The collaboration aims to incorporate iDenfy's identity verification solution into Beyond the Pines Productions' rental checkout process, streamlining customer onboarding. According to the company press release, conducting in-person Know Your Customer (KYC) processes can involve significant costs related to physical infrastructure, personnel, and administrative tasks. iDenfy suggests that calculating the expense of KYC is intricate, considering factors such as manual processing time, staff hiring expenditures, and compliance tool costs.
iDenfy proposes addressing these challenges by employing a remote process, which can minimise reduce operational costs. Advanced digital verification technologies utilising AI and machine learning algorithms are highlighted by iDenfy as they facilitate real-time verification of documents and detection of fraudulent activities. The company believes that this approach minimises manual efforts, reduces customer verification time, and enhances accuracy and security compared to in-person checks.
Beyond the Pines Productions sought an ID verification solution that would enable a remote onboarding process for their equipment rental customers. The objective was to ensure security and a seamless experience without driving customers away from the platform.
Through a collaboration with iDenfy, Beyond the Pines Productions adopted a comprehensive remote client verification process, applicable to those renting the West Palm Beach studio or engaging the company for virtual or corporate projects. The official press release details that the decision was influenced by iDenfy's KYC solution, especially the Magic Link feature that simplifies the identification process. This feature eliminates the need for extra information or passwords, as clicking the link instantly verifies the user's identity.
Magic Link directs users to a verification page where they upload a government-issued ID photo and a live selfie. iDenfy's KYC software ensures physical presence verification, rejecting static photos to prevent fraudulent attempts. Representatives from Beyond the Pines Productions revealed the company's need for a frictionless onboarding process. The partnership with iDenfy automated the KYC process, optimising the company's online rental processing.
iDenfy is a regtech startup offering AML, KYC, and KYB compliance solutions. In August 2023, iDenfy announced a partnership with Web3 network software and real-time blockchain data company Syntropy to improve Web3 security and KYC compliance. Through this partnership, iDenfy aimed to help ensure Know Your Customer (KYC) and anti-money laundering (AML) compliance by providing swift identity verification checks for Syntropy’s clients and partners alike.
For even more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.
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