In-App ID Scanning Technology Automates Extraction of Personal Information From Customer ID Documents and Near-Instant Forms Population

 FinovateEurope 2014 –  Jumio, Inc., – Jumio, Inc., the fast-growing online and mobile payments and credentials management company, today announced the availability of Jumio Fastfill, a quickly-integrated service that automates key entry of personal customer information in mobile apps, providing a faster and more convenient way for consumers to open accounts, complete web registration forms, and remove friction from the check-out process.

Fastfill provides value to any business with a mobile app and a process that requires the customer to provide personal data in order to establish a relationship or transaction. Through its patented use of computer vision technology, Jumio offers on-the-go customers a faster and more convenient way to complete a sign-up or checkout. With Jumio’s technology embedded, businesses such as financial services providers, retailers, travel-related services, among others, have dramatically improved their transaction completion rates, while creating a differentiated and superior user experience in their apps.

Today, many businesses waste significant resources attracting prospects to their mobile apps only to have them abandon the sign-up process because it was never properly designed for the mobile customer and the small screen. As a result, more customers balk at spending more than 60 seconds key entering their personal data into a form than those who comply, and this is reflected in lower than desired conversion rates. With Fastfill, customers simply tap the “Scan ID” button seamlessly integrated into a business’ mobile app, hold their ID up to the device camera, and their personal data is extracted from the ID credential and populated into the new account form in an instant. Those customers wishing to engage in traditional data entry may utilise that standard functionality instead.

“Consumer behaviour on mobile devices is maturing and now its commonplace for us to apply for loans, and open a bank or brokerage account on our phones – indeed more than a third (37%) of Europeans are already using mobile banking.[1] However, latest research shows that nearly half (45%) of UK adults have abandoned all online transactions (including account opening) due to frustration over the length and complexity of the identity validation and security checks. [2] Today though leading businesses are recognising that they can create superior customer experiences and complete more transactions by leveraging the power of the smart devices we carry,” said Daniel Mattes, founder and CEO Jumio. “Businesses have a choice; they can stick with traditional methods and subject their customers to minutes of data entry on a small keypad – and potentially lose them in the process – or delight them in seconds.”

Fastfill features include:

Worldwide coverage: Fastfill extracts personal information from three types of ID credentials (passports, licenses or other government IDs) issued by over 100 countries.

Easy Integration: Jumio’s Mobile SDK is easily implemented and typically requires only an hour of developer time.  Few app enhancements can improve your bottom line to this extent with such minimal effort.

Secure standards: A picture of the customer’s ID is never taken, nor is it ever stored on their mobile device. Jumio is PCI Level 1 compliant and applies this stringent payment industry security standard to personal data.

Fast transactions: Most Fastfill transactions are near-instant. For certain types of IDs that do not contain bar or MRZ codes, Fastfill takes only several seconds to extract the customer data to auto populate the form.

Customisable and comprehensive: The “Scan Now” button can be customised to match any app’s look and feel, and be embedded at any point in the business process. In most cases, Fastfill extracts the full data set contained on the ID and the app owner selects the fields that are applicable to its business process as part of the configuration process.

Cross platform: Fastfill is available for iOS and Android apps, and can be integrated into both smartphone and tablet applications.

About Jumio

Utilizing advanced computer vision technology, Jumio is a next generation credentials management company offering payments and ID scanning & validation products for mobile and web transactions. Designed to reduce fraud and increase revenue by minimizing friction in customer transactions, Jumio’s products integrate easily into mobile apps or websites and create great customer experiences. Jumio’s products are widely used by leading retailers, marketplaces and financial institutions.

Jumio’s recently unveiled PORT, a secure device-based wallet infrastructure, allows consumers to conduct one-click purchases and transactions requiring identity verification, without the need to download a standalone wallet app. Netswipe® enables customers to scan their cards in online and mobile checkout resulting in increased revenue and reduced fraud for the merchants. Netverify® supports real-time ID verification in over 90 countries to help clients meet a variety of know-your customer requirements.

The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.

[1] http://www.ing.com/Our-Company/Press-room/Press-release-archive/PressRelease/European-consumers-empowered-by-mobile-banking-1.html

 [2] http://www.experian.co.uk/blogs/latest-thinking/2013/09/nearly-half-of-uk-adults-abandon-online-transactions/