iDenfy, Fincapital Partners to offer automated KYC and AML checks

Wednesday 10 May 2023 12:32 CET | News

Global fraud management service provider iDenfy has partnered with Fincapital Partners to deliver a seamless customer onboarding process with automated KYC and AML checks.


Fincapital Partners aimed to maintain a user-friendly interface and uninterrupted client experience when searching for a service provider that could support its single platform with multiple tools. The fintech offers a comprehensive suite of services, including trading investment, crypto exchange, and banking services such as IBAN and card issuance.

Global fraud management service provider iDenfy has partnered with Fincapital Partners to deliver a seamless customer onboarding process with automated KYC and AML checks.

Streamlining the onboarding process

As an online service, the fintech needed to instil customer confidence without the benefit of face-to-face interaction. This drove Fincapital Partners to seek automated compliance solutions to enhance its operations. Fincapital Partners reports that iDenfy's integration of identity verification and anti-money laundering (AML) screening solutions has streamlined the onboarding process, which was a crucial factor when selecting a KYC provider.

To enhance fraud prevention and provide secure and end-to-end identity verification and AML service, Fincapital Partners partnered with iDenfy. As a result, 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. Fincapital Partners has stated that iDenfy is now responsible for handling KYC inquiries and storing personal information, reducing the workload for its team.

Detecting fake identities and efficient customer screening

According to Fincapital Partners, the banking and wealth management platform now offers a more seamless customer onboarding experience for its customers and partners, resulting in better regulatory risk protection. 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.

To ensure its customers are verified with the appropriate level of trust, Fincapital Partners has integrated iDenfy’s biometric ID verification and AML Screening solution, enabling the company to efficiently verify and screen its customers for risk against sanctions, watchlists, and PEPs. This implementation instils confidence in the Fincapital Partners’ team, allowing them to provide a more secure experience for their clients and minimize regulatory risk to their business.

Only charging successful verifications

It’s worth mentioning that Fincapital Partners discovered that many KYC providers charged for every attempted identity verification, including unsuccessful ones, resulting in actual invoices that were 50% to 100% higher than advertised. The company tried out several IDV providers to save costs and eventually partnered with iDenfy. According to Fincapital Partners, iDenfy's unique payment model only charges for successful KYC verifications, which was a significant factor in their decision to work with them.

Officials from Fincapital Partners said that their primary focus was eliminating manual processes and increasing automation to streamline their compliance workflow. Their partnership with iDenfy helps them achieve a positive customer experience and increase identity verification speed so clients can be onboarded faster.

For more information about iDenfy, please check out the company profile in The Paypers Company Database.

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Keywords: KYC, AML, digital onboarding, identity verification, fraud prevention
Categories: Fraud & Financial Crime
Companies: Fincapital Partners, iDenfy
Countries: World
This article is part of category

Fraud & Financial Crime

Fincapital Partners



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