J Forex Money Transfer has partnered with iDenfy to improve user onboarding using KYC technology, ensuring a faster, secure, and fully compliant process.
J Forex Money Transfer is an online financial platform that offers transparent and fast remittance solutions. Focusing on the customer journey, the company is known for its competitive currency exchange rates, helping users send and receive money globally for their families, communities, and businesses. The company chose iDenfy as it needed to modernise its onboarding process and was seeking a new KYC and identity verification service provider.
Improving onboarding processes
According to the World Bank, global remittances reached USD 685 billion in 2024, with Australia being ranked among the top sending countries. Yet, the bank’s report reflects that fraud, regulatory pressure, and identity theft remain key issues for cross-border financial institutions. To address these challenges, J Florex decided to implement iDenfy’s KYC solution, leveraging its verification tools to simplify its onboarding process and ensure compliance.
Before the alliance with iDenfy, J Forex’s onboarding process implied semi-manual verification methods that were outdated in terms of customer registration speed. Thus, the company selected iDenfy’s automated identity verification software, which utilises biometric facial recognition, 3D liveness detection, and AI-driven document authenticity checks to verify customers in real-time. This was a shift that helped J Forex improve onboarding times while optimising accuracy and overall customer experience.
J Florex’s customers now only need to select their document’s issuing country and capture the ID, and take a selfie for facial biometrics comparison. The system supports over 3,000 types of ID documents from over 200 countries for complete coverage for international clients. The KYC process also helps to reduce human error and eliminates unnecessary document rechecks for a simpler and more convenient journey for actual customers. All processes are compliant with Australian and international regulatory requirements.
iDenfy believes that remittance providers face significant regulatory demands and pressure to offer a convenient and fast customer experience. The company helps J Florex as it identifies with its commitment to compliance and client satisfaction. Additionally, by automating the KYC process, J Florex is strengthening its defence against financial fraud.
