Fintech Suits Me has agreed a partnership with identity verification solutions provider, Jumio. The aim is to ensure that customers lacking traditional banking required documents can apply for a new account in minutes.
Suits Me markets itself as a popular alternative banking solution. Specifically, it is the first in the UK to enable those without photo ID or a verified proof of address to open an account as quickly as those who have both.
Suits Me says that its solution represents a major breakthrough.
An addressable market of 8 million in the UK
It references 8 million people in the UK and 78,768 asylum seekers who have previously been prevented from applying for a bank account online. The reason: they do not own photo ID, such as a passport, driving licence or verified proof of address documentation.
John Oakley, Operations Director at Suits Me, said: “Our partnership with Jumio has enabled the business to help even more of those who are described as ‘underbanked’. These people who have struggled with documentation or simply don’t want to incur the travel costs to visit a branch can now apply in three minutes with Suits Me. Technology for us is an enabler for all, not just some of the UK population in the fintech space.”
Jumio uses AI, biometrics, machine learning and state-of-the-art liveness detection to help the rapid conversion of more customers, the prevention of fraudsters from infiltrating online ecosystems and compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements.
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Selfie upload + one proof of ID such as a benefits letter
Oakley added: “Suits Me are here to eliminate the hassle of opening an account. We simplify the process with a range of accounts to suit our customers. The time to open an account for those without photo ID is less than two minutes. A selfie upload and an image of one proof of identification, such as a benefits or HMRC letter, or others that are accepted. We offer all the features that you would expect to find in a traditional bank account. And cashback on everyday spending with a personal account manager available in over 19 languages. We are a forward-thinking fintech with traditional customer service values. We invite anyone living in the UK to open an account in three minutes with no credit checks”.