ECNG Digital taps iDenfy for AI-driven ID verification for user onboarding
“In the realm of virtual currency exchange and payment services, the real challenge lies in balancing fraud prevention with swift identity verification. Our mission is to guide ECNG Digital on this path, ensuring precision while accelerating understanding.”
In a groundbreaking partnership, iDenfy, a renowned RegTech startup, has joined forces with ECNG Digital, a frontrunner in virtual currency exchange and payment services based in Lithuania.
The collaboration seeks to employ AI-driven ID verification and fraud prevention, aiming to elevate ECNG Digital’s onboarding experience.
Validating government-issued IDs, live selfie detection, and cross-referencing databases
As traditional banks have long relied on manual identity verification, fintech’s ascent prompts a digital renaissance in the Know Your Customer (KYC) procedures. This transformation is fostering rapid onboarding and enriched user experiences. Yet, challenges persist, including the struggles with inconsistent ID verification results and the complexities of adapting to fluctuating regulatory standards.
iDenfy highlights that these issues often stem from ineffective risk-evaluation measures. They cite the need for meticulous risk assessment, especially for significant transactions in high-risk zones. ECNG Digital concurs, reflecting on their past challenges in scouting robust KYC solutions, as well as the constraints of free or low-priced AI ID verification tools.
To combat these challenges, ECNG Digital embarked on a journey, critically analyzing numerous ID verification vendors. Their focus was clear: ensuring security and a frictionless customer journey, ascertaining data collection methodologies, the range of supported documents, and risk-evaluation frameworks. The goal? A KYC solution offering a blend of impeccable user experience and accuracy.
Their search culminated in iDenfy. The partnership will empower ECNG Digital to leverage customized verification procedures for its users, integrating a diverse array of methods – from validating government-issued IDs, live selfie detection, to cross-referencing databases. What’s more, iDenfy’s in-house KYC specialists will now review verifications in real-time, augmenting the accuracy of AI outputs.
iDenfy’s KYC solution is ISO/IEC 27001 certified
One of iDenfy’s standout features is its user-centric dashboard, which ECNG Digital will employ to elevate its data security. This interface offers a straightforward way to monitor customer verification data, even enabling manual initiation of identification sessions. Notably, the KYC solution is ISO/IEC 27001 certified, assuring maximum protection for user data.
Furthermore, iDenfy’s technology offers an analytical eye, spotting suspicious patterns that might elude human reviewers. From detecting deepfakes to spotting altered images, the AI algorithms will play a pivotal role in mitigating fraudulent activities, offering ECNG Digital the luxury of verifying a larger user base effortlessly.
Domantas Ciulde, iDenfy’s CEO, said: “In the realm of virtual currency exchange and payment services, the real challenge lies in balancing fraud prevention with swift identity verification. Our mission is to guide ECNG Digital on this path, ensuring precision while accelerating understanding.”