Paynovate taps iDenfy's ID verification solution

Belgium-based e-money company Paynovate has partnered with iDenfy to speed up and augment the registration process for new customers.

According to the press release, credit card fraud remains at the top of the fraudsters’ list. A Nilson Report reveals that this form of identity theft is expected to reach USD 12.5 billion in card fraud losses in the US by 2025. Minor changes, such as small, unrecognisable charges in a bank statement, may be a red flag and a sign that someone is testing the card prior to a major purchase.

The new partner helps companies adapt to this field and battle fraudsters online. iDenfy specialises in cybersecurity and provides an online identity verification service with the chance to implement additional tools to prevent fraud. By covering various document types from 200 countries, the identity verification company ensures accuracy and uses artificial intelligence combined with human supervision. This way, the verification process doesn’t allow suspicious users with forged documents to slip through.

These beneficial technical aspects, as well as the ‘pay-per-successful-verification-only’ business model, fulfilled Paynovate’s needs, leading the company to form a partnership with iDenfy’sfull-stack identity verification service providers. According to Paynovate, with the new ID Verification, the company no longer needs to worry about fulfilling Regulatory Compliance requirements on their own. Due to this partnership, Paynovate reached its goal to minimise user onboarding costs and speed up their user registration and verification process.