HomePress ReleaseEIN PresswireiDenfy partners with CoinSniper to optimize the KYC process

iDenfy partners with CoinSniper to optimize the KYC process

The RegTech startup will assist construct a seamless identification verification process for the cryptocurrency asset platform

KAUNAS, KAUNAS, LITHUANIA, July 27, 2023/ — iDenfy, a Lithuania-based RegTech firm providing full-stack identification verification and fraud prevention instruments, introduced a brand new partnership with CoinSniper, a digital asset platform for locating the newest cryptocurrency initiatives, cash, and tokens. CoinSniper built-in iDenfy’s verification software program, enhancing the KYC onboarding expertise for all crypto customers on the platform.

The cryptocurrency panorama always evolves with a variety of blockchain initiatives, digital currencies, and modern purposes. Regardless of the business’s success, the speedy crypto market development has additionally attracted malicious fraudsters, highlighting the want for sturdy safety measures to safeguard customers and their belongings. iDenfy claims that identification verification is one in all the main measures for constructing an efficient safety ecosystem.

In the first quarter of 2023, crypto hackers and scammers managed to steal a staggering $452 million, as reported by DeFi safety. In accordance to iDenfy, it’s important to prioritize and implement thorough Know Your Buyer (KYC) measures to guarantee the utmost safety for each companies and prospects in the crypto house. CoinSniper agreed with this method, explaining that the new partnership’s aim was to safeguard towards potential dangers, improve buyer belief, and solidify its fame in the business.

To ensure compliance with Anti-Cash Laundering (AML) laws and foster transparency in the digital asset panorama, CoinSniper has created a user-first onboarding process. New customers are required to present private info and bear a fast identification verification process, now facilitated by the help of iDenfy. This fraud prevention measure permits the cryptocurrency platform to reduce the danger of fraudulent actions by carefully monitoring transactions and figuring out suspicious habits.

In accordance to iDenfy, implementing KYC measures requires investments in expertise, personnel, and coaching, which may be resource-intensive. Nonetheless, the RegTech startup means that integrating a powerful automated ID verification answer from a third-party supplier can handle these challenges successfully. With that in thoughts as the key issue that facilitated the partnership, CoinSniper efficiently built-in iDenfy’s answer simply, thanks to their new partnership. The mixing process was easy, with out encountering any technical difficulties. At the moment, customers can conveniently full the verification process on cell and desktop units.

iDenfy’s algorithm extracts and verifies knowledge from 3000+ identification paperwork throughout 200+ nations. To make sure accuracy, the software program is supported by in-house KYC consultants who assessment every verification in real-time. This complete method ensures the full accuracy of the verification process. Via this partnership, CoinSniper now accepts a wider vary of paperwork from a number of nations. Concurrently, the firm ensures compliance throughout all operational nations and effectively onboard a bigger variety of customers inside a shorter timeframe.

Utilizing iDenfy’s verification answer, the CoinSniper group is assured of verifying prospects with the desired stage of belief. This allows CoinSniper to present a safer expertise for patrons whereas mitigating regulatory dangers to their enterprise. Furthermore, the complete identification verification process now takes below 3 minutes, that means crypto customers can start their journey on the platform sooner.

By partnering with iDenfy, CoinSniper applied an improved risk-based method, which goals to lower the handbook burden on its inside group. iDenfy’s integration streamlines the KYC administrative duties, making the process extra environment friendly for CoinSniper. In accordance to the digital asset platform, this helps keep the stability between safety and consumer expertise.

“In the realm of crypto, guaranteeing scrutiny whereas prioritizing consumer expertise is essential. We make sure that our partners at CoinSniper can construct a user-friendly KYC system and uphold regulatory compliance whereas effectively organizing, updating, and securely storing consumer info.” — added Domantas Ciulde, the CEO of iDenfy.

About iDenfy

iDenfy is a RegTech startup that gives AML, KYC, and KYB compliance options to companies of all sizes. The corporate has been acknowledged as a number one identification verification software program in G2’s Winter 2023 report. iDenfy has additionally gained the “Enabler of the 12 months” class at the Lithuanian Fintech 2023 awards.

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