Jumio To Integrate Beam’s AML Platform To Boost Financial Crime Detection Capabilities

Jumio, known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers.

The Palo Alto-based firm on Tuesday (Sept. 29) announced a deal for the AML platform of Beam Solutions, a San Francisco-based startup that focuses on transaction monitoring and helping financial companies comply with KYC regulations.

Jumio said it plans to integrate Beam’s AML screening and transaction monitoring services into its KYX platform to help flag financial crime and streamline regulatory compliance.

The announcement comes on the heels of Jumio’s Sept. 16 launch of KYX, with the company noting that the new platform will help companies “easily verify user identities for onboarding, safeguard existing accounts and mitigate financial crime risk.”

Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

The financial terms of Jumio’s acquisition of Beam’s AML platform were not disclosed.

“Financial institutions of all sizes currently rely on a number of point solutions to combat financial crime and mitigate money laundering threats,” said Robert Prigge, Jumio’s CEO, in a press release. “At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage.”

“Together, Jumio’s and Beam’s solutions deliver the first end-to-end compliance solution designed to minimize reputational and regulatory risk, increase operational efficiency and genuinely address harmful activity,” Prigge said.

First launched in 2016, Beam designs software to help financial services providers, from FinTechs and banks to cryptocurrency firms, stay in compliance with AML and KYC rules, as well as SARs (suspicious activity regulations) around the world.

As part of the deal, Beam employees in the U.S. will move into Jumio’s Palo Alto headquarters.

“When financial institutions are compelled to use multiple solutions, efficiencies are lost, both with respect to workforce and data,” said Andreas Bayer, Beam’s co-founder and CTO. “Data gathered during the onboarding and customer due diligence processes should be leveraged going forward as part of the ongoing KYC and transaction monitoring program. That’s the real promise of this partnership.”