iDenfy’s end-to-end AI-powered ID verification solution will safeguard Payset and protect customers’ data
iDenfy, a digital full-stack identity verification startup also offering AI-powered fraud prevention tools, announced a new partnership with Payset, a leading online payments platform based in London that provides multi-currency accounts, prepaid cards, and currency exchange services. iDenfy will be responsible for onboarding customers via remote ID verification.
Due to ever-increasing compliance regulations, many companies outsource at least a part of their compliance functionality. The identity verification business continues to stress that Know Your Customer (KYC) requirements are one of the most critical features in combating money laundering. According to iDenfy, non-compliant organizations are exposed to data breaches, resulting in loss of revenue or reputational damage. In fact, as per the KYC experts, the average cost of non-compliance is over two times higher than the price of complying with the law.
For Payset, identity verification is not just a mandatory requirement but an instrumental part of the customer onboarding process. Payset has grown significantly since its launch, serving fast-moving startups and ambitious entrepreneurs around the world. Its goal is to provide its clients with payment services that will assist them in doing business locally and across borders. The company explained that today’s customers expect speed, excellent service, and high-security standards from their financial partners. As such, a partner was needed that could reliably provide a high-quality identity verification service.
Regarding its decision to partner with iDenfy, the leading virtual IBAN provider communicated the need to build upon its security posture and add an extra layer of protection without compromising on user experience. The company wanted to leave ID verification integration and its administration to the professionals. In this case, the process was handed to iDenfy.
iDenfy is a global ID verification, compliance, and fraud prevention company. It’s best known for the digital four-step identity verification solution, which is run by AI-powered algorithms. iDenfy ensures complete accuracy by having an in-house expert team that works on double-checking each identity verification result. As an innovative digital-only business, iDenfy focuses on providing secure services that help detect fraud in real-time, and now with Payset, iDenfy will be responsible for ensuring that only trusted users are approved to open an account.
iDenfy’s ID verification solution scans and extracts the customer’s document data in seconds while running the gathered data through Anti-Money Laundering (AML) and law enforcement databases. The facial recognition technology recognizes the face of the person in real-time and compares it with the uploaded document. iDenfy guarantees that the person is present during the verification process by detecting video spoofing, montage, and other graphic manipulations.
The swift, certified by ISO/IEC 27001 standard ID verification by iDenfy adds speed to Payset’s security system. The verification process now takes up to 15 seconds, and users can pick any device they prefer. In addition, joining forces with iDenfy has helped Payset to make its services more accessible. Consequently, Payset has achieved a user-friendly authentication process that reduces operational costs and protects customers’ data.
“We’re on a mission to build a customer-first, multi-currency global payment system that achieves the highest level of security. To protect our customers, we’ve chosen iDenfy’s digital identity verification service. Now the customer sign-up process is frictionless, and for that, we’re thankful for our new partner.” — noted Perry Asforis, CEO of Payset.
“Businesses continue to turn to efficient, secure, and user-friendly, AI-powered solutions, one of the top ones being identity verification. We’re happy to collaborate with Payset, a responsible and transparent partner.” — added Domantas Ciulde, the CEO of iDenfy.
About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.
For more information and business inquiries, please visit www.idenfy.com
