Jumio acquires Beam Solutions’ AML technology

Identity verification firm Jumio has acquired Beam Solutions’ anti-money laundering (AML) platform for an undisclosed sum.

Jumio wants to use Beam’s tech to boost its KYX platform

Based in San Francisco, Beam Solutions provides transaction monitoring and know your customer (KYC) solutions.

Jumio will integrate the Beam AML product into its KYX technology platform. The vendor hopes the deal will strengthen its position in the anti-financial crime sector.

Beam provides “critical” AML transaction monitoring, watchlist and sanctions screening, Jumio states.

This will combine with data in its KYX system to build a “complete digital profile” of every client’s customers.

Beam’s “state of the art” machine learning technology and anomaly detection is to be “enhanced” by combining with Jumio’s AI Labs.

As part of the acquisition, Beam’s US employees will relocate to Jumio’s Palo Alto headquarters.

Jumio claims that following the acquisitions completion it will offer “the first end-to-end identity verification and compliance solution.”

Robert Prigge, Jumio’s CEO, says that financial institutions rely on several point solutions “to combat financial crime and mitigate money laundering threats.”

He adds: “At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage.”

Prigge says the newly combined solution will minimise reputational and regulatory risk, increase operational efficiency and “genuinely address harmful activity.”