A financial compliance specialist will be using iDenfy’s identity verification technology to help financial institutions meet their regulatory obligations. A.ID provides Anti-Money Laundering (AML) services for the financial industry, and noted that identity verification is an integral step of the fraud prevention process.
With that in mind, A.ID has partnered with iDenfy to provide its clients with a reliable Know Your Customer (KYC) and Know Your Business (KYB) solution. The iDenfy platform uses document recognition to confirm the authenticity of an identity document, and facial recognition to match that document to a selfie of the owner. In doing so, it assures financial institutions that their end users are legitimate, and allows them to comply with international KYC, KYB, and AML requirements.
For its part, A.ID is hoping that iDenfy’s services will help build trust between consumers and financial institutions, especially in high-risk areas of the market. The company noted that organizations that fail to comply with anti-fraud regulations could face large fines, and will likely suffer a reputational hit that translates to lost business moving forward.
“I can see a lot of overlap between iDenfy’s and A.ID’s values and missions,” said iDenfy CEO Domantas Ciulde. “Together we can help companies fight fraud and comply with regulations much easier – which is a task becoming more vital by the day.”
“Before choosing iDenfy, we tested many providers, but only a few responded to our feedback and were willing to improve their solutions,” added A.ID Europe CEO Justinas Kaminskas. “Prompt response from iDenfy every step in the customer journey helped us make the decision to choose them.”
iDenfy is based in Lithuania, while A.ID operates out of Lithuania and the United States. iDenfy recently bolstered its risk screening capabilities, and also introduced Magic Links that will simplify cybersecurity for businesses with less technical expertise. The company has previously provided identity verification services for Wind and Monneo.
(Originally posted on FindBiometrics)