio claims that following the acquisitions completion it can provide “the primary end-to-end identification verification and compliance answer.”

Robert Prigge, Jumio’s CEO, says that monetary establishments depend on a number of level options “to fight monetary crime and mitigate cash laundering threats.”

He provides: “On the identical time, they need to fulfill numerous authorities rules as a way to keep away from costly fines and reputational injury.”

Prigge says the newly mixed answer will minimise reputational and regulatory danger, enhance operational effectivity and “genuinely handle dangerous exercise.”

Jumio signed a pair of latest shoppers earlier this 12 months in UK-based fintech Lanistar and payments firm Sokin.

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