Aver vs Jumio: A comparison of features and cost
Covid changed the way businesses interact and meet new customers. This comes with ensuring trust, so everyone involved is protected. But, how do you choose the right identity verification provider to do this? What are the costs and differences?
In this piece, we will explain how identity verification services work and dive into the differences between providers.
Identity Verification Is Broken
The last two years have seen many “startups” shift into the identity verification space. This has caused marketing costs to reach new customers to skyrocket. This cost is being passed onto businesses that require these services in areas like cryptocturrency due to regulations. The competition are spending most of their budgets on marketing, rather than research and development. The other issue is customers are being verified on multiple platforms, multiple times, just increasing margins for identity verification providers.
Aver and the competition, Jumio try to help
Both Aver and Jumio provide online identity verification services to companies worldwide. Their solutions build trust on the internet and make it a safer place. These companies can help your business scale by offering services that help you know your customer and verify them in seconds.
Get to Know Your Customer:
1 — Customer uploads document — passport, driver license, etc
2 — Customers takes a “selfie.” You can choose multi-angle selfies, video options and more.
3 — The information is extrapolated and the customer is proccesed and reviewed.
What does the product market look like?
Jumio and Aver offer multiple types of products and plans for identity verification.
Aver has Identity verification, AML screening that checks data and images, adverse media screening and more. Aver handles all your forms end-to-end; from automatic data collection to verified. Clients can configure regions for instant accept/deny and watchlist criteria to be vetted. The dashboard is all web-based to allow multiple access for teammates in your organization to get quick insight.
So what is Jumio offering? A unified, end-to-end identity and eKYC platform — it is called Jumio KYX and is a trusted identity platform for businesses worldwide. Their single end-to-end platform delivers the assurance customers need to know when doing business. It adapts to the needs and risks of different companies and provides a specific set of services that guarantees security and convenience.
Jumio also offers multiple products, such as ID Verification, Identity Verification, Transaction Monitoring or Document Verification, which gives a wide range of choices for verifying users. Among their products is Jumio Go, which is a fully automated real-time identity verification.
This goes head-to-head with Aver Edge, but Aver has less overhead and their reliance on automation helps reduce cost per check.
How To Choose
Aver and Jumio both provide a huge variety of identity verification services. They offer compliance with ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) regulations and extensive fraud prevention services. The cost differences can be massive and can cause impact on the business.
There are a couple of key factors when it comes to choosing the right verification service for your business. AML & KYC compliance are the main elements to keep customers secure and build a trusting relationship with them. We should also take the speed into consideration — when you have honest customers, it shouldn’t take too long for them to get verified.
Aver relies on automation first, not outsourced manual reviews. Looking for a technology partner that is continually elevating to detect fraudsters with deepfake technology and visual AML technology is also key. This forward thinking is something regulators like to see.
Jumio puts heavy focus on their KYX platform — the total solution to know your customers, users, employees, or whoever the ‘X’ is in your business. Their end-to-end platform delivers the assurance companies need to know, then trust. According to their website, Jumio offers fast and accurate verifications — they use AI, machine learning, and biometrics to automate the verification process and make decisions in a short amount of time.
Pricing
Aver offers easy pricing thorugh Aver Edge, just select and go with no contract fees or hidden charges. For larger businesses, Aver offers enterprise pricing that is even lower than their Edge plans. The pricing is tailored and not fixed, so it depends on your needs.
To sign up for an Enterprise plan, contact the Aver team, so they can work together with you to find the best possible verification options for the company’s needs. Enterprise tends to appeal to companies who need at least about 1,000 verification sessions per month.
- Growing Plan — $249.99 per month and includes 250 checks
- Booming Plan — $749.99 per month and includes 750 checks
- Gangbusters Plan — $1499.99 per month and includes 1,500 checks
Reviews
Aver prides itself on customers satisfaction and their technology. Customers like Nick Passarelli of Brex says:
The platform is easy to use from both a company and client perspective and it produces fast and sustainable results. Finally, it is significantly more cost effective than most of the existing solutions in this space. I made the decision to use Aver for all AML/KYC reviews at LGO and we could not be happier.
Jumio’s products have positive feedback from the clients as well. For example, as Nick Mourgue, the product manager of WeWork, says — “We had what we thought was a crazy idea to automate the identity verification process, and Jumio brought the idea to life.”
Aver supports over 10,000 document types from over 195 countries. Jumio advertises 3,500 ID types and 200 countries. Here at Aver, we will continue to use technology to make identity verification cheaper and better.
