iDenfy selected by PAYSTRAX as identity verification platform
“The collaboration with iDenfy addressed immediate challenges and positioned us for sustainable growth while keeping the highest levels of security and trust. We aim to move away from traditional KYC and utilize a smarter approach to verifying customer identities.”
Regtech firm iDenfy has partnered with payments company PAYSTRAX to provide them with enhanced client onboarding capabilities, adding speed and an extra layer of security to its fraud prevention program.
iDenfy is a Lithuania-based identity verification and fraud detection services provider that, unlike several other competitors, only charges its clients for successful KYC verifications.
Moving away from traditional KYC toward a smarter approach
Jóhannes Ingi Kolbeinsson, the CEO and Co-Founder of PAYSTRAX, commented: “The collaboration with iDenfy addressed immediate challenges and positioned us for sustainable growth while keeping the highest levels of security and trust. We aim to move away from traditional KYC and utilize a smarter approach to verifying customer identities.”
Domantas Ciulde, the CEO of iDenfy, said: “We’re happy to empower our new partners at PAYSTRAX to accurately verify identities, even at a larger scale, and provide financial assistance to deserving individuals while effectively preventing fraudulent activities.”
Inadequate risk management leads to a negative effect on consumer protection, iDenfy argues, and many non-compliance cases in the past have shown that including high-risk and illegitimate customers during the onboarding process can result in hefty fines and damage to any company’s reputation.
PAYSTRAX recognizes that to prevent misuse by criminals, the initial and crucial step is to implement a Know Your Customer (KYC) process, and decided to select iDenfy as its identity verification service provider.
AI-powered verification and re-verification for 99.99% success rate
PAYSTRAX is building a customer portfolio that consists of both e-commerce as well as point-of-sale (POS) terminal merchants, with customers located in several countries within the EEA and UK, from all risk levels and operating in different industries. The firm provides Visa and Mastercard acquiring services for POS terminals, online, mobile, and other electronic payment systems, creating customized solutions and add-ons tailored to the specific needs of users.
The search for an identity verification provider was intended to address the need to remove all possibilities of reputational damage and find a best-in-class ID verification solution that would fit the needs of its growing customer base. PAYSTRAX prioritized three key considerations: the partner’s ability to detect fraud, seamless user experience, and customer support accurately.
iDenfy was found to be the best fit. The KYC provider leverages artificial intelligence and human supervision to achieve a remarkable identity verification success rate of up to 99.99%. In addition, the KYC platform is seamlessly integrated with National Government Registries, enabling the re-verification of data extracted from ID documents against government databases spanning over 70 countries.
PAYSTRAX customers now can complete the whole verification process in less than two minutes. iDenfy’s solution is backed by advanced biometric technology and face recognition algorithms, which prevent the use of fake images, 3D masks, or other deceptive renderings.
