Philippines-based remittance provider introduces online solution to accommodate country’s younger and technology-friendly population
Jumio, the leading AI-powered trusted identity as a service provider, has partnered with I-Remit to help the largest Filipino-owned non-bank remittance service provider create streamlined digital onboarding and eKYC processes.
I-Remit enables local Filipinos and those working abroad to send money in and out of their home country. The Philippines received an equivalent of about 10% of its GDP in remittances in 2018, with roughly 10 million Filipinos working overseas out of a total population of about 107 million, according to the World Economic Forum.
Demographic shifts have played a key role in the massive and swift adoption of online remittance technologies — the Philippines has one of the youngest populations in the world, with an average age of 23.5 years. This young population, coupled with broad access to mobile phones and other forms of technology, have sped up digital transformation in the remittance industry.
In order to meet the needs of shifting demographics and an evolving remittance industry, I-Remit is now driving its own unique transformation and launched IREMITX earlier this year as a secure, online alternative to in-person transactions. With IREMITX, customers can securely and conveniently send and receive money online, via web and mobile web — no need to visit a physical branch and wait in line.
When looking for a vendor to streamline the digital onboarding experience, I-Remit needed an eKYC provider operating within multiple countries — IREMITX users can send money between the Philippines and Canada, Singapore, Japan and UK, with more countries expected to be announced in the future.
Jumio’s Identity Verification solution uses machine learning, AI and face-based biometrics to ensure the person behind a transaction is present and who they say they are by matching a user’s live selfie with the photo shown on their government-issued ID. By using Jumio, I-Remit has the ability to compliantly, securely and quickly verify customers across the globe, in more than 200 countries and territories and in a multitude of languages, with over 3,000 ID document types.
“Jumio’s technology solves two of our most pressing problems — onboarding scalability and customer experience,” said Ron Benito, I-Remit executive vice president of international treasury. “Jumio saves us money and time, provides eKYC speed and precision, and the customer onboarding experience is superior.”
This partnership with I-Remit further expands Jumio’s footprint in Asia Pacific. Jumio launched its Singapore sales office just one year ago to serve the growing demand for the region’s online digital identity verification services to help banks, financial services and online gaming companies comply with AML and KYC regulations.
“It’s imperative that the remittance industry, and the financial services world at large, streamlines the digital onboarding process for customers,” said Frederic Ho, Jumio vice president, Asia Pacific. “Jumio is happy to partner with I-Remit in order to create an intuitive and secure digital experience for their global customer base, offering bank-grade security, dramatically faster verification and increased conversions.”
To learn more about Jumio’s end-to-end online identity verification and authentication solutions, visit jumio.com.
When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through cutting-edge online identity verification and authentication services that quickly and accurately connect a person’s online and real-world identities. Jumio’s end-to-end identity verification solutions fight fraud, maintain compliance and onboard good customers faster.
Leveraging advanced technology including augmented intelligence, AI, biometrics, machine learning, certified 3D liveness detection and human review, Jumio helps organizations meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of their customers. Jumio has verified more than 200 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
I-Remit, Inc. is the largest Filipino-owned non-bank remittance service provider, listed in the Philippine Stock Exchange (PSE).
I-Remit has a growing network of more than 1,000 outlets consisting of subsidiaries, branches, agents and tie-ups in 23 countries and territories in Asia Pacific, North America, Europe, and the Middle East.
I-Remit continues to invest in and upgrade its infrastructure to ease payment processes, bringing down costs for remitters and strengthening the security of its systems. I-Remit launched its online facility, IREMITX, in Canada, Singapore, Japan, UK and soon in Hong Kong and Taiwan.
I-Remit also partnered with San Francisco based Fintech, Ripple making I-Remit the first Filipino company to move money across borders on a full blockchain. The initial partnership I-Remit has forged on the RippleNet is with Malaysia’s Top International Fintech MoneyMatch.
I-Remit has a wide and diversified network for service fulfillment in the Philippine remittance industry now totaling 16,000.