Fincapital taps iDenfy as KYC and AML solutions provider
“A company’s success in building an effective compliance program depends on having the appropriate KYC and AML controls in place. We appreciate every new partnership we make and are enthusiastic about helping Fincapital Partners improve their fraud prevention system.”
Fincapital Partners, an all-in-one banking and asset management platform that offers comprehensive financial services, has tapped iDenfy to leverage the AI-enabled identity verification and fraud prevention startup’s advanced KYC and AML solutions to deliver a seamless customer onboarding process.
The fintech offers a comprehensive suite of services, including trading investment, crypto exchange, and banking services such as IBAN and card issuance. As an online service, the fintech needed to instill customer confidence without the benefit of face-to-face interaction. This drove Fincapital Partners to seek automated compliance solutions to enhance its operations.
iDenfy only charges for successful KYC verifications
When browsing for KYC providers, Fincapital found that some charge for every attempted identity verification, including unsuccessful ones, resulting in actual invoices that were 50% to 100% higher than advertised. The investment platform tried other solutions before going with iDenfy.
The regtech’s payment model, which only charges for successful KYC verifications, was a significant factor in their decision to work with them.
According to Fincapital, the integration of identity verification and anti-money laundering (AML) screening solutions from iDenfy has streamlined the onboarding process, which was also a crucial factor when selecting a KYC provider.
iDenfy is now responsible for ensuring that all customers of the financial service platform are protected and their sensitive data is stored in a compliant manner. iDenfy is also responsible for handling KYC inquiries and storing personal information, reducing the workload for Fincapital’s team. iDenfy’s biometric identity verification has allowed Fincapital Partners to streamline their process into four simple steps while simultaneously detecting fraudulent imagery such as deepfake videos and 3D masks.
All of this has resulted in a more seamless customer onboarding experience and enhanced regulatory risk protection for the banking and wealth management platform and its customers.
“Having the appropriate KYC and AML controls in place”
Adrien Brousse, the CEO of Fincapital Partners, said: “Our primary focus was eliminating manual processes and increasing automation to streamline our compliance workflow. Our partnership with iDenfy helps us achieve a positive customer experience and increase identity verification speed so our clients can be unboarded faster.”
Domantas Ciulde, the CEO of iDenfy, commented: “A company’s success in building an effective compliance program depends on having the appropriate KYC and AML controls in place. We appreciate every new partnership we make and are enthusiastic about helping Fincapital Partners improve their fraud prevention system.”
