The Poland-based financial instrument provider will use iDenfy’s AML kit
Kaunas, Lithuania (November 16, 2022) – iDenfy, full-stack ID verification, fraud prevention, and compliance startup, partnered with IboxPay, a Poland-based fintech and cash-in payment solution provider that recently moved from Ukraine. The company integrated iDenfy’s AML solution pack to ensure compliance and prevent fraud.
Over the past decade, to prevent money laundering and combat illicit activities, regulators have encouraged banks and other financial institutions to meet their obligations via innovative approaches. IboxPay isn’t an exception. The company has just announced the news about uniting with iDenfy and starting to use its AI-powered Anti-Money Laundering (AML) services to ensure complete transparency and full regulatory compliance.
iDenfy’s AML services ensure that the person involved in the transaction is legitimate. As claimed by the startup, monitoring watch lists daily is necessary for a robust compliance strategy that brings security benefits. Currently, iDenfy screens and monitors IboxPay’s customers against law enforcement watch lists, international sanctions lists, and Politically Exposed Persons (PEP) lists.
IboxPay looked for intelligent and efficient ways to complete single AML checks. At the same time, they wanted to choose a multi-functional solution that would offer built-in AML Screening & Ongoing Monitoring services. As claimed by IboxPay, prompt answers, consultations with experts, and the most pleasant price for a package of services secured the decision to collaborate with iDenfy.
IboxPay is a network of cash-in payment kiosks installed throughout Poland. These machines enable cash payments for Internet and television services, utility bills, mobile operator services, etc. IboxPay is registered in Poland as a financial company with a license for money transfers (MIP152/2022). Unlike the situation in Ukraine, after arriving in Poland, IboxPay officials discovered that there were no payment terminals familiar to the ones back home.
As claimed by the financial service provider, self-service payment terminals are essential to the typical Ukrainian consumer’s financial habits. In addition, IboxPay explained that in any store, cinema, railway station, or airport in Ukraine, you can find a payment terminal to top up your mobile, Internet, and banking account with cash. Since the market was in demand, IboxPay decided to take this niche and develop a similar financial instrument in Poland.
By leveraging iDenfy’s AML solutions, IboxPay can perform one-time AML checks and continuously monitor each individual who must be checked against sanctions lists. This is a standard AML/CTF requirement for when the payer is receiving or transferring funds. Asked about their plans, IboxPay officials explain that they’re additionally looking into implementing iDenfy’s full-stack ID verification to check each payer’s identity, helping cover new services and improve user interactions in the course of IboxPay development in Europe.
“Our top priority right now is integrating cash-in payment kiosks into the Polish financial market. Our service is helpful for Ukrainians who are looking for a solution to top up bank accounts in Europe and send money to their relatives. We’re thankful for iDenfy, a responsible team that helped us ensure security in this important growth stage,” — noted Irina Tsybulnik, CEO of IboxPay.
Domantas Ciulde, CEO of iDenfy, added: “We’re glad to collaborate with a financial provider that helps customers access services easily and securely. Detecting high-risk customers and monitoring data against global watch lists are necessities when maintaining proper risk management.”
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.
For more information and business inquiries, please visit www.idenfy.com