Kaunas, Lithuania (May 24, 2023) — iDenfy, the end-to-end compliance, identity verification, and fraud prevention platform, announced a new partnership with June, a prop-tech company offering apartment rental services for everyday consumers and mom-and-pop landlords. The new ID verification solution will ensure a smooth applicant onboarding flow while effectively detecting fraud for June’s growing customer base.
The real estate industry has historically made renting apartments a complicated process with numerous obstacles to navigate. To address this issue, June is taking a new mobile-first approach, and its teams are working tirelessly to challenge the status quo. The company aims to provide residents and owners with a simpler, clearer, and more efficient rental experience. Similarly, June wanted to balance user experience and effective fraud prevention, leading the business to search for an automated identity verification solution.
The prop-tech rental industry is vulnerable to identity theft when fraudsters use stolen personal information to rent apartments online. iDenfy has warned that this can result in financial losses, legal complications, and reputational damage to rental businesses. To address this threat, iDenfy recommends implementing AI-enabled identity verification to enhance fraud prevention systems. By verifying the identity of customers, prop-tech platforms can effectively prevent fraudulent activities, including property scams, identity theft, and money laundering.
June agrees with iDenfy’s approach and claims to understand the potential risks associated with the prop-tech sector. The company aims to optimize and modernize the antiquated apartment rental experience with easy and straightforward services, including the new applicant onboarding process, which from now on, will be handled by iDenfy.
As a fastly growing prop-tech company, June receives thousands of applications from individuals interested in staying with them. Until partnering with iDenfy, the company’s application review process was entirely manual. June’s back-office team analyzed photos of various ID documents applicants provided, allowing them to identify altered, fake, or expired documents. The team also manually collected personal information and validated the applicant’s identity. However, as the company scaled up its operations, the manual work became increasingly costly and difficult to manage.
June has integrated iDenfy’s identity verification into their applicant onboarding flow to provide seamless and personalized customer experiences. Now, new customers interested in renting apartments can simply take a picture of their ID document and will be automatically welcomed to June’s platform without the need for internal team supervision. iDenfy will also help June reduce onboarding time and improve accuracy rates since manual checks are more challenging to maintain accuracy, making the automated process an advantageous switch for the prop-tech.
The technical benefits, such as great end-user experience and a pay-per-successful-verification-only business model offered by iDenfy, met June’s requirements for its preferred IDV service provider. iDenfy’s software supports more than 3000 ID documents across various countries, which, according to iDenfy, will help June expand into new markets and ensure compliance with global and local regulations. Currently, on average, iDenfy helps prop-techs like June to welcome new customers in an average of 2 minutes.
By implementing iDenfy’s verification software, June anticipates that they can reduce the average verification review time by more than 50% without compromising the quality of their application process. This was the partnership’s primary goal for June, which claims that its original in-house ID check process posed several challenges, especially during high season.
“Our team believes renting should be hassle-free and straightforward for tenants and landlords. We’re glad to use iDenfy’s identity verification, helping us provide a modern and secure solution that not only adds convenience but completely transforms the rental experience,” — commented Daniil Sigal, Director of Product at June.
iDenfy’s CEO, Domantas Ciulde, added: “As an end-to-end fraud prevention platform, we’re committed to helping our partners build a customer experience they can be proud of. For June, that means enhancing the customer onboarding process via fully automated ID verification.”
U.S. Small Businesses Nearly Doubled Revenue(Opens in a new browser tab)
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 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.
Discussion about this post