PAYSTRAX Teams Up with iDenfy to Provide Comprehensive Identity Verification

Last Updated on: 22nd November 2023, 09:06 am

iDenfy, a Lithuania-based RegTech company providing verification and fraud prevention solutions, has partnered with PAYSTRAX, a Financial Technology company offering European merchants various state-of-the-art solutions dedicated to their payment card transaction needs.

The aim of the partnership is to meet the growing demand for secure and reliable online transactions and offer customers a smooth onboarding process. PAYSTRAX has invested in efficient governance infrastructure, risk management, or Anti-Money Laundering (AML) compliance tools and is now looking to scale and automate their payment systems.

iDenfy’s identity verification software was selected by PAYSTRAX due to its wide document range, expertise in compliance, reliability, and customer support. iDenfy’s responsibility is to detect the type of identity document and verify its validity and visual authenticity, while preventing the use of fake images, 3D masks, and other counterfeit renderings during the verification process.

PAYSTRAX’s objective was to deliver a best-in-class sign-up process for its customers, and with the implementation of iDenfy’s technology, the company will be able to streamline its operations, efficiently onboard new customers, and expedite the entire identity verification workflow process.

Jóhannes Ingi Kolbeinsson, the CEO and Co-Founder of PAYSTRAX, said: “By selecting iDenfy as our identity verification partner, we’re confident that we have made the best choice to ensure our verification processes’ security, accuracy, and efficiency.”

Domantas Ciulde, the CEO of iDenfy, added: “The fintech sector is revolutionizing cross-border money transfers, prioritizing customers as individuals. Our partnership with PAYSTRAX exemplifies how we can achieve a balance between robust identity verification and a frictionless experience, positively impacting the company’s growth.”

Recognized as a leading identity verification software in G2’s Winter 2023 report, and winning the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards, iDenfy provides AML, KYC, and KYB compliance solutions to businesses of all sizes.

On Thursday 27 July, 2023, iDenfy announced its partnership with PAYSTRAX, with the aim of meeting the growing demand for secure and reliable online transactions and offering customers a smooth onboarding process.

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