iDenfy’s biometric facial recognition technology will deter fraud in real-time, ensuring a frictionless KYC journey for Payout
Kaunas, Kauno Aug 31, 2023 (Issuewire.com) – iDenfy, a global identity verification, fraud prevention, and compliance tool platform, announced joining forces with Payout, a Slovakia-based financial company, providing innovative automated payment workflow solutions. iDenfy will
Know Your Customer (KYC) entails gathering and authenticating essential details about a customer’s identity, including their name, date of birth, address, and other identifying information. However, iDenfy claims that simply gathering customer information and extracting the data from government-issued documents isn’t enough. The RegTech company claims that 2023 showed a rise in the use of digital identity for everyday services.
Instead of one-time face recognition checks, there’s a more significant shift towards biometry technology and passive lives checks, allowing companies to build a more secure identity verification process. Furthermore, iDenfy explains that digital KYC verification methods, including video-based verification, have become more widely accepted for digital onboarding processes.
Payout agrees with this approach, explaining that biometric-based identity verification has become a new industry standard. For this reason, the payment service provider looked for a fully automated biometric verification solution. According to Payout, using AI and machine learning to automate KYC processes helps the company save time and resources while making the process more accurate and efficient.
With its growing user base, Payout provides various services that demand different levels of verification. The fintech company’s goal is to assist partners in cutting down development costs, reducing rollout times, and simplifying the process of integrating various payment-related tools into their internal systems. Payout currently provides payment solutions to medium-sized enterprises aiming to replace slow, manual payments and XML-based reconciliations with efficient real-time, automatic plug-and-play payment workflows. The company sought a more robust KYC software to fuel its expansion plans.
When Payout came across iDenfy, a biometric verification solution, they recognized its potential as game-changing. The team was impressed by iDenfy’s unique customization options, which included branding and white-labeling services, making it the most comprehensive platform they had encountered.
As a forward-thinking fintech company, Payout didn’t want to juggle multiple IDV providers at once and wanted to find a solution that could handle large verification volumes and accept various document types. Additionally, Payout’s goal was to implement an ID verification solution to create a seamless customer experience. With iDenfy, it will take four steps, or approximately under two minutes, to complete the full onboarding process.
iDenfy’s combination of standard ID inspections and biometric selfie checks enables Payout to prevent real-time fraud effectively. The integrated liveness detection feature helps identify fraudulent attempts, including altered photos or deepfakes, which are becoming more prevalent among fraudsters, as stated by iDenfy. This streamlined approach facilitates rapid scalability for Payout and ensures full compliance and a seamless KYC process.
“Our partners, like Payout, have unique needs – from the documents they require to local regulations and data collection. Our mission is to meet these specific requirements, and we’re delighted to help Payout create a smooth and secure onboarding process for their expanding customer base.” — said Domantas Ciulde, the CEO of iDenfy.
iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Spring 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.
For more information and business inquiries, please visit www.idenfy.com.
This article was originally published by IssueWire. Read the original article here.