Kaunas, Lithuania (April 00, 2024) — iDenfy, a Lithuania-based regulatory compliance solutions firm, has been contracted by Fidesta Ltd, a provider of international corporate and trust services. Fidesta Ltd has implemented a range of iDenfy’s RegTech tools, including ID verification, AML, phone, and address verification solutions as a way to verify, screen, and onboard customers more efficiently.
As a licensed and regulated fiduciary services provider, Fidesta Ltd provides company and trust formation and administration services in several international business centers, such as Cyprus, British Virgin Islands, and Seychelles. Being subject to stringent AML regulations in all jurisdictions where it operates, Fidesta must maintain meticulous client identification procedures and due diligence records.
Traditionally, those procedures would require the verification of the client’s identity and substance documents via notarial and consular services. Apart from being quite time-consuming, the traditional verification methods inevitably posed an extra cost for the client, in the form of notarial and consular fees.
Aiming to offer exceptional service and commitment to its clients, Fidesta started to look for ways to improve its customer onboarding by utilizing the best available RegTech solutions.
Between several contenders, Fidesta ultimately chose iDenfy as its preferred ID verification services provider. According to the Fidesta management, iDenfy came out on the top thanks to a mix of powerful technology, the flexibility of its overall service package, and outstanding customer support.
A crucial advantage that elevated iDenfy above its competition in this case was its ability to scale down its service package. Unlike typical PSPs and other retail-oriented financial service providers, Fidesta runs a much lower annual volume of new client acquisitions. It was therefore crucial for it to maintain a reasonable total annual service cost, as it had to average out over a much smaller client base. iDenfy was flexible enough to understand and accommodate this specific.
Previously, many of Fidesta’s clients spent extensive time, effort and money verifying their identities by traditional methods, including sending certified documents by post. Now, with iDenfy’s platform, new customers can complete their identification process within minutes and at no cost to them, by leveraging advanced biometric identity verification, AML screening for individuals, companies proof of address verification, and phone verification.
According to iDenfy, this switch to automated compliance services is expected to result in a less complicated process when handling customer data, which is very important both for the end-users and the compliance specialists who are using the automated KYC/AML platform.
This comprehensive suite of solutions ensures robust security measures are in place, aligning with Fidesta’s commitment to regulatory compliance and client security.
Artis Rozenbergs, the board member of Fidesta who was responsible for the implementation of iDenfy services in the group’s workflow, said: “The tech-based identity verification and screening process, such as offered by iDenfy, is not merely a better customer experience. It’s actually a much more reliable method to identify a person’’.
A human verifier, such as a notary public, a lawyer, a banker, a consular officer, or a compliance officer, may be tricked or corrupted. Paper-based verification records can be tampered with or completely faked. Any maliciously-minded individual armed with some knowledge of Photoshop and a decent printer can forge his credentials.
There is just an exponential risk in this whole “old-school” scenario.
In contrast, an algorithm-based identification technology can not be bribed. It is also almost impossible to trick, thanks to sophisticated liveness checks and other software-based anti-fraud protocols. While errors are possible, they can only result in the applicant’s rejection, not acceptance. If those are honest errors – for example, caused by just a bad focus of the camera – this can easily be rectified on the second try.
Therefore, we believe that technology-based identity verification systems should not just be uniformly adopted across the regulatory landscape. Rather, they must become the preferred means of customer due diligence.”
Domantas Ciulde, CEO of iDenfy, responded, “We’re thrilled to extend our services to Fidesta, a company that prioritizes modern compliance and user experience. Our team is fully committed to supporting our customer’s needs by enhancing our solutions and customizing them to address specific use cases.”
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About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Winter 2024 report as the leading identity verification software.