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.
“It’s imperative that the remittance industry, and the financial services world at large, streamlines the digital onboarding process for customers”
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.
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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.”
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