The full-stack identity verification, fraud prevention, and compliance startup iDenfy has recently announced joining forces with Fincapital Partners, the all-in-one banking and asset management platform. The fintech will use iDenfy’s ID verification for a frictionless onboarding process while screening automatically screening customers for automated AML checks.
Financial institutions must verify customer identities using official documentation and establish a third-party verification process to comply with constantly evolving regulations and address fraud concerns. According to iDenfy, relying on manual Know Your Customer (KYC) verification and Anti-Money Laundering (AML) systems can be challenging when preventing criminal activity, protecting customer data, and reducing risks.
Financial institutions have long recognized operational risks, such as cybersecurity and third-party exposures, as well as regulatory compliance risks, as their top risk management challenges. As regulations become more stringent, the expenses associated with compliance are rising. iDenfy officials claim that although reducing compliance costs may appear appealing, it would offer a short-term fix to a long-standing problem, ultimately increasing the chances of being penalized with non-compliance fines.
Fincapital Partners agrees with iDenfy’s approach and prioritizes security while maintaining customers’ trust, ensuring legal and ethical practices are followed, and reducing the risk of reputational damage. Currently, the company offers various services, including crypto/FIAT exchange, IBAN and debit card issuance, customized tokenization, and traditional asset brokerage, all accessible through a single portfolio management platform.
Fincapital Partners sought a new KYC/AML service provider because they wanted a more user-friendly solution with a higher success rate for identity verification. By collaborating with iDenfy, they will leverage cutting-edge verification services to ensure a seamless customer onboarding process. iDenfy’s automated AML checks will also enable Fincapital Partners to simplify compliance with regulatory requirements and uphold the highest customer security and privacy levels.
The financial service provider stated that iDenfy presented an intelligent method for digital identity proofing. After experimenting with multiple IDV providers, Fincapital Partners opted for iDenfy, mainly because of its distinctive payment structure, where charges are applied only for successful identity verifications. Additionally, iDenfy’s wide document range and the flexibility to customize the verification process were essential in establishing a successful partnership with the KYC startup.
Fincapital Partners’ customers must provide identity verification during sign-up by submitting a photo of their ID document and taking an onboarding selfie. iDenfy’s algorithm quickly scans the user’s face and extracts data from the document, enabling the financial platform to prevent fraud securely and efficiently.
Fincapital Partners has integrated iDenfy’s AML Screening solution, which employs AI-powered search algorithms and a dynamic AML database that includes global watchlists, sanctions, and PEPs. This automation has enabled the financial platform to eliminate the need for manual screening for changes in risk status among new and existing customers. Additionally, the solution assists in evaluating the risk profiles of customers who have been automatically flagged, ensuring a more efficient and effective compliance process.
“As a new platform, we’re committed to offering top-notch investment and wealth management services while focusing on security, compliance, and customer experience. With iDenfy’s assistance, we’re well on our way to achieving our objectives.” — noted Adrien Brousse, the CEO of Fincapital Partners.
Domantas Ciulde, the CEO of iDenfy, added: “We are excited to join forces with Fincapital Partners and to support their efforts to deliver innovative and secure services. By leveraging our cutting-edge identity verification and fraud prevention technologies, we help Fincapital Partners improve their onboarding process and protect their customers from financial crime.”