Payment service provider PAYSTRAX has partnered with Lithuania-based fraud management service provider iDenfy to implement its verification software. The partnership comes in the context of an expanding fintech industry that increased the need for scrutiny and compliance measures.

iDenfy reports that inadequate risk management can lead to negative consumer protection effects. Moreover, by allowing high-risk and illegitimate customers to complete a company’s onboarding process, the company becomes vulnerable to reputation damages and hefty fines. PAYSTRAX is best known for providing Visa and Mastercard acquiring services for POS terminals, online, mobile, and other electronic payment systems, creating customized solutions and add-ons tailored to the specific needs of users.

The company’s customer portfolio includes both ecommerce and point-of-sale (POS) terminal merchants based in countries within the EEA and UK. PAYSTRAX acknowledged the need to implement a modern KYC process that can manage potential fraud risks during the onboarding process. The company decided to implement iDenfy’s verification software, which leverages the combined capabilities of artificial intelligence and human supervision to achieve very high identity verification success rates.

Furthermore, iDenfy’s KYC platform integrates with National Government Registries, which means that it supports the re-verification of data extracted from ID documents against government databases from more than 70 countries. iDenfy’s solution uses advanced biometric technologies and face recognition algorithms, which means that it can’t be bypassed with fake images, 3D masks, or other deceptive renderings. By partnering with iDenfy, PAYSTRAX addressed its primary security and fraud concerns, attained regulatory compliance, improved the experience of its users, and ensured scalability and reliability.

Other recent iDenfy partnerships In July 2023,  iDenfy worked with Germany-based coding school 42 Heilbronn to maintain a secure e-learning environment for the latter’s customers. Through this partnership, iDenfy’s AI-based verification software helped prevent the misuse of fraudulent documents and files while ensuring a quick, efficient, and secure onboarding process. In addition, 42 Heilbronn will support a safe e-learning space by making the onboarding experience more secure and seamless via iDenfy’s automated ID verification tool.

Another company that adopted iDenfy’s identity verification system is CoinSniper. In the same month, the digital asset platform partnered with iDenfy to improve its KYC onboarding experience. Following the integration, CoinSniper’s onboarding process was updated to require users to provide some personal information and undergo a quick identity verification procedure powered by iDenfy’s technologies.

iDenfy’s fraud prevention measures allowed the cryptocurrency platform to reduce the risk of fraudulent activities by closely monitoring transactions and identifying suspicious behaviour. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .