US and Lithuania-based compliance specialists, A.ID, has strengthened its global presence through a new collaboration with identity verification and proxy detection service provider iDenfy.
The link serves to further enhance the focus on high risk industries, providing a platform that is tailored for the higher-risk segments of the financial market.
Justinas Kaminskas, CEO of A.ID Europe, UAB, commented: “The main reason we chose iDenfy as IDV provider for A.ID is their attention to the customer’s needs. Before choosing iDenfy, we have tested many providers, but only a few responded to our feedback and were willing to improve their solutions. Prompt response from iDenfy every step in the customer journey helped us make the decision to choose them.”
As the impact of fraud continues to grow, KYB and KYC strategies are becoming increasingly vital in new emerging markets and established banking markets.
Regulations oblige various companies to pay heightened attention to who they’re doing business with, and failure to adhere to the guidelines may result in significant fines.
Additionally, society as a whole has become more aware of frauds in the system – the negligence of corporations often results in the loss of trust and reputation. Furthermore, organisations themselves often prioritise the validity and security of their clients’ data.
A.ID, a company working in the anti-money laundering industry, has set out to make compliance easily accessible and reliable for industries adhering to regulations.
“I can see a lot of overlap between iDenfy’s and A.ID’s values and missions. It’s a great pleasure to become partners with them. Together we can help companies fight fraud and comply with regulations much easier – which is a task becoming more vital by the day,” added Domantas Ciulde, CEO of iDenfy.