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 and financial institutions face new challenges on a daily basis. 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. With so many identity verification systems on the market, how do you know which one will provide the best user experience for your customers? 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 five core products — Identity Verification, Assisted Image Capture, Proof of Address, AML Screening, and Biometric Authentication. 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, Biometric Authentication 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. Biometric Authentication allows customers to compare a selfie of the user to their ID on file and gives a reverification decision in 1 second.
Veriff’s anti-money-laundering (AML) screening maintains your regulatory compliance while also actively increasing your customer conversions. Our Identity Verification service alongside Politically Exposed Person (PEP) and sanctions checks, adverse media screening, and ongoing monitoring reduces risk for your business at every turn. Additionally, Veriff can help automate your manual Proof of Address (POA) processes and save your customers from spending hours waiting for approval. Veriff’s automated Proof of Address software reduces user friction, lowers your costs, and allows you to comply with regulations. POA provides seamless document capture and data extraction, while detecting and preventing fraud.
What does Jumio provide? Jumio's KYX platform is a trusted end-to-end identity verification solution for businesses worldwide. It provides the assurance customers need when doing business with Jumio, adapting to the needs and risks of different companies. 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 solution. 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.
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 - Jumio's end-to-end platform helps companies know and trust their customers, employees, or anyone engaging with their business. Jumio uses AI, machine learning, and biometrics to automate the verification process and make decisions quickly. 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, ISO/IEC 27001:2013, 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.
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, Chris Adjei-Ampofo, Chief Information Officer at Uphold, states that Veriff brought a new standard of quality compared to competitors: “We were using a competitor of Veriff. We had serious problems with the quality of the verifications and quality of their solution. Before choosing Veriff, and as a part of proof of value, we did an A/B test - half of our customers were going through this competitor and half through Veriff. Afterwards, we ran an analysis to compare how many false-positives we were getting between the two solutions and Veriff was so much better than the competitor. We then switched to Veriff and we discontinued the service with the competitor.”
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.”
Veriff is the transparency company. Integrated into several of Veriff’s plans is a guaranteed account manager, solutions engineer, and access to Veriff’s team via Slack to answer questions, troubleshoot any issues, and to maintain a constant line of communication between Veriff and the client. We work tirelessly to deliver not only the best-in-class technology, but we also provide ongoing service and support to address our client’s needs. The level of support Veriff brings is truly unmatched in the market.
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 11,000 documents from 190 countries, while Jumio accepts 5,000 ID types across 200 countries and territories.
Learn more about how Veriff stacks up against Jumio here.