iDenfy, the biometric ID verification and global fraud prevention startup, partnered with Payset, a London-based payment solutions provider that provides multi-currency accounts, prepaid cards, and currency exchange services. iDenfy’s AI-powered remote identity verification will complete Payset’s swift and secure onboarding process.
According to iDenfy, Know Your Customer (KYC) regulation which require companies to take on identity verification, are more than a mandatory security measure. iDenfy helps provide a safe environment for all participants in the financial sector, including customers and businesses. The CEO of iDenfy, Domantas Ciulde, explains that efficient and secure remote identity verification solutions protect customers:
“As a customer, you care about security and the speed of the verification process. If the experience turns out to be not as expected, that equals a potentially lost client for the business. Our goal is to combine both security and user experience. That’s why an AI-powered verification is vital, as it protects clients from identity theft and saves the business’ reputation.”
iDenfy’s biometric identity verification solution supports more than 2700 document types, allowing customers to select their native language from a list of 100 countries. The startup uses machine learning and biometrical data to scan various faces and develop a unique facial recognition system. The AI-powered software runs an in-depth analysis of the customer’s onboarding selfie, then matches and verifies it against their uploaded identity document automatically.
This new identity verification integration guarantees compliance with KYC regulations without slowing down the customer onboarding for Payset. The ambitious payment solutions provider experienced a great increase in its client base, welcoming many fast-moving start-ups and successful entrepreneurs to its network.
This growth drove Payset to seek additional security measures, such as finding a new ID verification provider. As Payset aims to bring financial services up to speed with modern business by eliminating the expenses, delays, and red tape associated with moving money between currencies or across borders, speed is of the utmost importance. The company strives to provide its clients with the best customer experience possible.
The partnership with iDenfy enabled an automated ID verification workflow, lowering the barriers for Payset to welcome new customers faster. iDenfy’s digital identity verification solution helped reduce friction by enabling a more user-friendly, four-step ID verification process. iDenfy explains that the automated self-service approach brings the instant gratification that today’s customers expect when registering on a new financial platform.
“We’re excited about our collaboration with iDenfy. Our new partner has helped us create a premium, hassle-free account opening process for every customer without compromising on compliance and security.” — said Perry Asforis, CEO of Payset.
Release ID: 89080414
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