Jumio has announced that the company is acquiring current strategic partner 4Stop, the data marketplace and orchestration hub for KYB, KYC, compliance and fraud prevention.
The addition of 4Stop's data sources to the Jumio KYX Platform realises Jumio's strategic vision of redefining the end-to-end identity industry, the company states.
Founded in Germany in 2016, 4Stop's global data marketplace and orchestration hub integrates with multiple vendors giving access to more than 650 data sources across 195 countries.
4Stop's technology, when combined with Jumio's solutions, will enable organisations to manage the entire customer identity lifecycle within a single, unified platform and will allow for rapid configuration and integration through one intuitive API layer, the company states.
This acquisition follows the launch of Jumio's intuitive no-code orchestration layer for its KYX Platform and will accelerate Jumio's business and technology objectives to solidify itself as the leader in digital identity orchestration.
Financial terms of the agreement, which is expected to close in early 2022, were not disclosed.
Jumio CEO Robert Prigge says, “Today's pace and sophistication of cybercrime means organisations cannot afford to rely on multiple vendors for their identity verification and fraud prevention needs.
"There's no way around it: a successful identity company must now have KYC, AML, KYB and orchestration. Together, 4Stop and Jumio's solutions will offer this and more, delivering a complete, end-to-end approach to identity orchestration and fraud prevention.
"Not only will customers be able to rely on a single system for all of their identity and fraud prevention needs, they'll also have an integrated and comprehensive view of their entire system, ensuring superior monitoring and risk management.
4Stop's global data and risk marketplace brings together their proprietary real-time anti-fraud technology with a large selection of premium global data services for identity, transaction and compliance.
Businesses can confidently anticipate and manage their risk and fraud defence, regardless of region, market or industry worldwide, and make well-informed decisions backed by quantifiable data to manage regulatory obligations that will accelerate their business performance.
4Stop CEO Ingo Ernst says, “It has always been 4Stop's passion to establish a modern, end-to-end and versatile data and risk management platform to better serve business global compliance and fraud defences.
"Our online ecosystem and regulations are constantly evolving. Businesses need to quickly adapt and sync with leading technology and obtain future-proof sustainability.
"We are very excited for the opportunity to join forces with Jumio to build and perfect crucial next-generation identity and anti-fraud solutions to support the growth of global online ecosystems.
Jumio is focused on protecting the ecosystems of businesses through a unified, end-to-end identity verification, eKYC and AML platform.
The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organisations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR.
Jumio has carried out more than 500 million verifications spanning more than 200 countries and territories from real-time web and mobile transactions.