According to the press release, Provema allows individuals and businesses to get a loan online, with minimal formalities for applying for loans. They don't ask for income certificates, and a borrower needs to fill a personal form and go through a verification process to ensure that he/she is a legit customer. However, Provema is strict about verification, which is also essential for national and international legal regulations. To conduct strict identity verification, they have tied up with iDenfy.
iDenfy is a renowned identity verification solution provider based in Lithuania. The company combines liveness detection, face recognition, and ID verification to ensure that only genuine people are on the board. Therefore, iDenfy will help Provema verify whether or not a borrower's ID is forged or tampered in any way. Their AI-enabled verification solution can run in-depth analysis and recognises facial biometrics over 128 different points.
Furthermore, it will also help them comply with regulations like General Data Protection Regulation (GDPR) Anti Money Laundering (AML), and Know Your Customer (KYC).
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