iDenfy provides ID verification and AML screening services for P100

Friday 9 June 2023 13:38 CET | News

Lithuania-based fraud management service provider iDenfy has partnered with Poland-based cryptocurrency and financial service platform P100.


In the company press release, iDenfy officials talked about the importance of seamless onboarding and straightforward ID verification processes for crypto users, particularly given the decentralised nature of digital assets. As cryptocurrencies were founded on the principles of decentralization and inclusivity, they aim to support financial freedom while giving users more control over their assets. 

Offering the best of both worlds, iDenfy’s solution is able to provide a seamless customer journey while combatting fraud by leveraging a multi-level security system encompassing both Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. 

P100’s goals and ambitions are in line with a security-first approach, which is why the financial service provider decided to implement iDenfy’s full-stack ID verification and AML screening software. P100 hopes that the identity verification integration will boost user confidence in the company by demonstrating its commitment to safeguarding accounts.


Lithuania-based fraud management service provider iDenfy has partnered with Poland-based cryptocurrency and financial service platform P100.


P100’s new account creation process 

P100’s app now has a new account creation process, which leverages iDenfy’s solutions to verify the identities of aspiring users and conduct cross-checks against various databases, including global sanctions lists, watchlists, and politically-exposed person (PEP) lists. 

If iDenfy’s system detects that a potential customer belongs to a high-risk category, such as being on a sanctions list or being identified as a known money launderer, it provides an instant notification to P100. P100 can then take proactive measures to prevent the user in question from registering on the platform. Compliance officers stand to benefit the most from this automated procedure, as they are already burdened with keeping up with evolving regulations and handling large data amounts. 

Some of the key highlights of the P100 app include access to a personal IBAN, a debit card, and a currency exchange. These features were designed to allow users to manage their finances and cryptocurrencies on a single centralised platform. The company’s own encryption technology works in tandem with iDenfy’s software to provide security and sustain user confidence that their cryptocurrencies are safe.

Other iDenfy partnerships

iDenfy has partnered with multiple companies in 2023 with the aim of improving their onboarding processes. One such a business is rental services company June, which adopted iDenfy’s solutions in May 2023. 

As a growing prop-tech company, June receives thousands of applications from individuals interested in renting with them. Until the iDenfy partnership, the company's application review process was entirely manual. Following this collaboration, customers interested in renting apartments via June gained the option to take a picture of their ID document and benefit from instant onboarding onto the June platform without the need for internal team supervision. 

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 detection, AML, cryptocurrency, financial services
Categories: Fraud & Financial Crime
Companies: iDenfy, P100
Countries: Poland
This article is part of category

Fraud & Financial Crime




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