Veriff guarantees trusted user onboarding for Baanx

Thursday 26 January 2023 13:03 CET | News

Estonia-based Veriff has partnered with online banking platform Baanx to provide AML, identity verification services, and protect users against fraud.


With this partnership, Veriff adds an extra layer of safety and security to Baanx's online crypto platform, which offers Web3 fintech solutions to clients and their communities, including Cryptodraft and payment authorisation integration into VISA, Mastercard, and other transaction payment systems.

Estonia-based Veriff has partnered with online banking platform Baanx to provide AML, identity verification services, and protect users against fraud.

Ensuring compliance on a global scale

Crypto fraud is on the rise as the industry continues to fluctuate, leaving more room for fraudsters to slip through the cracks. Veriff's streamlined, AI-powered identity verification technology enables Baanx to confirm the identity of their users during the onboarding process and ensure that their services are being used only for legitimate purposes. Veriff's ability to verify more than 11,200 government-issued IDs from more than 190 countries and in 47 different languages, helps Baanx ensure compliance with the local regulations of their global customer base, reducing the risk of fraud and money laundering.

According to Baanx, as a crypto-friendly company, they are more than aware that the crypto space attracts fraudsters, as they often take advantage of crypto's decentralisation to scam victims out of their funds. Moreover, due to the market's bearish conditions, the risk of fraud is currently much higher. The mission of Baanx is to transition the world from Web2 to Web3 and help bridge the gap between decentralised finance (DeFi) and traditional finance. But people must continue to manage digital assets with maximum privacy and security in order to establish the trust needed to make this evolution possible. With Veriff, Baanx is in a strong position to accomplish this.

Since integrating Veriff's technology, Baanx has already reduced the time of their verification process, enabling them to onboard users more quickly and safely. Currently operating in the United Kingdom and Europe, Baanx plans to securely expand their services to more countries and grow their user base, with the goal of helping more customers manage their digital financial assets.

Officials from Veriff stated that cryptocurrencies are disrupting the world of finance, and the crypto industry has evolved dramatically. However, transactions between users are generally anonymous and instantaneous, providing more opportunities for fraudsters and criminals looking to evade conventional anti-money laundering controls. And right now, fraud rates for crypto transactions are at an all-time high. As a result, it's never been more important for online banking platforms that offer crypto services to be several steps ahead of these bad actors. They're thrilled to partner with Baanx and work together to help build more trust in the crypto and Web3 space.

For more information about Veriff, please check out the company profile in The Paypers Company Database.

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Keywords: identity verification, digital assets, web3, digital onboarding, DeFi
Categories: Banking & Fintech
Companies: Baanx, Veriff
Countries: World
This article is part of category

Banking & Fintech




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