iDenfy’s identity verification checks for both individual and corporate clients will help enable Swiss Bitcoin Pay to partner with trusted entities and avoid non-compliance with AML laws
Kaunas, Lithuania (May 00, 2024) — iDenfy, a Lithuanian-based RegTech company offering ID verification and fraud prevention solutions, has announced a collaboration with Swiss Bitcoin Pay, a leading provider of tools for businesses to accept Bitcoin payments easily. By integrating iDenfy’s KYC and KYB solutions, Swiss Bitcoin Pay will enhance its risk management strategy and streamline both customer and partner company onboarding.
Swiss Bitcoin Pay specializes in empowering both physical and online businesses to accept Bitcoin payments effortlessly. With just one minute setup time, shop owners globally can integrate Bitcoin payments into their operations, enjoying features such as accountability, full support, and seamless conversion to exchange digital currencies directly into their bank accounts.
Collaborating with numerous small and medium enterprises presents the risk of inadvertently engaging with shell companies that may exploit anonymity for tax evasion and money laundering through currency exchange. To mitigate this risk, Swiss Bitcoin Pay searched for a Know Your Business (KYB) solution to validate companies’ legal standing in accordance with national laws. Consequently, Swiss Bitcoin Pay chose to partner with iDenfy, a regulatory compliance provider renowned for its adaptable solutions and extensive experience in business verifications and its regulations to safeguard against potential illicit activities.
Swiss Bitcoin Pay employs various AI-powered services from iDenfy, including KYB verification, AML screening, and proof of address verification. The company has tailored its KYB process with custom rules on iDenfy’s platform, which also allows for the efficient downloading of diverse governmental reports. iDenfy’s KYB solution provides instant access to over 180 company registries in more than 120 countries, delivering real-time, original data, crucial for Swiss Bitcoin Pay and its expanding clientele.
Additionally, Swiss Bitcoin Pay has automated its identity verification process to fully comply with AML regulations, using iDenfy’s document verification and liveness technology. This system is paired with user-friendly AML checks that screen customers against Politically Exposed Persons (PEPs), sanctions lists, and global watchlists. This level of automation allows the company to customize its internal compliance workflows and align them with business risk profiles, enabling real-time alerts for any flagged cases.
With iDenfy’s RegTech hub, Swiss Bitcoin Pay can also ensure ongoing due diligence and monitor customers through multiple channels to check for past suspicious activities, including any government reports and proof of address information for complete company verification. According to iDenfy, its software’s flexibility ensures a tailored and user-friendly experience for Bitcoin Pay’s clients and enhances their overall experience and security satisfaction.
“Our top priority is to help our users access Bitcoin payments in as many companies as possible worldwide. iDenfy’s wide document coverage and feature-rich KYC/KYB platform allows us to achieve determined goals and offer businesses a secure and efficient solution to accept Bitcoin payments,” — explained Jimmy Djabali, the CEO of Swiss Bitcoin Pay.
“We’re thrilled to partner with Swiss Bitcoin Pay to enhance the adoption of Bitcoin payments globally. Together, we are leveraging our advanced identity verification solutions to streamline onboarding processes and drive innovation in the digital payments landscape,” — added Domantas Ciulde, the CEO of iDenfy.
Through this partnership, Swiss Bitcoin Pay aims to empower businesses globally to embrace Bitcoin payments securely and seamlessly, facilitating financial inclusion and driving the adoption of digital currencies.
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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.