Kaunas, Lithuania, Dec 27, 2024/PRNewswire/ — iDenfy, a Lithuania-based provider of ID verification and fraud prevention solutions, has partnered with AREA42, a leading TradeTech innovation ecosystem. This alliance aims to strengthen the security and efficiency of the user onboarding process for AREA42’s platform, ensuring a seamless and secure experience for businesses across global markets.
The rising threat of identity fraud, particularly in the financial sector, has prompted businesses to adopt advanced verification systems. In 2023, the European Commission reported that financial irregularities cost €1.2 billion, underlining the need for strong security measures. With fraud prevention as a key concern, iDenfy’s solutions offer businesses a reliable way to mitigate risks and comply with regulatory standards.
AREA42 specializes in TradeTech, a division of FinTech focused on improving B2B trade. The company develops customer-centric solutions that streamline trade processes and enhance financial security for European businesses. These innovations include supplier purchase order financing and “Buy Now, Pay Later” options for marketplaces and e-commerce.
iDenfy’s biometric identity verification system, which includes advanced 3D liveness detection, will now be included into AREA42’s platform. This system aims to detect and prevent fraudulent activities such as identity theft, including emerging threats from generative AI and deepfakes. With this integration, AREA42 can provide real-time approvals and ensure its platform remains compliant with industry standards.
According to iDenfy’s CEO, the partnership will enhance security while also improving the user experience. By implementing this new solution, AREA42 will be able to stay ahead of rising fraud trends and speed up onboarding processes, which are critical for TradeTech solutions.
The Head of AREA42 highlighted the importance of balancing security with usability. This cooperation will allow AREA42 to maintain a user-friendly platform while ensuring the highest fraud prevention standards. The goal is to set a new benchmark for the industry in terms of accessibility and security.
The partnership also integrates iDenfy’s Know Your Customer (KYC) system, which supports verification of over 3,000 types of identity documents from more than 200 countries. This provides AREA42 with the global reach necessary to serve a diverse international client base.
iDenfy’s solution also offers detailed data logs, which facilitate recordkeeping and auditing, essential for businesses managing compliance. This is particularly relevant in industries where regulatory scrutiny is high, and transparency is crucial.
With this collaboration, AREA42 aims to further enhance its suite of B2B trade solutions, including GrowKap, a platform designed to provide growing companies with the tools they need to succeed in an increasingly digital world. iDenfy’s solutions will support AREA42 in offering a secure, user-friendly environment while addressing trade challenges in a globalized market.
iDenfy’s leadership in the identity verification space has been recognized through several industry awards in 2024, including being named the best FinTech startup in 2020. Its solutions have been praised for their ease of implementation and scalability, making it a key player in the fraud prevention industry.
For AREA42, this partnership is a crucial step toward revolutionizing the trade industry, providing businesses with the security and efficiency they need to thrive in a digital economy. The collaboration highlights the power of advanced identity verification in transforming industries and ensuring trust in the global trade environment.
About iDenfy
iDenfy is a platform that offers identity verification services and fraud prevention tools, ensuring Anti-Money Laundering (AML), Know Your Customer (KYC), and Know Your Business (KYB) compliance for businesses of all sizes. The rapidly growing company was named the best FinTech startup in 2020 and was featured in G2’s Winter 2024 report as one of the leading identity verification solutions in the market, also earning recognition as the best AML software provider. With its innovative, user-centric solutions, iDenfy continues to lead the industry in providing scalable, effective, and customer-friendly tools for businesses worldwide.
For more information and business inquiries, please visit: www.idenfy.com | Email: [email protected]
