Fintech software provider Backbase and Jumio have entered into a partnership to provide online identity verification services to the financial institutions.

The service is expected to enable the firms to prevent fraudulent attempts as well as comply with the latest KYC, AML and GDPR guidelines. The overall verification process is also expected to be fast, streamlined and simple.

Following the collaboration, Backbase digital banking platform clients can add Jumio’s online identity verification technology to improve and strengthen onboarding capabilities.

Both the firms share multiple common banking clients such as HSBC and Metro Bank.

Also, Jumio’s online identity verification services are expected to enhance Backbase’s Open Banking Marketplace to compliantly vet new users, simplify account on-boarding and dramatically reduce online fraud.

Jumio chief revenue officer Robert Prigge said: “Backbase equips financial institutions with a one-stop shop to facilitate their digital transformation.

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“This alliance enables Jumio to help these same banks with simple yet powerful identity verification and Know-Your-Customer solutions that can be easily leveraged through the Backbase digital banking platform to increase onboarding conversion rates, dramatically reduce fraud, and meet increasingly stringent compliance mandates.”

More than 100 large financial companies have standardised on the Backbase platform to date.