iDenfy, a Lithuania-based identity verification, compliance, and fraud prevention company, announced a new partnership with SCOPE FinTech Solutions, a Netherlands-based business that’s best known for its Software as a Service (SAAS) solutions tailored explicitly for fintech.
This partnership marks a major leap forward in enhancing fintech security, particularly in response to the expanding European market and the escalating threat of financial fraud.
Identity verification
iDenfy helps SCOPE to streamline the identity verification process across multiple countries through straightforward, standardised ID inspection checks.
According to iDenfy, this automated verification process will facilitate SCOPE's rapid expansion while maintaining a focus on essential aspects: user experience and compliance.
Anti-money laundering (AML) programme
SCOPE recognises the critical importance of the EU’s AMLDs and ever-evolving compliance challenges
Specialising in assisting clients with due diligence and risk assessment processes, SCOPE recognises the critical importance of the EU’s Anti-Money Laundering Directives (AMLDs) and ever-evolving compliance challenges.
SCOPE stated that although the company had strong measures in place for its anti-money laundering (AML) programme such as screening authoritative international databases and sanctions lists, along with employing various effective risk assessment tools, the lack of an automated identity verification solution presented difficulties in accurately verifying new users and adhering to Know Your Customer (KYC) regulations.
Reliable KYC solution
SCOPE required a fully automated process to verify the identities of both current and potential customers using their services, ensuring regulatory compliance while optimising the conversion rate.
In a quest to both comply with regulatory requirements and automate customer onboarding, SCOPE looked for a reliable KYC solution that could seamlessly integrate into its existing software and offer the same for its fast-growing fintech clients list.
3D liveness detection powered by AI
SCOPE uses iDenfy's KYC software to automatically extract data from users' ID documents and cross-reference it
As a result, SCOPE employed iDenfy's identity verification solution, featuring 3D liveness detection powered by AI. This upgraded tool enables SCOPE to leverage cutting-edge face recognition algorithms, effectively preventing attempts by fraudulent identities to gain access to the company's platform.
Furthermore, SCOPE uses iDenfy's KYC software to streamline the verification process. This software automatically extracts data from users' ID documents and cross-references it with their account information, ensuring the authenticity of individuals accessing SCOPE's services.
Seamless integration with the Data Outreach module
The collaboration with iDenfy enables SCOPE to offer a complete onboarding solution by seamlessly incorporating the verification process into their Data Outreach module, automating the entire process for a more efficient end-user experience. This aligns with the company’s general mission to deliver secure, user-friendly, and innovative AML solutions to their clients.
According to SCOPE, before iDenfy, finding a trusted KYC provider was a challenge, especially in the landscape of newly emerging threats, such as mobile application fraud that underscored the need for effective fraud prevention measures.
Innovative fintech solutions
“Together with iDenfy, we highlight our commitment to delivering innovative fintech solutions that meet the evolving needs of compliance-bound entities. The new ID verification solution has already helped us automate client onboarding while focusing on what matters most, compliance and efficiency,” commented Fred van‘t Hoff, CEO at SCOPE.
“SCOPE's dedication to innovative fintech compliance solutions aligns perfectly with our mission. That’s why our team is very excited to support SCOPE’s efforts to mitigate the risk of fraudulent activities through robust practices, including identity verification,” added Domantas Ciulde, the CEO of iDenfy.
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