PALO ALTO, CA--(Marketwired - Jun 13, 2013) - Jumio, Inc., the fast growing online and mobile credentials management company, today announced that Bitcoin purchase platform, BitInstant, has implemented Jumio's Netverify software into its online funds transfer process. Jumio's technology provides secure and convenient KYC functionality, enabling BitInstant customers to confirm their identity in real time, and offering an all-important extra layer of protection for financial transactions.
"Our goal is to make the Bitcoin purchase process as seamless as possible for our customers and Jumio plays a key role in accelerating that transaction," says Charlie Shrem, CEO of BitInstant. "By enabling customers to easily scan and validate their ID with their mobile phone or webcam, we take the friction out of the authentication process while protecting against fraudulent activity."
With Netverify, BitInstant can easily confirm that its customers' online and offline identities are one and the same by scanning their passport, driver license or government ID issued by more than 60 countries. This instant authentication replaces manual and time-consuming authentication processes such as faxing or mailing a copy of their ID that customers typically endure and that present an obstacle to transaction completion.
"Knowing your customer is important for all online businesses but perhaps never more so than in payment transactions," said Daniel Mattes, CEO of Jumio. "As bitcoins have rapidly increased in popularity, purchase platforms like BitInstant, along with the merchants and Bitcoin exchanges they interact with, need the security and confidence that comes from knowing exactly who is on the other end of the transaction."
Jumio's Netverify is the easiest way to confirm a customer's identity in real time, reducing fraud and the costs associated with reviewing low-quality copies of mailed or faxed documents while increasing overall conversions. Using the camera on a smartphone or computer, consumers scan an image of the front and back of IDs and documents to complete the customer verification process in real time. Both the business and customer receive feedback if the ID is valid, thus allowing for the transaction to continue without delay. The technology enables companies to meet KYC (Know-Your-Customer) and ID verification requirements and helps businesses develop a critical degree of trust with their customers. In addition, Netverify uses 256-bit encryption to transmit data, guaranteeing the highest level of security for sensitive transactions.