Lithuania’s iDenfy has found another customer for its secure identity verification services. This time around, iDenfy will be helping Monneo verify the identities of clients that are signing up for virtual IBAN accounts.
Monneo itself is a digital banking service that is geared toward e-commerce organizations. Its platform was designed to connect online retailers with the European banks that provide IBAN accounts, which in turn makes it easier for those digital businesses to make and receive payments from customers all over the world.
The problem is that IBAN application reviews have traditionally been conducted in-person. That slowed down the approval process during COVID-19, since pandemic lockdowns made it unsafe to conduct those kinds of face-to-face interactions.
The partnership with iDenfy will allow Monneo to continue to provide consistent service through the rest of the pandemic, and weather any other disruptions that may occur in the future. The automated technology will also speed up the review process and help businesses and individual consumers get up and running more quickly. To that end, Monneo and iDenfy will specifically be able to confirm the identities of shoppers with a Visa card.
“Adding iDenfy to our platform will provide our clients with a hassle-free and safe way for verification, which is important especially in the light of any future lockdowns and restrictions related to COVID,” said Monneo Managing Director Lili Metodieva.
“Our KYC identity verification will be able to provide an extra protective layer to help detect and prevent fraud, resulting in a more secure environment for Monneo eCommerce clients,” added iDenfy CEO Domantas Ciulde.
iDenfy is already providing onboarding tech for numerous financial institutions and payment providers, with eCompliance, Paymento Financial SA, and the Clearshift money transfer service standing as some of the company’s most recent customers. The company also teamed up with the Sparlay sports betting platform earlier this month.