iDenfy partners with Umazi

Tuesday 1 August 2023 09:04 CET | News

Fraud management service provider iDenfy has announced its partnership with UK-based Umazi in order to automate enterprise identity verification processes.

Following this announcement, Umazi will integrate into its suite of services the KYC and KYB software of iDenfy in order to improve its due diligence processes within the small and medium-sized enterprises market. 

As significant expenses and time-consuming due diligence checks can represent a challenge for growing businesses, Umazi aims to meet the compliance requirements of the market for multiple areas, such as supply chain, sustainability, and funding. By collaborating with iDenfy, Umazi will start using efficient and secure AI-powered tools for automating due diligence procedures. 

Furthermore, the company will focus on optimising the overall corporate onboarding process, in order to make it more secure and efficient for firms and their shareholders to undergo Know Your Customer (KYC) and Know Your Business (KYB) verification processes. 

iDenfy’s Business Verification products are set to improve the manner in which Umazi’s corporate clients gain new users in markets around the world, as well as speed up the onboarding procedure with new suppliers. By incorporating the verification customer and corporate verification services, Umazi will be enabled to develop its business, expand and grow international connections while saving valuable time and resources as well. iDenfy will be in charge of the technical aspects of the partnership, as well as ensuring ongoing updates. 

Fraud management service provider iDenfy has announced its partnership with UK-based Umazi in order to automate enterprise identity verification processes.


iDenfy’s recent partnerships and collaborations

Lithuania-based fraud management solution provider iDenfy had multiple collaborations in the last couple of months, covering several different geographies around the globe. 

In July 2023, the company announced its strategic deal with the financial platform CheckYa for providing identity verification products and AML checks. CheckYa was set to leverage iDenfy’s KYC tool and incorporate its facial recognition technology. The feature was designed to use 3D liveness detection algorithms for scanning the faces of clients, detecting deep fakes and altered imagines, as well as other fraudulent attempts that might occur during the verification procedure. 

Earlier in the same month, payment service provider PAYSTRAX partnered with iDenfy to implement its verification software. The collaboration was announced in the context of an expanding fintech industry that increased the need for compliance measures. Throughout this deal, PAYSTRAX implemented into its suite of solutions the iDenfy verification software, which was designed to leverage a combination of artificial intelligence and human supervision in order to achieve improved identity verification success rates. Moreover, the KYC platform integrated with National Government Registries, which allowed it to support the re-verification of data that was extracted from ID documents against government databases from numerous countries around the world.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: partnership, fraud management, fraud detection, fraud prevention, identity verification, digital identity
Categories: Fraud & Financial Crime
Companies: iDenfy, Umazi
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime




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