iDenfy augments CheckYa's identity verification process

Monday 31 July 2023 09:21 CET | News

Regtech iDenfy has partnered with financial platform CheckYa to provide identity verification services and AML checks.


The primary obstacle financial companies face in compliance is the expense of implementing Know Your Customer (KYC) procedures. According to iDenfy, despite the costs, KYC and AML measures are crucial for verifying clients' identities and assessing financial risks. These measures also offer the advantage of maintaining a solid reputation through a zero-tolerance fraud prevention policy.

iDenfy has partnered with financial platform CheckYa to provider identity verification services and AML checks.

Enhancing the platform’s security and compliance

CheckYa agrees that an automated KYC process is necessary during customer onboarding, account creation, and financial transactions. In CheckYa's situation, facilitating seamless payment acceptance for its platform users relies on safeguarding data through identity verification. The financial platform stressed the significance of selecting an appropriate KYC solution provider due to its responsibility in gathering and validating personal and financial information, such as name, address, and government-issued ID verification.

Additionally, as claimed by CheckYa, screening of user behaviour is essential to ensure continuous adherence to KYC requirements and that all customers don’t engage in fraudulent activities throughout the customer cycle. To achieve this goal, the all-in-one freelancer and creator hub implemented iDenfy’s identity verification solution, AML screening service, and adverse media checks. Starting with this announcement, iDenfy will onboard new creators onto CheckYa's network while screening them against numerous sanctions lists, global watchlists, and negative news sources. This process will guarantee full compliance with KYC/AML requirements.

However, user experience is not solely focused on end-users. CheckYa’s team also prioritised a feature-rich compliance service provider that would be user-friendly for its internal team. According to the company, iDenfy was their partner of choice by offering a sustainable KYC credit system that will allow them to save identity verification costs and a wide range of types of AML/KYC screenings under a single platform. Additionally, iDenfy’s KYC specialists will manually review each user's KYC verification result in real-time to ensure a complete accuracy rate.

A modern identity verification solution with global coverage

iDenfy's identity verification software currently supports documents from more than 300 countries and territories, allowing customisation to suit individual company needs based on user experience and friction level, tailored to the associated risk. The KYC service provider ensures a swift verification process completed in four easy steps, using the user's native language, and taking less than a minute on average.

To meet industry standards and enhance security, CheckYa opted for iDenfy's KYC service, incorporating facial recognition technology. This feature utilises 3D liveness detection algorithms to swiftly scan users' faces, detecting deepfakes, altered images, and other fraudulent attempts during the verification process.

Officials from iDEnfy said that users prefer a frictionless experience without contacting support or undergoing repeated identity verification attempts. Their goal is to help CheckYa and its users complete the process effortlessly while ensuring compliance with ever-evolving regulations.

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Keywords: identity verification, KYC, AML, compliance, partnership
Categories: Fraud & Financial Crime
Companies: epay, iDenfy
Countries: World
This article is part of category

Fraud & Financial Crime




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