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The Lithuanian Regtech minimising fraud through identity verification

How to raise the bar on compliance and security without sacrificing user convenience? A Lithuanian start-up, which this week announced a new collaboration with a Polish fintech, thinks it has the answer.

A Lithuanian RegTech firm offering end-to-end identity verification and anti-fraud solutions this week joined forces with a prominent Polish fintech—best known for its digital asset and currency exchange platform.

Kaunas-based iDenfy will aim to draw new users to Kryptowaluty with a straightforward onboarding process driven by a fully automated ID verification system.

Currently, Kryptovaluty juggles both worlds of cryptocurrency and fintech, mainly focusing on the idea that investing in digital assets doesn’t necessarily involve high risk. To cater to beginners, the Kryptowaluty team aims to ensure coverage for a portion or the entirety of potential losses, especially for small investments.

iDenfy, founded in 2017, emphasises the importance of surpassing standard compliance requirements in the evolving crypto industry, given regulators’ changing comfort levels. Kryptowaluty aligns with this approach, consistently prioritising a top-notch compliance programme for its users.

Consequently, and acknowledging the stringent regulations within the industry, Kryptowaluty identified the necessity for a stronger Know Your Customer (KYC) solution, particularly in developing a robust anti-money laundering (AML) programme, but one that does not create unnecessary friction in the customer onboarding process.

Detecting fraud in real-time

iDenfy says that users, especially in the digital asset industry, prefer a seamless verification experience without the need to contact support or undergo the process multiple times. Similarly, Kryptowaluty had the goal of implementing a solution that could balance both security and user experience.

iDenfy ticks all of the boxes. By implementing its KYC solution, Kryptowaluty will be able to customise the identity verification process by building different verification flows based on users’ risk levels. This way, iDenfy claims that it will be able to maximise conversation rates while also effectively detecting fraud in real-time.

“We’re excited to team up with Kryptowaluty and help them boost their fraud prevention system,” says Domantas Ciulde, the CEO of iDenfy. “Our goal is to broaden access to a diverse range of data sources, enabling our partner to onboard customers more seamlessly and enhance the efficiency of their internal operations.”

According to Kryptowaluty, navigating document types and verification requirements can be challenging due to variations across countries, requiring specialised knowledge and expertise. iDenfy’s global solution therefore equips Kryptowaluty with a range of verification options, such as accepting various government-issued ID documents and users’ biometric selfie scans, empowering the company to provide greater control over the whole ID verification process.

Strategic move

iDenfy claims that this strategic move will benefit Kryptowaluty by onboarding new customers faster and more efficiently and, at the same time, minimising the workload for internal compliance teams.

It’s worth mentioning that iDenfy’s identity verification solution was built with the end-user in mind. The user interface is designed with user preferences in mind, offering multiple language options and providing guidance throughout the entire process for a seamless experience.

According to iDenfy, this integration will not only boost the efficiency of the Kryptowaluty platform but also streamline data management by collecting all data in one location and implementing automated KYC case assignment policies.

Furthermore, iDenfy’s ID verification solution will help Kryptowaluty track all actions throughout a user’s entire lifecycle, which is a critical aspect for meeting compliance requirements.

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