Lithuania-based identity verification company iDenfy has teamed up with digital auction platform Residenture to ensure a secure onboarding process for the latter’s auction applicants. Residenture, a prop-tech startup and one of the first full online real estate auction platform in Switzerland agrees with iDenfy’s concerns about the increasing fraud risks.

That’s why the digital property platform started to look for automated onboarding capabilities to enhance security and ensure Know Your Customer (KYC) requirements. Ensuring compliance with seamless verification By choosing iDenfy’s solution, the real estate auction business aims to simplify business procedures. According to the real estate business, iDenfy offered both user experience and security, which played a massive role in the decision to partner with the KYC startup.

By collaborating with iDenfy, Residenture’s clients have a simple, straightforward user verification process. Currently, using their smartphone or desktop device, sellers and potential property buyers verify their identities before they participate in any auction. iDenfy’s identity verification ensures that the person is legitimate and has Swiss citizenship or a residence permit.

Simultaneously, it prevents fake identities and users with stolen credentials from joining the auction platform. As specified by iDenfy, a secure and user-friendly verification solution is essential in the digital sphere to maximise security for a platform like Residenture. The startup’s biometric ID verification is fully automated and exclusively backed up with real-time human supervision, which means that iDenfy’s internal experts manually review each user’s verification.

How iDenfy’s solution works It’s worth mentioning that after 5 million different face tests, the startup’s algorithm has achieved a 98. 4% success rate. iDenfy’s software recognises documents by type and country, extracting data and verifying IDs against approved government data sources within seconds.

Consequently, as claimed by iDenfy, its swift, certified by ISO/IEC 27001 standard identity verification, helps guarantee a secure, hassle-free onboarding for Residenture’s customers. Currently, Residenture aims to continue improving customer satisfaction and conversion rates through the newly implemented verification process. The company’s officials added that the newly implemented solution plays a vital role in helping reach its near-future goals of expanding the real estate auction business on a global scale.

What does iDenfy do? 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 organisations. For more information about iDenfy, please check out The Paypers Company Database. .