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.”
