The identity verification and fraud prevention startup from Lithuania, iDenfy, partnered with Juni, the Swedish fintech that provides a platform for e-commerce and marketing entrepreneurs. From now on, iDenfy’s Business Verification platform assists Juni and its Compliance specialists by serving automated fraud prevention tools.
Anti-Money Laundering (AML) fines remain a solid issue for today’s growing financial sector. According to a recent report, the number of fined institutions increased last year, going from 24 to 80, which gives the impression that the industry has challenges with effective risk assessment and great internal security practices. Juni argues that automated tools, AML training as well as independent audits help ensure compliance and avoid hefty fines.
With the goal to safeguard its customers and protect the business from suspicious partnerships, Juni started to look for new ways how to utilize technology for active client due diligence. This is where iDenfy came across as a good match. With the Business Verification platform, Juni has digitized its workflow further to maintain an effective compliance program and ease the pressure off of its Compliance officers’ shoulders.
Juni claims that fighting financial crime and creating a secure environment for its customers is the main priority. The fintech company carries a vision to become the number one financial companion for e-commerce entrepreneurs. Juni’s team created an all-in-one automated platform to help its customers grow their business faster. According to Juni, the goal is to be as effective as possible at reducing the risk of money laundering, fraud, or terrorist financing, without causing any disruption to its users.
As part of Juni’s KYB process, the fintech now uses iDenfy’s Business Verification platform to screen its user population for suspicious activity regularly. iDenfy claims to have created a smart system that helps decrease the time spent on compliance operations.
The new Business Verification Services allow Juni’s team to set their own rules on iDenfy’s platform to perform AML checks easier. There, iDenfy provides all of the essential compliance information, making it easy for Juni’s team to track the reports, documents, comments, and overall activity history in one dashboard.
iDenfy is also responsible for onboarding Juni’s customers through its remote identity verification. According to Juni, iDenfy is one of the few players in the market that provides both ID verification and KYB tools, and this factor impacted their decision to partner with iDenfy.
At the moment, Juni noticed an improvement in the ability to screen the identity of its applicants. iDenfy’s customer authentication solution combines Liveness Detection, ID Verification, and Face Recognition, taking the user exactly four steps and less than three minutes to complete the identity verification.
“We’re thrilled to partner with a professional team that’s passionate about creating a safer environment for the fintech industry. Our FinCrime and Growth teams are working alongside iDenfy to ensure that we build up a platform that screens all data points and carries out the necessary checks safely and efficiently.” – commented Patrick Ryan, FinCrime Director, Juni.
Domantas Ciulde, the CEO of iDenfy, said that “iDenfy is committed to bringing secure, automated solutions that do not compromise the customer experience. It’s understandable why the ever-changing compliance platform brings many challenges. We want to make sure that those challenges are minimized and that the work for AML Officers is eased.”
Name: Eva Azaraviciute
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Source: Digital Journal