The RegTech startup will help NomadRem ensure KYC/AML compliance with its AI-powered ID verification and AML check solutions
Kaunas, Lithuania (October 9, 2023) — iDenfy, a global RegTech startup offering automated identity verification and fraud prevention tools, announced a partnership with NomadRem, a Lithuania-based fintech company, which offers quick money transfers, bill payments, and a variety of other financial solutions. iDenfy’s newly integrated ID verification and AML screening tools will ensure a fraud-free, compliant environment for NomanRem.
Demanding Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures can create friction in the user onboarding process. At the same time, iDenfy explains that lengthy identity verification and screening processes may deter potential customers from signing up or using the service, leading to a loss for many FinTech platforms. According to a recent report from FinTech Global, 68% of customers tend to abandon the digital customer onboarding process when using financial applications for the first time. That’s why iDenfy officials state that striking a balance between rigorous compliance and a seamless user experience can be challenging, primarily when the wrong tools are implemented.
In recent decades, the global consequences of non-compliance have prompted regulators worldwide to develop and enforce anti-money laundering laws and regulations actively. According to iDenfy, that’s not the only reason why choosing the right compliance tools matters. Advancements in technology have led to increasingly sophisticated criminal methods that are challenging to uncover. While long and complicated KYC processes can lead to lost customers for the fintech players, iDenfy also highlights the importance of a good AML program. For example, according to the company, some AML screening can often generate false positives, flagging legitimate transactions or users as suspicious. This automatically results in delays and additional administrative work to resolve these issues.
NomadRem agrees with iDenfy’s approach to prioritizing security, accuracy, and user experience regarding KYC/AML compliance. The fintech company claims that the initial customer experience during the customer onboarding process is essential for ensuring a smooth and hassle-free process. When searching for a compliance service provider, NomadRem required a completely automated solution to ensure a quick customer onboarding experience and minimize manual tasks and errors. Given that NomadRem is subject to regulations and licensing, the solution had to fulfill not only technical requirements but also guarantee a secure process and adhere to rigorous regulatory standards. Additionally, the company’s onboarding system needed to provide its customers with the assurance that their personal data is secure.
To achieve this goal, scale faster, and ensure that the payment service provider complies with ever-changing regulations, NomadRem partnered with iDenfy. The fintech platform will now use iDenfy’s identity verification and AML screening solutions. Since NomadRem offers its customers instant money transfers anywhere in the world, the company looked for a global solution that would help them scale. iDenfy fits this requirement due to its wide acceptable ID document range. Moreover, seamless integration with NomadRem’s core banking back-office system and white-label web services was a critical requirement for the KYC/AML solution. Currently, the registration process with NomadRem involves a few simple steps. iDenfy has helped streamline this process, ensuring a secure and smooth verification journey reinforced by 3D liveness detection technology.
iDenfy’s KYC software performs real-time detection of malicious attempts to deceive the verification process. It actively prevents access to individuals employing deepfakes, masks, or any other malicious methods to pass the verification. This integrated solution boasts compatibility with more than 3000 document types and cross-references users’ facial biometrics with their provided documents, ensuring maximum security. As an added layer of protection, iDenfy’s dedicated manual ID verification specialist team reviews each user’s result, aiding NomadRem in efficiently scaling their verification capacities.
iDenfy’s KYC software has empowered NomadRem to create customized workflows tailored to individual countries or customer segments. This includes automated AML screening, encompassing checks against sanctions lists, Politically Exposed Persons (PEPs), and various watchlists from both global and local databases.
“Emphasizing security, compliance, and simplicity during the customer onboarding is crucial for payment service providers. We’re thrilled to support our partners at NomadRem to provide a seamless identity verification process and minimize unnecessary friction.” — commented Domantas Ciulde, the CEO of iDenfy.
About 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 Summer 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.
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