iDenfy has picked up a new client in New Zealand. RBFC Global is a financial institution that specializes in online payments, remittances, and currency exchanges, and it is now using iDenfy’s identity verification technology to improve the onboarding experience for its users.
According to RBFC Global, iDenfy’s offering was more cost-effective than the other alternatives it examined, primarily because it can automate many parts of the onboarding process. With it, users are asked to take a photo of an official ID, and iDenfy uses document recognition to make sure that the document is authentic. iDenfy also supplements its automated scans with human review to help improve its verification rate. As a result, RBFC Global does not need to dedicate its own staff to verification operations.
Perhaps more importantly, the arrangement will allow RBFC Global to comply with international Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. iDenfy noted that a significant number (41 percent) of financial institutions are currently not living up to their AML obligations, and those that don’t are more vulnerable to various forms of fraud. RBFC Global, on the other hand, noted that strong identity verification is crucial for any financial institution that engages with its customers remotely instead of face-to-face.
“Today, it’s no longer enough to use simple fraud prevention methods,” said RBFC Global CCO Daniel Ramirez. “That’s why we’re proud to partner with iDenfy. They were able to offer us multi-layer security that is also simple to implement and use.”
“Our mission at iDenfy is to provide safer, faster customer onboarding without compromising the security aspect,” added iDenfy CEO Domantas Ciulde. “We’re glad to partner with RBFC Global and help their customers safely access financial services.”