Jumio, provider of identity verification and authentication solutions, recently announced a partnership with Lanistar to help its customers streamline their money through new technologies and open banking as it prepares to launch its new polymorphic debit card later this year.

“We’re excited to work with Jumio as we know they truly believe in our product and that they only want to work with the best companies,” said Gurhan Kiziloz, Lanistar CEO and founder. “Since we began talks of a partnership, they’ve been accommodating to our needs, ensuring they understood our requirements and could cater to them. We look forward to benefiting from their services.”

Verifying Online Customers Using Online Identity

Founded in 2019 and based in Hammersmith, London, Lanistar is a fintech company that seeks to help customers manage their money. Today’s banking customers expect a seamless, on-demandexperience with the ability to create online accounts in minutes, anytime, anywhere. According to a report by Signicat, there is a direct correlation between a poor onboarding experience and lost conversions. With nearly 40% of potential new accounts sacrificed during onboarding because of time-consuming, clunky processes.

Lanistar chose Jumio in order to vet new customers online, meet stringent compliance regulations and fight online fraud. Digital identity verification allows organizations to verify that a person’s digital identity matches their physical identity when conducting business online. This type of identity proofing starts at the account opening stage and is where Jumio will be supporting Lanistar. 

However, fraudsters continue to evolve. In order to combat this, Jumio has pioneered certified liveness detection to thwart fraudsters’ attempts to assume another individual’s identity. This means that despite growing attacks on traditional identity verification solutions, Lanistar can prevent bad actors who attempt to use static images to fake their identity.

Utilizing Jumio’s Portfolio of Technologies

By partnering with Jumio, Lanistar will be able to securely verify remote users while streamlining the onboarding process. Lanistar’s integration of Jumio ID Verification and Jumio Identity Verification will enable the challenger bank to verify online customers by having them first capture a picture of their government-issued ID with a smartphone and then take a corroborating selfie, with certified liveness detection functionality. Users will receive a definitive ‘yes’ or ‘no’ answer in just seconds, and if the latter, will be given a clear reason as to why the user was rejected and give them the opportunity to course correct. This type of real-time feedback optimizes conversion rates and minimizes customer frustration for Lanistar users. This process also ensures that the user is who they claim to be and is physically present during the transaction.

Lanistar will also use Jumio Document Verification during its onboarding process as a way to verify customer information through identity documents and secondary documents captured on a smartphone.

Future Plans for Jumio and Lanistar

Lanistar is set to launch its new polymorphic debit card later this year following its £2m seed-financing. The card will leverage polymorphic technology and open banking to securely streamline customers’ money, providing a personalized and secure product that will give users a hassle-free customer experience.

“Lanistar is precisely the type of disruptive fintech we enjoy partnering with. Their focus on leveraging game-changing technology to create a better customer experience is right in our sweet spot,” said Robert Prigge, Jumio CEO. “We’re happy to provide the leading-edge identity verification services that will quickly and securely vet the digital identities of new Lanistar customers.”

Jumio also plans to expand into new markets, most recently announcing the launch of its French solutions portfolio. The company hopes to continue to help organizations fight fraud, maintain compliance and onboard customers faster in even more regions around the world.