We take a look at the services offered by both Veriff and Jumio, to see which identity verification provider measures up best in terms of products, security, pricing and reviews.
Ucha Vekua, April 15th, 2021
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Running a business in 2021 comes with a lot of challenges.
The global pandemic caused a massive growth in online services and an increase in the digitalization of various products. It had a huge influence on every sector, and accelerated the likely future plans to move their focus online.
Business owners are facing new challenges daily. Often, it's about knowing their customers and building trust in the digital world - they need to be sure that their customers are who they claim to be. Trust is the main factor that helps your business grow and scale. You need to verify your customers to know them. But how do you choose the right identity verification system? What are the factors to keep in mind?
In this article, we'll try to show you the impact that online identity verification services have, why they're essential to our digital lives, the steps to verify identities, and deep-dive into Veriff and Jumio's products to compare the services they both offer to their customers.
Building a proper platform for trust is very important to the digital world. New services are opening up online, and people are signing up for them daily to improve their lives in one way or another. We need to trust the companies that provide these services because there is a threat of online identity theft every second. The solution to this problem is clear - use identity verification software. People need to verify themselves online to use services.
Both Veriff and Jumio provide online identity verification services to companies worldwide. Their solutions build trust on the internet and make it a safer place. These companies can help your business scale by offering services that help you know your customer and verify them in seconds.
There are a couple of steps to consider to get to know your customer, but generally, a verification flow structure looks like this:
Let's take a closer look at both of their services and see what they offer.
Both Veriff and Jumio offer multiple products to their customers.
Veriff currently has three products - Identity Verification, Assisted Image Capture, and Face Match. Veriff's Identity Verification Platform is an end-to-end verification service with a wide range of customizable choices. Its verification flow gathers user data for analysis during the verification session. Clients can configure their decision engine to fit their precise needs, factoring in necessary speed of use and fraud prevention. Veriff knows that a one-size-fits-all solution does not work in this industry. So the verification platform allows you to enable the checks you need. At the same time, clients can monitor results in real-time, manage multiple integrations, and automate information flow in one place.
Assisted Image Capture helps your customers get verified. It is an active photo assistant, assessing verification in real-time and guides users when taking every photo. It displays a message if there is a problem when taking a picture and guarantees sharp, well-lit images, which leads to an average first-time pass rate of 95%.
Finally, Face Match is Veriff's most recent product, which offers you an easy way to re-verify your users. This can be triggered if they're making a large financial transaction, signing in using an unknown device, or taking any action that needs an additional level of security. Face Match allows customers to compare a selfie of the user to their ID on file and gives a reverification decision in 1 second.
So what is Jumio offering? A unified, end-to-end identity and eKYC platform - it is called Jumio KYX and is a trusted identity platform for businesses worldwide. Their single end-to-end platform delivers the assurance customers need to know when doing business. It adapts to the needs and risks of different companies and provides a specific set of services that guarantees security and convenience.
Jumio also offers multiple products, such as ID Verification, Identity Verification, Transaction Monitoring or Document Verification, which gives a wide range of choices for verifying users. Among their products is Jumio Go, which is a fully automated real-time identity verification. It helps modern enterprises to onboard and authenticate online customers. They also offer Jumio Video Verification, which helps companies onboard remote banking customers and meet AML and KYC mandates.
Veriff and Jumio both provide a huge variety of identity verification services. They offer compliance with ‘Know Your Customer' (KYC) and Anti-Money Laundering (AML) regulations and extensive fraud prevention services. This can be a major factor for businesses and financial services to choose the right identity verification system.
There are a couple of key factors when it comes to choosing the right verification service for your business. AML & KYC compliance are the main elements to keep customers secure and build a trusting relationship with them. We should also take the speed into consideration - when you have honest customers, it shouldn't take too long for them to get verified. This is where the automation comes into play - Veriff's highly-automated decision engine delivers verification decisions within 6 seconds (on average), and document checks are now 98% automated, making verifications feel frictionless for users.
Fraud prevention services can also play a major role in choosing the verification service. This particular service from Veriff can crosslink verification data and enables us to stop fraudsters in several ways that other providers don't. Our automated decision engine looks at each connected data point we received previously on every session, along with what's happening live during the verification, to help make an educated decision on whether to approve or reject the user. This is crucial in stopping repeat offenders.
Jumio puts heavy focus on their KYX platform - the total solution to know your customers, users, employees, or whoever the ‘X' is in your business. Their end-to-end platform delivers the assurance companies need to know, then trust. According to their website, Jumio offers fast and accurate verifications - they use AI, machine learning, and biometrics to automate the verification process and make decisions in a short amount of time. Their services also include Global Coverage and Secure Authentication.
Both Veriff and Jumio have gained trust from market leaders within their respective industries. Building trust in the digital world is in Veriff's DNA. Considering the feedback they have from their customers worldwide, we can safely assume that these companies provide safe and secure verification services.
Veriff is compliant with CCPA, GDPR, SOC2 Type II, and WCAG Accessibility Guidelines.
Jumio's certifications demonstrate that they successfully operate a systematic approach to securing their data of their customers. They have achieved certifications against PSI DSS and ISO/IEC 27001:2013. Both companies are committed to protecting the privacy and security of the digital identities they verify on a daily basis.
Veriff offer two plans for identity verification services - Starter and Enterprise. The starter plan consists of three categories - Essential, Plus, and Premium.
Here's how the pricing breaks down for the starter plans:
The page also features a pricing calculator so you can find the most suitable balance for your business.
All of these plans have overall benefits, including a free trial (which covers 30 days or 100 verifications), 36 supported languages, and Sandbox integration. The differences come in the overall features. For example, the Premium plan includes seven fields for Document Data Extraction, while both other plans include five. Premium also gives you the opportunity to use Risk-labels, Cross-links, and Custom branding in verification flow. Despite this, all three categories offer useful features such as Session generation via API, Liveness checks, and Assisted Image Capture, plus a lot more.
When it comes to the Enterprise Plan, Veriff understands that every company has different KYC compliance requirements and fraud prevention needs. The pricing is tailored and not fixed, so it depends on your company's needs. To sign up for an Enterprise plan, contact Veriff's team, so they can work together with you to find the best possible verification options for the company's needs. Enterprise tends to appeal to companies who need at least about 1,000 verification sessions per month.. If you feel your business needs the configurability, you can still reach out to Veriff to talk to them.
The Enterprise Plan also includes a dedicated account manager who'll work with you throughout your time as a Veriff client to cater your verification to your needs as they evolve. We'll look to scale with you and make sure you can focus on your business, and identity verification will be taken care of.
Jumio requires their potential customers to get in touch with them to start using their services. There's no concrete information on the website about pricing. However, their website features a TCO (Total Cost of Ownership) Calculator, which helps you find out how much your online identity verification solution is costing you.
The Veriff team pays a lot of attention to the customer feedback and reviews when developing a product. If we take a look at the reviews, we can see that Veriff's services have helped companies improve their performance. For example, the Head of Kueski Cash & Credit Risk, Sahari Kabello, states that building trust is an essential factor when choosing a verification service: “Our top priority is to give our customers financial solutions in a trustworthy environment. We have implemented a multi-layer fraud prevention framework, where Veriff is a key element to avoid identity theft and protect people from fraudsters' abuses. Since accuracy, great customer service and high technical experience are paramount to us, we decided to go with Veriff.”
Jumio's products have positive feedback from the clients as well. For example, as Nick Mourgue, the product manager of WeWork, says - “We had what we thought was a crazy idea to automate the identity verification process, and Jumio brought the idea to life.”
To sum it up, we can see that both companies claim to provide incredible and well-built verification services to their customers. But, Veriff has a more transparent approach to the potential users in terms of offering a free trial, showing the price list of various plans, pointing out features that each plan provides in detail, and having an individual approach to partners. Therefore, we believe that Veriff provides the best identity verification service in the world. We'd always encourage our potential clients to test out both - and draw your own conclusions.
Beyond that, Veriff also currently supports over 9,000 documents from 190 countries, while Jumio accepts 3,500 ID types across 200 countries and territories.
Here at Veriff, we work hard daily to build trust online and make the digital world safer with the tools we are building daily.