Lithuanian firm iDenfy joins forces with FinCause to improve KYC processes and secure onboarding for international clients amid rising fraud threats.
Lithuanian RegTech and identity verification firm, iDenfy, has announced a strategic partnership with FinCause, a newly established electronic money institution (EMI) regulated by the Bank of Lithuania. This collaboration is aimed at automating and enhancing FinCause’s Know Your Customer (KYC) process to facilitate a more streamlined and secure onboarding experience for B2B clients within the European Economic Area (EEA) as well as Asian companies operating in the EEA.
FinCause, which focuses on providing payment accounts and related services primarily to manufacturers and retailers, aims to distinguish itself through a strong commitment to regulatory compliance and customer support. In line with these objectives, FinCause sought a RegTech partner capable of refining its user registration process to ensure compliance while increasing user conversion rates without compromising fraud prevention.
In a market context defined by the escalating sophistication of fraud, including threats posed by techniques like generative AI, as highlighted by a report from Nasdaq Verafin, the necessity for secure customer identity verification is ever-critical. With financial fraud projected to reach $485.6 billion globally this year, iDenfy presents ID verification as a crucial defensive tool against fraudulent activities such as money laundering and identity theft.
Chosen for its flexibility and expertise in regulatory compliance, iDenfy, with over seven years of experience in identity verification, offers solutions tailored to the financial sector. This expertise allows FinCause to onboard clients globally while adhering to stringent regulatory standards required for international transactions.
Currently, FinCause leverages iDenfy’s advanced biometric identity verification. This technology automatically assesses over 3,000 types of identity documents from passports to permits across 200 countries and territories. iDenfy’s use of sophisticated biometric and facial recognition algorithms ensures the verification processes remain robust against fraudulent attempts such as the use of fake photos or masks. Additionally, three-dimensional face mapping enhances the authentication process.
The benefits of integrating iDenfy’s identity verification extend to addressing significant issues for FinCause’s international users and fulfilling regulatory compliance obligations. Paired with manual verification checks running around the clock, iDenfy assures a 99% accuracy rate for onboarding new users and provides a swift re-verification process if necessary. These features are pivotal to maintaining seamless and secure operations for FinCause’s global business clientele.
The partnership thus bolsters FinCause’s position as a dependable provider of international financial services, prioritising security and trust. As FinCause continues to expand, integrating further tools from iDenfy is on the agenda to reinforce its security and compliance efforts.
In statements reflecting the mutual enthusiasm for this partnership, Vitalij Bedugnis, CEO of FinCause, expressed excitement about aligning with iDenfy’s robust identity verification solutions to meet their growing needs. Similarly, Domantas Ciulde, CEO of iDenfy, highlighted the importance of their services in achieving a secure and compliant onboarding process for FinCause’s clients.
This collaboration marks an important step for both companies in the evolving landscape of digital financial services, underscoring the critical role of advanced identity verification technologies in safeguarding financial transactions and customer data in a globally connected economy.
Source: Noah Wire Services
