Jumio Fights Fraud By Delivering a Smarter Identity Verification Experience
- Automated the management of 300 invoices per month across multiple subsidiaries
- Achieved an 80% reduction in procurement and accounts payable workload
- Accelerated monthly accounting close reconciliation time by 25%
Spearheading the battle against today’s fraudsters and money launderers, Jumio is protecting businesses against financial crime. By harnessing the power of AI, biometrics, machine learning, and certified liveness detection, Jumio allows you to know and trust that your customers are who they claim to be.
Know Your Customers
With a mission to provide fast and accurate verifications, global coverage, and more secure authentication, Jumio encourages its team to “think more and do less.” With this goal in mind, Jumio wanted to automate as many processes as possible so that they could focus their efforts on the strategic work that would directly impact their customers.
The best practice is to have a purchase order first—the requisition needs to be approved before we receive the invoice. After we have a valid PO, we wait for the supplier to send us the invoice, and then we can match it to the PO and then make the payment. Tipalti has automated the entire process for us.Henry Zhuang | Accounting Manager, Jumio
Improving Trust, Digitally
A multi-entity organization across seven international offices, Jumio was scaling globally. But even though they were hyper-focused on technology innovation externally, their internal finance team was stuck in a manual operational cycle. To support its rapid growth, Jumio was looking for a solution that could standardize its procurement and accounts payable processes.
- Automate Purchase Order & Invoice Processing
- Implement a Self-Service Supplier Onboarding Model
- Accelerate the Month-End Close Process
- Integrate with ERP, NetSuite
The Next Level of Finance
Staying on budget was critical, and the finance team was tasked with finding a better way to manage increasing purchase order (PO) requests. An intricate process between finance and accounting, manual PO matching was taking too much time and causing bottlenecks in the approval workflow. Plus, Jumio was paying exorbitant fees for intercompany transfers.
The most challenging piece is making sure all the POs are in the right place. Manually cleaning up and adjusting takes too much of our time. There are different entities and different countries—the tax codes are different, and the regulatory requirements are different.Henry Zhuang | Accounting Manager, Jumio
An Intelligent Solution
To eliminate the manual PO matching process, Jumio implemented Tipalti Procurement, an integrated procure-to-pay finance automation solution. Tipalti automated the monitoring of pending POs and invoices while identifying any potential problems or mismatches—saving the Jumio finance team a significant amount of time.
- Automated PO Matching & Invoice Management
- Automatically Captured Tax & Payment Data through a Supplier Portal
- Accelerated Reconciliation Time with an Improved Accrual Process
- Seamlessly Integrated NetSuite & Tipalti AP Aging Reports
Efficiency on Their Terms
Powered by Informed AI, Jumio utilizes true data and identity expertise in their technology. Naturally, they wanted to partner with a software company that had similar cutting-edge capabilities. With Tipalti’s AI-powered intelligence engine, Jumio never has to worry about procurement and accounts payable again.
[Tipalti] is saving us time. We’re not getting involved in those day-to-day coding processes—the Tipalti solution has AI capabilities, which eliminates the need for our AP staff to code manually.Henry Zhuang | Accounting Manager, Jumio
The Power in Your Hands
With 10+ years of real-world production data and hundreds of millions of domain-specific data points, Jumio is enabling companies to onboard good customers faster and meet regulatory compliance. As pioneers in the identity verification space, Jumio is leading the way to improve online trust by tackling fraud and financial crime head-on.