TORONTO, March 02, 2018 (GLOBE NEWSWIRE) -- Goldmoney Inc. (TSX:XAU) (“Goldmoney”), a precious metal financial service and technology company, today announced that it has launched a new onboarding method with Jumio, the leading digital identity verification provider, after a successful beta release. This new online verification process is entirely paperless and significantly reduces online friction historically associated with customer account setup.
Powered by Jumio’s real-time ID verification technology, Goldmoney now offers clients a paperless process for Holding verification. Clients can simply take a photo of their government-issued ID and a selfie to verify their identity. New Goldmoney clients can apply for a Goldmoney Holding account and complete the verification process in less than 3 minutes, while current Holding owners can submit a photo of their government-issued ID and a selfie and unlock access to fully verified Holding features.
Jumio’s biometric-based identity verification technology has proven to be secure and diligent, and is in full compliance with Anti-Money Laundering (AML) legislation and Know Your Customer (KYC) requirements.
“As we continue to expand the functionality of the Goldmoney Holding offering, one of our biggest challenges is establishing an appropriate balance between client security, regulatory compliance, and an improved onboarding and verification experience,” said Goldmoney’s COO, Paul Mennega. “Through our partnership with Jumio and the integration of their best-of-breed verification solution, we have achieved an important milestone in our mission to increase global access to precious metals by significantly reducing onboarding friction while further improving our industry-leading security and regulatory standards. It’s a true win-win.”
“According to recent Juniper research, the global cost of data breaches will rise to $2.1 trillion by 2019, so it's increasingly imperative for online companies, especially financial institutions, to know, really know, who their customers are online," said Jumio’s CEO, Steve Stuut. "Because Goldmoney enables its clients to invest, earn, or spend gold, silver, platinum, and palladium, they must ensure that their online customers are reliably, accurately, and compliantly verified. It's this delicate balance between fraud detection and the user experience that made us the right choice -- not only for Goldmoney, but for a growing roster of digital banks, foreign exchanges, and cryptocurrency exchanges."
About Goldmoney Inc.
Goldmoney Inc., a financial service company traded on the Toronto Stock Exchange (TSX:XAU), is a global leader in precious metal investment services and the world’s largest precious metals payment network. Safeguarding nearly $2 billion in assets for clients located in more than 150 countries, Goldmoney is focused on a singular mission to make precious metals-backed savings accessible to all. Powered by Goldmoney’s patented technology, the Goldmoney® Holding is an online account that enables clients to invest, earn, or spend gold, silver, platinum, palladium and cryptocurrencies that are securely stored in insured vaults in seven countries. All bullion assets are fully allocated and physically redeemable property. Goldmoney Wealth Limited is regulated by the Jersey Financial Services Commission (JFSC) as a Money Services Business. Goldmoney Network is a reporting entity to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and is registered with the Financial Crimes Enforcement Network (FinCEN) in the U.S. For more information about Goldmoney, visit goldmoney.com.
About Jumio
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer. Leveraging advanced technology like biometric facial recognition, machine learning, artificial intelligence and human review, Jumio helps customers to meet regulatory compliance including KYC, AML and GDPR and tie the digital identity to the physical world. Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, higher education, cryptocurrency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
Media and Investor Relations inquiries:
Goldmoney:
Renee Wei
Director of Global Communications
Goldmoney Inc.
renee.wei@goldmoney.com
Josh Crumb
Chief Strategy Officer
Goldmoney Inc.
+1 647-499-6748
Jumio:
Europe Media Contact
Michael Banner
SkyParlour
michaelb@skyparlour.com
+44 (0) 844 2939 764
U.S. Media Contact
Caitlin Haskins
10Fold Communications
Jumio@10fold.com
415-800-5369
Forward-Looking Statements
This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. (the “Company”) believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.
Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network; growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.