UK-based networking platform The Founders Junction has partnered with Lithuania-based regtech provider iDenfy . As part of the joint collaboration, iDenfy’s Know Your Customer (KYC) onboarding solution will enable the entrepreneurial platform to accept more user registrations and safeguard it against fraud.

According to the official press release, by leveraging biometric and face recognition algorithms, iDenfy’s automated identity verification software ensures accuracy in verifying user identities. The switch from manual verification to an automated process is expected to reduce the time required for verifications and help The Founders Junction process user information faster and accurately. Moreover, using the automated onboarding solution will reportedly decrease the manual workload that the entrepreneurial platform’s internal compliance team is currently dealing with and, thus, enable them to focus on ensuring a positive user experience and faster verifications.

In terms of its capabilities, iDenfy’s software prevents the use of fake images, 3D masks, and other fraudulent attempts. As outlined in the official press release, the software recognises, verifies, and extracts information from more than 3,000 identity documents spanning 200 countries and territories. This allows for identity document analysis on a global scale.

The solution reportedly has a 99% success rate, and it features 24/7 oversight by an in-house manual KYC review team. The partnership with iDenfy drives forth The Founders Junction's goal of helping entrepreneurs connect with potential business partners by enhancing the platform’s verification process and ensuring full regulatory compliance with industry standards. This is anticipated to foster a secure environment for meaningful business networking.

The Founders Junction and iDenfy’s strategies and previous developments The Founders Junction is a soon-to-launch networking platform that aims to connect entrepreneurs with potential business partners based on their business goals. The platform was developed in response to the challenges entrepreneurs face when it comes to finding business partners despite the availability of other social and professional networks. iDenfy is a platform extending identity verification services and fraud prevention tools.

It ensures AML, KYC, and KYB compliance for its customers. Earlier in 2024, it was announced that iDenfy secured partnerships with ecommerce marketplace Watchdreamer, Henoscene, Flexado, Swiss Bitcoin Pay, and Liquid Noble – among other companies. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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