Lithuania-based iDenfy has partnered with Kryptowaluty.pl to strengthen identity verification for the digital onboarding process. Through this alliance, iDenfy, a company that offers end-to-end identity verification and anti-fraud solutions, aims to draw new users to Kryptowaluty.pl with a straightforward onboarding process driven by a fully automated ID verification system.

The partnership follows Kryptowaluty.pl’s management reconfiguration and the company’s interest in investing in digital assets. Currently, the company is focused on both worlds of cryptocurrency and fintech and intends to ensure coverage for a portion or the entirety of potential losses, especially for small investments. iDenfy’s KYC implementation for the customer onboarding process Through partnering with Kryptowaluty.pl, iDenfy emphasizes the importance of compliance requirements in the evolving crypto industry.

In addition, Kryptowaluty.pl aligns with this approach, consistently prioritising improving the compliance program for its users. Consequently, acknowledging the stringent regulations within their industry, Kryptowaluty.pl identified the necessity for a stronger Know Your Customer (KYC) solution. As per iDenfy’s statement, users, especially in the digital asset industry, prefer an easy verification experience without the need to contact support or undergo the process multiple times.

Similarly, Kryptowaluty.pl wanted to implement a solution that could balance both security and user experience and iDenfy was able to provide that. Currently, with iDenfy’s KYC implementation, Kryptowaluty.pl will be able to customise the identity verification process by building different verification flows based on users' risk levels. This way, iDenfy claims that the company will be able to maximise conversation rates while also detecting fraud in real time.

The necessity for a fully automated verification process According to Kryptowaluty.pl, navigating verification requirements can be challenging for the company due to the variations across countries that require specialised knowledge and expertise. As the company plans to expand on a global scale, it needed a fully automated, global KYC solution.  As a result, this collaboration equips Kryptowaluty.pl with a range of verification options, such as accepting various government-issued ID documents and users' biometric selfie scans, providing the company with better control over the whole ID verification process.  In addition, iDenfy stated that this collaboration helped Kryptowaluty.pl’s customers by onboarding faster and, at the same time, minimising the workload for internal compliance teams. iDenfy’s identity verification solution was designed based on an end-user interface, offering multiple language options and providing guidance throughout the entire process.  According to iDenfy, this integration will not only expand the Kryptowaluty.pl platform but also streamline data management by collecting all data in one location and implementing automated KYC case assignment policies.

Furthermore, iDenfy’s ID verification solution will help Kryptowaluty.pl track all actions throughout a user's entire lifecycle, which is a critical aspect of meeting compliance requirements. Before collaborating with iDenfy, the company also noticed new areas for improvement, particularly in developing an anti-money laundering (AML) program. The first step was to build a KYC flow that did not create unnecessary friction in the customer onboarding process. For this reason, the Polish fintech looked for a new identity verification provider.

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