iDenfy has announced a new partnership with Payset that ensures the payment solution firm will be provided with a ‘fraud-free digital customer experience’ through ID verification. 

iDenfy aims to create a frictionless, four-step identity verification journey for Payset customers. The Lithuania-based company was selected due to the growth of its client base demands that required heightened security measures. 

“As identify verification is a highly important aspect of our business, we needed a partner that could quickly and reliably provide this service,” stated Perry Asforis, CEO of Payset. 

“With iDenfy, we now have a strong understanding of our customers. The user-friendly interface helps us onboard more clients in less time leading to a better customer experience.”

iDenfy notes that the rapid growth of the ecommerce industry has resulted in the accelerated adoption of online payments. According to Statista, ecommerce reached a threshold of 20% of all retail transactions last year, and in turn, larger fraud cases rose too. 

Along with more businesses becoming high-risk fraud victims, iDenfy reveals that more companies must now deal with multi-currencies from international organisations, a challenge that Payset is looking to offset with its multi-currency payment solutions.

Domantas Ciulde, CEO of iDenfy, added: “Having a consistent approach to actually knowing your customers is essential in today’s world. 

“Many businesses are quickly expanding their customer bases, which calls for greater security measures, such as identity verification.” 

As KYC specialists, iDenfy has developed an AI-powered, four-step identity verification model which has an integrated biometric recognition service that detects face masks, spoofing, and deep-fake technology. 

iDenfy tested five million different facial data and found its algorithm has a success rate of 98.4%.