Jumio acquires Beam Options’ AML know-how – FinTech Futures

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

Jumio desires 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 know-how platform. The seller hopes the deal will strengthen its place within the anti-financial crime sector.

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

It will mix with knowledge in its KYX system to construct a “full digital profile” of each shopper’s clients.

Beam’s “state-of-the-art” machine studying know-how 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’s going to provide “the primary end-to-end id 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 similar time, they need to fulfill numerous authorities laws as a way to keep away from costly fines and reputational injury.”

Prigge says the newly mixed answer will minimise reputational and regulatory threat, improve operational effectivity and “genuinely tackle dangerous exercise.”

Jumio signed a pair of recent shoppers earlier this yr in UK-based fintech Lanistar and payments firm Sokin.

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