The RegTech startup will simplify the onboarding experience while ensuring complete KYC and AML compliance
Kaunas, Kaunas County, Lithuania - June 29, 2023 —
A Lithuania-based compliance, fraud prevention, and identity verification platform, iDenfy, announced partnering with Fincity, a Slovakia-based digital transformation consultancy platform with a focus on core banking and crypto-friendly solutions. iDenfy’s full-stack ID verification with built-in AML checks will ensure a quick and seamless KYC workflow for Fincity.
iDenfy claims that today's digital landscape dictates that traditional identity verification methods fall short. Passwords and identity cards alone are insufficient, as fraudsters exploit advanced techniques like deepfake videos or bot-driven account takeovers. According to iDenfy, businesses must leverage technology that goes beyond these limitations to ensure accurate and effective Know Your Business (KYC) compliance.
Similar to iDenfy, Fincity is committed to innovation. The company aims to ensure its clients' highest level of security and efficiency. Currently, Fincity is best known for its cutting-edge engineering solutions for all kinds of companies, helping them to resolve issues that arise during their digital evolution journeys. Fincity officials agree that navigating the ever-changing landscape of fraud prevention in the digital age requires adaptability. Consequently, the company noticed that with evolving regulations, various industries, and specific use cases, there was an increasing demand for a more agile identity verification solution.
To stay ahead and revolutionize its onboarding process, Fincity searched for a versatile platform that combines verification and fraud prevention services. The goal was to find a solution that would empower them to customize every element of the verification process, from the user experience to the specific methods utilized. The company decided to integrate iDenfy’s identity verification software, enabling Fincity to seamlessly adjust parameters like verification retry limits and customization options to effectively combat fraud and ensure a smooth verification journey for the end user.
What sets iDenfy apart from other providers is its KYC software's reliance on real-time human supervision, guaranteeing successful and accurate results. Currently, iDenfy simplifies Fincity's ID verification process into four steps. Fincity has also integrated iDenfy’s Anti-Money Laundering (AML) screening services, automatically reviewing onboarding clients against global watchlists and sanctions. According to the financial software development business, iDenfy’s feature-rich platform and unique, cost-effective strategy, where fraudulent or unfinished verifications are free, was only one of the factors that caught its team’s eye.
iDenfy's verification and fraud prevention platform facilitates Fincity in effortlessly accessing and monitoring customers’ verification data. In addition to AML screening and IDV services, the company also implemented iDenfy’s Proof of Address (PoA) verification solution, which checks address documents automatically, minimizing the manual workload for Fincity’s internal compliance teams. By utilizing iDenfy's solutions, Fincity eliminates the need for manual documentation review, ensuring a seamless and secure onboarding experience for its customers.
“By implementing an automated approach to identity verification, Fincity now provides genuine customers with immediate satisfaction, allowing them to swiftly access their platform with zero hassle, all in compliance with KYC/AML regulations,” said Domantas Ciulde, the CEO of iDenfy, when asked about the new partnership’s benefits.
About Us: iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2's Winter 2023 report. iDenfy has also won the "Enabler of the Year'' category at the Lithuanian Fintech 2023 awards. For more information and business inquiries, please visit www.idenfy.com.
Contact Info:
Name: Eva Azaraviciute
Email: Send Email
Organization: iDenfy
Address: Barsausko g. 59
Website: https://www.idenfy.com/
Release ID: 89101201
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