About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Fincapital Deploys iDenfy for KYC, AML in Customer Onboarding

Subscribe to our newsletter

Fincapital Partners, a fintech offering online banking and wealth management across Sweden, Switzerland and Lithuania, has deployed an AI-enabled identity verification and fraud prevention platform from iDenfy to handle the KYC and AML aspects of its customer onboarding process. The implementation is aimed at instilling confidence in the Fincapital Partners’ team, allowing them to provide a more secure experience for their clients and minimize regulatory risk to their business.

Fincapital Partners provides a range of financial services via its online app, including trading and investment, crypto exchange, and banking services such as IBAN and card issuance. The fintech was looking for a user-friendly interface and uninterrupted client experience when searching for a an automated compliance solution to enhance its operations.

According to Adrien Brousse, the CEO of Fincapital Partners, “Our primary focus was eliminating manual processes and increasing automation to streamline our compliance workflow. Our partnership with iDenfy helps us achieve a positive customer experience and increase identity verification speed so our clients can be onboarded faster.”

Fincapital turned to iDenfy, whose integration of identity verification and anti-money laundering (AML) screening solutions has streamlined the onboarding process, to enhance fraud prevention and provide secure and end-to-end identity verification and AML service.

As a result, iDenfy is now responsible for ensuring that all Fincapital customers are protected and their sensitive data is stored in a compliant manner. Fincapital Partners has stated that iDenfy is now responsible for handling KYC inquiries and storing personal information, reducing the workload for its team.

According to Fincapital Partners, the banking and wealth management platform now offers a more seamless customer onboarding experience for its customers and partners, resulting in better regulatory risk protection. iDenfy’s biometric identity verification has allowed Fincapital Partners to streamline their process into four simple steps while simultaneously detecting fraudulent imagery such as deepfake videos and 3D masks.

To ensure its customers are verified with the appropriate level of trust, Fincapital Partners has integrated iDenfy’s biometric ID verification and AML Screening solution, enabling the company to efficiently verify and screen its customers for risk against sanctions, watchlists, and PEPs.

Through its research, Fincapital Partners discovered that many KYC providers charged for every attempted identity verification, including unsuccessful ones, meaning actual invoices that were 50% to 100% higher than advertised. The company evaluated several IDV providers to save costs and eventually partnered with iDenfy. According to Fincapital Partners, iDenfy only charges for successful KYC verifications, which was a significant factor in their decision to work with them.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Detecting and preventing market abuse

Market abuse – unlawful disclosure of inside information, insider trading, circular trading, “pump and dump” schemes, etc. – poses significant threats to the integrity of capital markets. In 2024, global trading house Trafigura agreed to pay a $55 million fine to the U.S. Commodity Futures Trading Commission (CFTC) for trading with non-public information, manipulating a...

BLOG

GLEIF Begins a New Decade in Growth Mode

The Global Legal Identifier Foundation (GLEIF) enters its second decade this month with its novel system of identifiers for everything from companies and their financial instruments to real assets fast becoming a global standard. While the next five years are expected to see yet more entities join the GLEIF’s open data project, the organisation’s immediate...

EVENT

TradingTech Summit London

Now in its 14th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Entity Data Management Handbook – Second Edition

Entity data management is this year’s hot topic as financial firms focus on entity data to gain a better understanding of customers, improve risk management and meet regulatory compliance requirements. Data management programmes that enrich the Legal Entity Identifier with hierarchy data and links to other datasets can also add real value, including new business...