Swiss Bitcoin Pay has partnered with Lithuania-based regtech company iDenfy to improve the former’s risk management strategy and streamline onboarding processes. By integrating iDenfy’s KYC (Know Your Customer) and KYB (Know Your Business) solutions, Swiss Bitcoin Pay aims to enhance its risk management strategy and streamline customer and partner company onboarding processes.

Swiss Bitcoin Pay focuses on enabling both physical and online businesses to accept Bitcoin payments with ease while benefitting from a short setup time. The collaboration with iDenfy comes in the context of Swiss Bitcoin Pay's efforts to mitigate the risk of engaging with shell companies that exploit anonymity for illicit activities such as tax evasion and money laundering. In essence, by partnering with iDenfy, known for its adaptable solutions and expertise in business verifications and regulations, Swiss Bitcoin Pay aims to strengthen its compliance efforts.

A closer look at the partnership's benefits Through this partnership, Swiss Bitcoin Pay will leverage various AI-powered services from iDenfy, including KYB verification, AML (Anti-Money Laundering) screening, and proof of address verification. The company has customised its KYB process with specific rules on iDenfy’s platform and will gain access to more than 180 company registries in more than 120 countries in real-time. Additionally, Swiss Bitcoin Pay has automated its identity verification process using iDenfy's document verification and liveness technology to comply with AML regulations.

The partnership with iDenfy enables Swiss Bitcoin Pay to conduct ongoing due diligence and monitor customers through multiple channels for any past suspicious activities. This collaboration aims to enhance the adoption of Bitcoin payments globally, offering businesses a secure and efficient solution while ensuring compliance with regulatory requirements. The CEOs of both Swiss Bitcoin Pay and iDenfy expressed enthusiasm for the partnership, highlighting their commitment to driving innovation in the digital payments landscape.

Other recent developments from iDenfy iDenfy offers identity verification services and fraud prevention tools, ensuring compliance with AML, KYC, and KYB regulations for companies of all sizes. In May 2024, Liquid Noble partnered with iDenfy to leverage its KYC solution and stop digital asset fraud in line with the latest compliance regulations. Following this announcement, the collaboration between Liquid Noble and iDenfy aimed to accelerate the development of onboarding security and compliance measures within the overall digital asset industry.

In addition, both companies focused on meeting the needs, preferences, and demands of customers while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. .