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Equifax and Jumio Develop Mobile Commerce Solutions

Mobile Commerce Insider Featured Article

April 04, 2014

Equifax and Jumio Develop Mobile Commerce Solutions

By Frank Griffin
TMCnet Contributing Writer

The technology of smartphones is allowing businesses across different industries to provide services for customers that are making our lives much more convenient. One of the industries is the financial sector, and mobile commerce has dramatically changed how we bank, purchase items, pay our bills and in general do anything that has to do with finance. The newest service available to consumers comes from Equifax, a global information solutions provider, and Jumio, provider of mobile commerce space that specializes in payments and ID scanning and validation products for mobile and web transactions.

The new partnership was announced by Equifax and will involve the development of a series of solutions for consumers and retailers for creating a process for mobile transaction that is more streamlined.

According to Equifax, the difficulty of entering personal and financial information on small devices such as a smartphone has resulted in a 47 percent abandonment rate of mobile purchases. An abandonments rate of almost half in any other POS would be considered alarming enough to take serious measures.

"Our joint initiatives are unmatched in the market, and we'll be working very closely with Jumio to take our technologies and solutions to the next level by making mobile transactions easier than ever and more secure for consumers and retailers alike. Consumer identity verification, device authentication and credit card origination can now be done in real-time with just the tap of a finger," said Anand Krishnaswamy, Vice President of Mobile Commerce, Equifax Inc.

Both companies are going to integrate their technologies to come up with a solution that simplifies the process of completing a transaction on a mobile device. This includes Equifax's 1-Touch Services and Equifax Mobile Wallet functionality, and Jumio's proprietary Netverify and Netswipe technology. By using both technologies simultaneously consumers will be assured their information will be protected at all times and their mobile commerce experience will be much more convenient

"Our mission is to provide our clients and their consumers with the ability to conduct a wide range of mobile transactions without a single keystroke. Our new partnership with Equifax is a key milestone on that path and we're delighted to be partnering with the global leader in this endeavor," said Daniel Mattes, Jumio founder and CEO.

The Jumio ID verification technology, Netverify, provides businesses with real-time ID verification by using the customer's smartphone or tablets as an ID scanning terminal taking only 60 seconds from start to finish for the verification process.

Some of the benefits of this technology include:

  • Face Match – an authentication factor that can be used by comparing pictures in the credential to the customer's actual space
  • Reducing fraud potential with proprietary computer vision technology that detects documents that are fake or tampered with
  • A security protocol that uses 256 bit encryption to transmit and store the data with a strict24/7 monitoring standards
  • Each successful scan is Netverify Certified with digital documentation for business process requirements

 The platform is available for iOS and Android (News - Alert) applications and runs round the clock verifying six different types of credentials and document issued by over 100 countries.

Edited by Cassandra Tucker

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