iDenfy partners with AlaiseData to alleviate KYC compliance in the technology sector

iDenfy,  a global RegTech company offering full-stack identity verification and fraud prevention tools, announced a new partnership with AlaiseData. This Germany-based development company provides innovative digital business solutions tailored to long-term product relationships. iDenfy’s verification service will help ensure KYC compliance and a swift verification process for AlaiseData’s customers.

AlaiseData creates digital business models and enables other digital platforms to run and build their own. The forward-thinking technology hub is revolutionizing the business landscape through its cutting-edge expertise in app development and modern solutions. With an unwavering commitment to excellence, AlaiseData aims to seamlessly craft applications that empower companies to streamline operations, enhance productivity, and foster meaningful connections with their customers.

By leveraging the latest advancements in technology, AlaiseData’s goal is to emerge as a trusted partner, delivering transformative solutions tailored to modern enterprises’ unique needs and aspirations. AlaiseData also aimed to meet the growing demands of its clients and enhance the overall customer experience. With that in mind, the company started to look for ways to improve the security and reliability of its services. Consequently, the developer’s hub decided to integrate a robust, user-friendly identity verification solution into their development process.

iDenfy emphasizes that businesses creating apps and modern solutions often need to utilize Know Your Customer (KYC) services. Implementing robust identity verification measures not only protects businesses from potential legal and compliance issues but also cultivates a safe environment for their users, reinforcing their commitment to user privacy and data protection. Consequently, by collaborating with iDenfy, AlaiseData will enhance the trustworthiness of its platform and boost the level of security against various fraudulent activities, including identity theft and unauthorized access.

With this partnership, iDenfy’s goal is to automate the entire KYC process and significantly reduce the time and effort required for manual verification. This way, AlaiseData will allow clients to submit their identity documents without hassle, which will be verified using advanced AI algorithms and machine learning techniques. Currently, iDenfy’s software accepts more than 3000 document types,  quickly authenticating the validity of uploaded identity documents, such as passports, driver’s licenses, or ID cards from different countries and territories.

iDenfy will detect tampering, forgery, and other fraudulent activities in real-time. iDenfy’s incorporated facial recognition technology compares the live image of the users with the photo on the submitted identity document. This way, liveness detection technology ensures that the verification process isn’t compromised by the use of static images or manipulated videos, such as deepfakes. As claimed by iDenfy, given the widespread use of AI, both for positive and negative purposes, it’s become standard practice to employ such technology when ensuring the integrity of the customer onboarding process.

iDenfy also offered easy integration options, allowing AlaiseData to incorporate the KYC solution into their existing development workflow seamlessly. The identity verification solution also provided customization options to align with the company’s branding and user experience requirements. iDenfy claims that its solution will help AlaiseData save costs and reduce the time required to identify the growing customer base on the platform. At the same time, iDenfy will guarantee that AlaiseData complies with the ever-changing regulatory requirements.

“Our goal is to deter fraud effectively during the customer onboarding process, which requires simplifying the verification process for our AlaiseData’s growing customer base. We’re happy to give them the confidence that their data is safe and real,” — noted Domantas Ciulde, iDenfy’s CEO.

About iDenfy

iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the ”Enabler of the Year’’ category at the Lithuanian Fintech 2023 awards.