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Lithuania-based fraud management service provider iDenfy has partnered with Poland-based cryptocurrency and financial service platform P100.

In the company press release, iDenfy officials talked about the importance of seamless onboarding and straightforward ID verification processes for crypto users, particularly given the decentralised nature of digital assets. As cryptocurrencies were founded on the principles of decentralization and inclusivity, they aim to support financial freedom while giving users more control over their assets.

Offering the best of both worlds, iDenfys solution is able to provide a seamless customer journey while combatting fraud by leveraging a multi-level security system encompassing both Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

P100s goals and ambitions are in line with a security-first approach, which is why the financial service provider decided to implement iDenfys full-stack ID verification and AML screening software. P100 hopes that the identity verification integration will boost user confidence in the company by demonstrating its commitment to safeguarding accounts.

P100s app now has a new account creation process, which leverages iDenfys solutions to verify the identities of aspiring users and conduct cross-checks against various databases, including global sanctions lists, watchlists, and politically-exposed person (PEP) lists.

If iDenfys system detects that a potential customer belongs to a high-risk category, such as being on a sanctions list or being identified as a known money launderer, it provides an instant notification to P100. P100 can then take proactive measures to prevent the user in question from registering on the platform. Compliance officers stand to benefit the most from this automated procedure, as they are already burdened with keeping up with evolving regulations and handling large data amounts.

Some of the key highlights of the P100 app include access to a personal IBAN, a debit card, and a currency exchange. These features were designed to allow users to manage their finances and cryptocurrencies on a single centralised platform. The companys own encryption technology works in tandem with iDenfys software to provide security and sustain user confidence that their cryptocurrencies are safe.

iDenfy has partnered with multiple companies in 2023 with the aim of improving their onboarding processes. One such a business is rental services company June, which adopted iDenfys solutions in May 2023.

As a growing prop-tech company, June receives thousands of applications from individuals interested in renting with them. Until the iDenfy partnership, the company's application review process was entirely manual. Following this collaboration, customers interested in renting apartments via June gained the option to take a picture of their ID document and benefit from instant onboarding onto the June platform without the need for internal team supervision.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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iDenfy partners with P100 - The Paypers