iDenfy’s ID verification will safeguard the platform against fraud and onboard more users looking for networking opportunities
Kaunas, Lithuania (May 00, 2024) – iDenfy, a Lithuanian-based RegTech platform providing fraud prevention and verification solutions, has announced a new partnership with The Founders Junction, a UK-based innovative networking platform for entrepreneurs seeking business partners online. iDenfy’s full-stack Know Your Customer (KYC) onboarding solution will help the Founder’s Junction accept more user registrations while ensuring that only genuine identities are welcomed into their entrepreneurial platform.
The Founders Junction is dedicated to connecting entrepreneurs with potential business partners who match their criteria and business goals. The platform was developed after recognizing the difficulties entrepreneurs face in finding the right business partner despite the availability of various social and professional networks. Surveys conducted by the Founders Junction identified significant gaps in current networks, particularly in the areas of search functionality and profile verification. Currently, the platform, which is due to launch in the near future, will focus on addressing these issues by offering advanced search systems, reducing idle profiles, and implementing robust ID verification processes.
After evaluating several options, the Founders Junction chose iDenfy for fully automated identity verification software, which has already markedly improved verification efficiency compared to manual processes. According to the company’s officials, partnering with iDenfy resolved its critical need for a reliable and robust ID verification process. Consequently, a new KYC service was paramount to ensure that the Founders Junction community is safeguarded against identity fraud and fosters a secure environment for meaningful business networking.
By utilizing advanced biometric and face recognition algorithms, iDenfy ensures high accuracy in verifying user identities. This switch to automation will significantly reduce the time required for verifications, allowing the company to process user information swiftly and accurately. Additionally, the new software decreases the manual workload on the Founders Junction internal compliance team, enabling them to focus on other critical tasks and ensure a better user experience with faster and more reliable verifications.
It’s worth mentioning that iDenfy’s technology now helps the Founders Junction prevent the use of fake images, 3D masks, and other fraudulent attempts. The software recognizes, verifies, and extracts information from over 3,000 identity documents across 200 countries and territories, ensuring comprehensive and precise identity document analysis on a global scale. With a 99% success rate and 24/7 oversight by an expert in-house manual KYC review team, iDenfy guarantees that all automated verifications are accurate and compliant, minimizing system errors and fraud attempts.
The Founders Junction’s top priority is to deliver an exceptional, reliable service that transcends conventional networking platforms to provide real added value to users. This involves ensuring that entrepreneurs can safely and confidently connect with potential business partners. The partnership with iDenfy aligns with this priority by enhancing The Founders Junction’s verification process and ensuring full regulatory compliance with industry standards.
Collaborating with iDenfy has helped us solve numerous critical issues, particularly the lengthy process of our prior verification process. Using an automated approach, we enhance the accuracy and reliability of our verifications, guaranteeing a swift onboarding process for the entrepreneurs on the platform,” — explained Alessandro Bolasco, the CEO of The Founders Junction.
“We’re always excited to work together with new innovative startups like the Founders Junction. Our digital-first approach to KYC compliance and customization abilities will continue to boost their platform’s growth, accelerating the user experience on a global scale,” — added Domantas Ciulde, the CEO of iDenfy.
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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 Spring 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com
Contact:
Aurimas Kybartas
Phone: +37067644539
Email: aurimask@idenfy.com
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