To compete with the digital experiences provided by other fintech players, Fincapital Partners looked for a KYC solution that could shorten the time to onboard customers. At the same time, the financial service provider wanted to enhance its Anti-Money Laundering (AML) measures. To achieve this goal, Fincapital Partners searched for a third-party provider that could automate most of its compliance workflows and minimise the workload for its team.
As a transparent financial company, Fincapital Partners prioritises having an automated AML compliance programme and achieves security through integrating AI-supported fraud prevention measures. The company is known for its feature-rich wealth management suite, which provides financial tools, including trading and investment options, crypto exchanges, and IBAN and Card services. Its services simplify money transfers between platforms and eliminate inefficiencies.
As Fincapital Partners explains, its rapid growth demanded more significant security measures, which led the company to partner with iDenfy. According to the financial service provider, iDenfy ticked all its boxes and met the requirements of a reliable identity verification and compliance solutions provider based on easy implementation, user experience, and cost.
Another factor that influenced Fincapital Partners’ decision to choose iDenfy was its unique billing model, which only charges when users successfully pass their identity verification. After trying several KYC providers, the company discovered that other IDV providers charged for each customer’s KYC attempt, even if unsuccessful. This led to Fincapital Partners’ invoices being from 50% to 100% higher than the advertised price.
Fincapital Partners recognises this as a critical element in successful customer onboarding. As iDenfy's new partner, the company manages administrative work by quickly sifting through large amounts of data to verify users' accounts in seconds. iDenfy reports that its AI algorithm has undergone testing with 5 million face data, achieving a 98.4% success rate. Additionally, the company's expert team manually reviews each verification result to ensure accuracy. iDenfy highlights the significance of a speedy and secure identity verification process.
Fincapital Partners has integrated iDenfy's AML screening solution into their system to obtain a more comprehensive view of each user's financial risk profile. The solution scans various global watchlists, sanctions lists, and PEPs. According to the financial platform, this integration is crucial, particularly with the tightening of sanctions regimes and the constant introduction of new AML measures and restrictions.
To address both compliance and user experience challenges, Fincapital Partners also adopted iDenfy's Address Verification tool, automating the proof of address (PoA) process and creating a risk-free business flow. By implementing these solutions, Fincapital Partners hopes to achieve reduced verification processing times and concentrate on addressing other business needs.
Fincapital’s officials said that as a wealth management platform with a crypto and banking component, they face an increased risk of money laundering and sanction evasion. With iDenfy's assistance, they can effectively prevent any misuse of their platform while remaining compliant with applicable regulations.
For more information about iDenfy, please check out the company profile in The Paypers Company Database.
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