Brazil’s BTG Pactual streamlines digital onboarding with Jumio

Jumio, the leading AI-powered trusted identity as a service provider, has partnered with BTG Pactual to help the Brazilian investment bank properly vet the digital identity of its new clients and automate its onboarding process.

Until recently, BTG Pactual only offered services to high net worth and ultra-high net worth individuals through its Wealth Management division or to large corporations through its Investment Bank division. This changed with the launch of BTG Pactual digital, which offers investment services to Brazilian individuals with a suggested balance of $30,000 USD.

With BTG Pactual digital, clients can open a new account online and manage their investments through the digital platform with the support of a dedicated team of relationship managers.

When looking for a vendor to help automate its new digital onboarding process, BTG Pactual had a few key requirements — they wanted to find an identity verification solution with face-matching technology, and one with the ability to process Brazilian ID documents.

Brazil’s National ID System is inherently challenging from an ID verification perspective, as the country’s main ID card does not follow any technical standards and there is no single rule for generating an ID number. Brazil’s ID card issuance network is not digitally integrated, and each state has its own regulatory agency and rules for issuing ID cards. This makes it possible for Brazilians to have more than one ID number.

After researching and vetting vendors, BTG Pactual chose Jumio for a couple key reasons. First, Jumio offers the most mature solution for the Brazilian market. Second, Jumio accepts and reliably verifies multiple types of government-issued IDs including passports, driver’s licenses and ID cards.

“We have had a fast, friction-free onboarding process since Day 1 thanks to Jumio,” said Rogerio Karp, Head of B2C and Products for BTG Pactual digital. “Even though some users have tried to trick our onboarding process, with Jumio we are able to identify them before they can cause us any harm.”

The partnership with BTG Pactual is just one example of Jumio’s commitment to serve fintechs and financial services organizations in the fast-growing Latin American market. In the past year, Jumio established a new sales office in Brazil and a Jumio SAS operations center in Barranquilla, Colombia.

“We are extremely proud to partner with BTG Pactual, Latin America’s largest investment bank, to develop their digital investment services and provide faster verification and client onboarding,” said Robert Prigge, Jumio president. “Throughout Latam, it’s becoming increasingly important for growing banks to accelerate customer acquisition with instant, paperless KYC processes while holding high standards of data privacy and integrity.”