Beam’s AML Platform Acquired by Jumio

Beam’s AML Platform Acquired by Jumio

We are thrilled to announce that Jumio, the #1 identity verification and Know Your Customer provider, has acquired Beam Solutions’ AML transaction monitoring and screening solutions, and the Beam team is now part of Jumio. Together, the Jumio and Beam solutions provide the first KYX Platform that offers comprehensive protection from fraudsters and money launderers through the entire customer lifecycle.

Jumio’s Identity Verification and KYC solutions help ensure your company avoids doing business with bad actors while streamlining the onboarding journey for your legitimate customers. This empowers your users to quickly verify a customer’s identity with a government-issued ID (e.g., a driver’s license or passport) and a corroborating selfie in real time as they are setting up their account.  

After the customer has been vetted and begins doing business with you, Beam Transaction Monitoring — now called Jumio Transaction Monitoring —begins monitoring the customer’s transactions and accounts. When suspicious activity is detected, the case management system makes it easy for your compliance analysts to investigate the activity and generate regulatory reports.

If you’re an existing Beam customer, you will experience no change in service; you will continue to work with the same Beam experts you know and trust. This strategic move enables us to create more exciting features than ever before. And it gives you a path to take advantage of Jumio’s end-to-end KYX Platform for all your compliance needs, from onboarding through extended customer due diligence and transaction monitoring.

“Combining Beam's advanced AML with Jumio's cutting edge KYC is a huge win for our customers,” said Ben Duranske, Beam’s co-founder and CEO. “All of us at Beam are excited to continue to build amazing products that make the financial system safer, smarter and faster in our new home at Jumio.”

To read more about this announcement, see the press release. To find out more about how Jumio can help you minimize reputational and regulatory risk, increase operational efficiency, and genuinely address harmful activity, contact sales@jumio.com or visit jumio.com.