Another financial institution has turned to iDenfy to improve its onboarding practices. Paynovate is an e-money provider that outfits customers with prepaid cards that make it easier for people to manage their expenses. The company’s platform can be integrated with debit and credit cards, and can be used to facilitate corporate payments.
Given the sensitive nature of that information, Paynovate needed a way to onboard new customers while still protecting their personal information. The company opted for iDenfy’s full-stack solution, citing regulatory compliance and the company’s convenient payment model as key factors in its decision. With regards to the former, iDenfy’s platform is able to fulfill international Know Your Customer and Anti-Money Laundering requirements. With regards to the latter, the company has a ‘pay-per-successful-verification-only’ model that ensures that clients are charged a rate that is proportionate to their use of the platform.
Paynovate is hoping that the partnership will allow the company to minimize its internal onboarding costs, outsource some of its compliance challenges, and clamp down on fraud. iDenfy noted that online fraud has gone up during the pandemic, and that credit card fraud loses are expected to climb to $12.5 billion in the US alone by 2025.
iDenfy guards against that with face and document recognition, using the technology to verify the authenticity of an identity document and match it to its owner during onboarding. Paynovate itself is based in Belgium, and is fully licensed by the country’s National Bank.
“Card fraud and identity theft are common crimes, but due to artificial intelligence and technology in general, such risks can be managed properly,” said iDenfy CEO Domantas Ciulde. “Our partnership with Paynovate overcomes such dangers, and we’re happy to help secure the company’s data with a safe ID verification process.”
iDenfy has provided onboarding services for ForexChief and Czechia’s CyberstarPay in the past month alone. Monneo and Paymento Financial SA are some of the company’s other recent clients in the payment space.
March 17, 2022 – by Eric Weiss