Jumio adds security to online transactions processed by UAE Exchange

Although online transfers are the easiest and fastest way to move money, specific challenges and risks still exist.

One of the most prominent problems is the lack of security with the online transactions. In order to make digital platforms more secure and simpler to use for customers, UAE Exchange has partnered with the leader in digital ID verification, Jumio, to make financial transactions more secure.

UAE Exchange is the international leader when it comes to remittance, foreign exchange and payment solutions. The partnership between the two powerhouses allows customers to open an online account through www.money2anywhere.com, the website powered by UAE Exchange, and in less than one minute, money can be transferred by scanning a government-issued photo ID.

Jumio is securing the online transactions through a frictionless and secure on-boarding process, which will be completely compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations.

“Technology has empowered transactions and money movement, but it also poses risks on the financial system like channelizing unauthorized payments, identity fraud and online theft,” Rajesh GK, chief product officer of UAE Exchange, said. “Our objective has always been to strengthen our abilities to mitigate these risks, secure the money and protect the identities of customers. We are glad to associate with Jumio for their Netverify solution as it will facilitate digital identification and face recognition for our online portals. These solutions are at present being customized and integrated with our own technology architecture.”

UAE Exchange was founded in 1980 and brings its more than 35 years of experience in the financial industry to markets in Australia, Bahrain, Canada, Hong Kong, Ireland, Malaysia, Qatar, UAE, U.K. and the U.S. The company initiated its digital presence in 2008, and since then has processed more than $1 billion in online transactions.

The strategy for UAE Exchange is to eventually derive 25 percent of its total revenue from digital platforms. Part of the success of that plan is to increase its digital customer base by 30-35 percent by 2017.

“UAE Exchange represents our first banking client in the booming Middle East market, and we are pleased to be working with such a well-established market leader,” Philipp Pointner, vice president of products at Jumio, said. “Mobile is revolutionizing how people move and access money around the world. Yet vital know-your-customer and anti-money legislation requirements must be adhered to. Not only can Jumio ensure that customers get on board quickly, but we also confirm that it is all fully complaint with regulations -- that is why we are the market leader in ID verification and proofing solutions.”