Paystrax has integrated iDenfy’s full-stack identity verification solution.

Lithuania-based RegTech company, iDenfy, have partnered with PAYSTRAX, a Financial Technology company, to provide their customers with a secure and reliable online transaction experience. As the demand for efficient identity verification solutions in the digital space increases, iDenfy’s ID verification software will meet the evolving needs of PAYSTRAX customers.

PAYSTRAX invested in efficient governance infrastructure, risk management, and Anti-Money Laundering (AML) compliance tools to continue automating their payment systems. To achieve this, they began looking for a reputable KYC solution that could assist them in scaling and streamlining their internal compliance workflow. After careful consideration, PAYSTRAX selected iDenfy for their 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. iDenfy’s verification software prevents the use of fake images, 3D masks, and other counterfeit renderings during the verification process. By implementing this, PAYSTRAX can streamline their operations, efficiently onboard new customers, and expedite their identity verification workflow process.

Jóhannes Ingi Kolbeinsson, the CEO and Co-Founder of PAYSTRAX, commented: “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, iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.

Today, iDenfy and PAYSTRAX have announced their partnership to ensure secure and reliable online transactions for PAYSTRAX customers. With this new partnership, PAYSTRAX can streamline their operations, onboard customers efficiently, and expedite the identity verification process with iDenfy’s verification software.

Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.

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