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.
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