iDenfy, a global pioneer in identity verification and fraud prevention, announced a new partnership with Coast, an innovative blockchain platform simplifying crypto-to-fiat transactions on PulseChain.
This partnership will focus on enhancing security and streamlining KYC/AML compliance processes while boosting the platform’s security and addressing critical challenges in the blockchain ecosystem.
Securing decentralised finance
This partnership represents a crucial step forward, equipping Coast with advanced tools
Global money laundering remains a common issue, with an estimated $2. trillion laundered annually, according to the United Nations.
As financial crimes grow, platforms operating at the intersection of blockchain and traditional finance face increasing pressure to meet stringent compliance standards.
This partnership represents a crucial step forward, equipping Coast with advanced tools to navigate the complexities of regulatory frameworks while fostering trust and security in the decentralised finance sector.
Blockchain security simplified
Coast has established itself as a pioneer in blockchain technology and financial services by offering a seamless and compliant gateway for users to interact with PulseChain.
The platform's mission is to create user-centric financial solutions tailored for the decentralised future while maintaining the highest standards of security and compliance.
To achieve this, Coast has partnered with iDenfy, a company known for its robust identity verification and Anti-Money Laundering (AML) tools that meet global compliance requirements.
Secure identity verification
Through this collaboration, iDenfy will bring its innovative identity verification solution, ensuring precise and secure onboarding for all users. iDenfy’s technology automatically recognises, verifies, and extracts information from more than 3,000 types of identity documents across more than 200 countries and territories. From passports and ID cards to driving licences and residence permits.
The solution also includes the integration of iDenfy’s advanced biometric facial recognition and 3D liveness detection technology to prevent fraudulent activities, such as the use of fake images, face masks, or digital renderings. By creating three-dimensional facial maps, iDenfy provides a secure method for user authentication, ensuring the verification process is both seamless and bulletproof.
Scalable fraud prevention
Coast can now conduct ongoing monitoring and receive instant notifications of any AML risk hits during the KYC process
The partnership offers Coast a scalable system that reduces onboarding time while ensuring full compliance with global AML regulations.
This includes screening users against sanctions lists, Politically Exposed Persons (PEPs), watchlists, and adverse media sources.
By integrating iDenfy’s technology, Coast can now conduct ongoing monitoring and receive instant notifications of any AML risk hits during the KYC process. iDenfy’s solutions have already transformed Coast’s operations, offering a near-perfect verification success rate of 99.99%.
Secure and compliant
The high level of accuracy is supported by a team of expert reviewers who oversee all automated ID verifications to eliminate potential system errors, fraud attempts, or failures. In addition to its technological capabilities, iDenfy’s software is fully compliant with GDPR, CCPA, and SOC 2 standards, ensuring that businesses can operate with confidence in its data security and privacy practices.
Providing financial security
For Coast, the ability to deliver a seamless onboarding experience without compromising security is a top priority. The platform aims to bridge the gap between traditional financial systems and blockchain technology, empowering users to interact with decentralised systems easily and securely.
With iDenfy’s solutions, Coast has not only improved its onboarding process but also enhanced user trust by ensuring compliance with the latest global regulations. Before partnering with iDenfy, Coast faced challenges in delivering a fast, user-friendly identity verification process while maintaining robust security standards.
Innovation in verification
iDenfy’s scalable solutions have resolved these issues, significantly improving operational efficiency and user trust. This partnership aligns perfectly with the mission to create a seamless and inclusive experience for PulseChain.
Domantas Ciulde, CEO of iDenfy, said, “Blockchain platforms like Coast are paving the way for the future of finance. Our advanced identity verification and AML screening tools ensure that Coast’s users can confidently engage with PulseChain while maintaining compliance with global regulations. We’re proud to support Coast in creating a secure and innovative platform.”
Faster and safer onboarding
The integration of iDenfy’s tools has also transformed the user experience for Coast’s clients. The streamlined KYC process is now a simple, three-step procedure that takes less than a minute on average to complete.
This efficiency ensures that users can quickly access Coast’s services without unnecessary delays, positioning the platform as a pioneer in user-centric blockchain solutions.
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