Lithuania-based regtech startup iDenfy has announced a partnership with Web3 network software and real-time blockchain data company Syntropy to better Web3 security and KYC compliance. iDenfy is set to help ensure Know Your Customer (KYC) and anti-money laundering (AML) compliance by providing swift identity verification checks for Syntropy’s clients and partners alike.

Identity verification and iDenfy – Syntropy’s partnership effect As per the press release information, Syntropy's ecosystem is a mix of developers, applications, data publishers, and end-users, being an environment committed to democratising blockchain data access for all. Along with that, Syntropy seeks to expedite and automate compliance processes, which requires a KYC/AML service provider. Due to the importance of compliance and data protection, Syntropy looks to ensure that its services meet the highest security standards, including effective KYC/AML verification, and implemented iDenfy’s AI-enabled identity verification solution, together with built-in AML checks, to help lessen operational complexity and remain aligned with regulatory requirements.

iDenfy believes spend and convenience to be paramount to customer experience, a core focus for Syntropy when searching for a KYC solution. Per the announcement, iDenfy’s four-step verification flow enables fast background checks, helping eliminate fraudulent identities and onboarding legitimate customers quicker. Furthermore, the newly integrated AML screening and ongoing monitoring services are to assist with the detection of sanctioned entities, PEPs, and blacklisted persons from global watchlists, thus preventing Syntropy from collaborating with unwanted individuals.

The solution has helped Syntropy build an automated document verification and a simplified KYC workflow, facilitating a hassle-free user experience. Additionally, iDenfy believes the switch will also help increase Syntropy's conversion rates. Commenting on the collaboration, Domantas Ciulde, the CEO of iDenfy said that the company’s fraud prevention platform is designed to cater to businesses of all sizes and intricacies, and they are looking forward to partnering with Syntropy and helping the Web3 environment with ensuring security and easy scalability through their KYC/AML solutions.

Partnership context and Syntropy’s mission and offering As tech markets are constantly expanding, Syntropy considers addressing latency related issues as crucial, with the press release showcasing Gartner’s findings that network downtime results in an average cost of USD 5,600 per minute for enterprises, translating into expenses of over USD 330,000 per hour. The Web3 enterprise claims that this affects varied industries, including gaming, software development, telecommunications, and more. By leveraging blockchain technology, Syntropy seeks to help transform unused bandwidth into a tokenised resource, which can then be traded in real-time whenever needed.

The exchange medium for these transactions is $NOIA, Syntropy's native ERC-20 token. Currently, the company aims to help digital services providers struggling to manage data demands during peak Internet usage periods, addressing this by converting public Internet into a secure, user-focused network. This transformation is achieved through a unified layer incorporating encryption and optimised performance, which is automatically activated for all connected devices and services, looking to increase security and performance simultaneously.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .