Insta Cash will be able to build a seamless account opening process with iDenfy’s four-step ID verification solution.
Kaunas, Lithuania (August 6, 2023) — iDenfy, a Lithuania-based RegTech startup providing identity verification and fraud prevention tools, partnered with Insta Cash, a Bulgaria-based financial wellness company that offers employees access to part of their earned wages on-demand. With the integrated document analysis and facial recognition technology from iDenfy, Insta Cash will provide its users with a frictionless verification experience.
With the tightening of Know Your Customer (KYC) and Anti-Money laundering (AML) regulations globally, more industries are obligated to adhere to AML laws in various jurisdictions. According to iDenfy, companies that overlook the importance of meeting AML and due diligence obligations expose themselves to non-compliance fines, harming their reputation. As a proactive approach, iDenfy’s team recommends implementing robust KYC measures that handle large data volumes, enabling businesses to accept documents and verify identities on a global scale.
In addition to the mandatory responsibilities that business owners must fulfill for compliance, the rise in digital banking, investing applications, and online transactions has led users into an intricate digital financial environment. According to Insta Cash, financial wellness ensures that users are equipped to understand and safely utilize their services. Consequently, Insta Cash is dedicated to enhancing employees’ financial welfare and preventing them from falling into debt pitfalls. The expanding platform offers a solution known as earned wage access (EWA), a financial technology that enables employees to retrieve wages they have earned but not yet received before their standard payday.
Insta Cash sets itself apart through its intuitive user interface and straightforward authentication procedure. Users are able to register using their phone numbers, which then seamlessly connect their profiles with their employer’s payroll system. However, given Insta Cash’s role as an earned wage access (EWA) platform, it handles sensitive information, such as the personal data of both employers and employees. This necessitated the integration of extra security measures. Insta Cash aimed to find a biometric identity verification solution that could ensure a bulletproof KYC process and maintain a smooth and efficient workflow for all involved stakeholders.
By leveraging iDenfy’s full-stack identity verification service, Insta Cash will provide a smooth onboarding process for all its users while ensuring KYC/AML compliance. iDenfy’s software verifies customers’ identities in seconds using AI-powered facial recognition and document analysis. Unlike static methods, liveness detection ensures the authenticity of a person’s identity by requiring dynamic actions, such as blinking or moving, during the verification process. When searching for a suitable KYC provider, Insta Cash required a robust solution that would be able to detect masks, deepfake technology, and other attempts to bypass verification. iDenfy met these requirements and aligned perfectly with Insta Cash’s needs.
Furthermore, iDenfy’s internal team of KYC experts will assess each identity verification outcome produced by the AI software in real-time. This combination of automated and manual review will guarantee the precision of the KYC process. Insta Cash agrees that this approach will help them strike a balance between mandatory compliance and security standards on one hand and user experience and simplicity on the other. Alongside a robust identity verification process, iDenfy will contribute to enhancing Insta Cash’s fraud prevention system. This collaboration aims to minimize the vulnerabilities associated with online identity theft and money laundering by leveraging iDenfy’s advanced security protocols and data encryption techniques.
“Without a doubt, our priority is to have a smooth and secure service, inside out,” commented Miroslav Stefanov, CEO and Co-Founder of Insta Cash. “We have integrated iDenfy’s user-friendly interface and straightforward verification process into a white-label solution, giving our presentation a distinctive and exceptional appeal.”
Domantas Ciulde, the CEO of iDenfy, added: “While our partners contribute to building a safety net and helping their customers achieve financial security, our team is determined to provide an equally secure identity verification process that enables users to access the Insta Cash platform in seconds.”
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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 Winter and Spring 2023 reports. 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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