iDenfy, a Lithuania-based RegTech company, best known for its identity verification services, partnered with Archway.Finance, a Bulgaria-based fiat-to-crypto payment gateway specializing in business payments, cross-border transactions, and international payments. iDenfy will address Archway.Finance's KYC, KYB, and AML compliance needs, ensuring secure and compliant transactions.

From an anti-money laundering (AML) compliance perspective, regulatory requirements for virtual assets are essentially identical to those for fiat currency and tangible assets. iDenfy explains that today, virtual assets are widely used for transferring and storing value, partly due to the perception that they facilitate anonymity in transactions. Despite that, this level of anonymity can be advantageous for individuals with criminal intent. 

According to a FATF report, 75% of jurisdictions either partially or fully fail to comply with AML standards for virtual assets. iDenfy asserts that the complexity is heightened by diverse jurisdictional rules from multiple regulatory authorities governing crypto and virtual assets. For global businesses managing extensive international transactions, a robust, global RegTech solution is essential to ensure effective fraud prevention practices.

As a regulated European entity engaged in high-risk transactional business related to cryptocurrency, Archway.Finance also emphasizes the importance of maintaining peak compliance levels. The company acts as a crucial intermediary in the dynamic crypto environment, facilitating smooth fiat-to-crypto business transactions for freelancers, suppliers, and contractors. Archway.Finance guarantees that all its customers promptly access their hard-earned funds, eliminating unnecessary delays and empowering them to take control of their financial journey.

According to Archway.Finance, the growing trend towards decentralized finance and crypto adoption, and the current lag in regulations and banking structures, its services are essential, operating with a 2% fee model for any transaction level — currently, Archway.Finance's goal is to lead in business payment processing at the intersection of crypto and fiat. 

The company aims to globalize payments and surpass the constraints of the traditional banking system in cross-border payments while maintaining high user experience and compliance standards. With that in mind, the partnership with iDenfy has facilitated the optimization of identity verification processes for Archway.Finance, enhancing the customer experience in global payment processing and business payments. 

According to iDenfy, numerous internal compliance teams and KYC agents regularly encounter a significant influx of documents, leading to drop-offs and a suboptimal user experience. KYC professionals argue that manual identity verification processes fall short of providing the same level of user experience as AI-powered software. Archway.Finance aligns with this perspective, arguing that the main objective is to simplify the verification process and enhance the overall user experience for their clients.

As a result, Archway.Finance opted for iDenfy over other providers due to the optimal integration within their product and the comprehensive range of services offered. The seamless integration with Archway.Finance’s core back-office system and white-label services were crucial factors in selecting iDenfy for their AML compliance program. iDenfy's ID verification solutions, including AI-powered KYC services for individuals, KYB for company checks, and AML screening, along with daily tracking of business Ultimate Beneficial Owners (UBOs), proved to be instrumental in meeting Archway.Finance's compliance requirements. 

Currently, Archway.Finance’s customer onboarding, both for individual and corporate clients, involves a few simple steps, and iDenfy has played a key role in streamlining this process. The result is a secure and smooth verification journey, enhanced by 3D liveness detection technology. Additionally, the company can now perform automated AML checks, significantly reducing the time spent cross-referencing Politically Exposed Persons (PEPs) lists, sanctions lists, and global watchlists. This proactive approach enables Archway.Finance to ensure secure user journeys, minimize risks, and expedite the verification of trusted customers — all without adding unnecessary complications to the verification processes.

"This wouldn’t be possible with manual compliance operations. We believe that our partnership with Archway.Finance will empower the company to sustain its growth across all markets without compromising the quality or security of its services.” — stated Domantas Ciulde, the CEO of iDenfy.

“We aim to enable honest individuals to receive fast and cost-effective international payments, mitigating cross-border money laundering fraud. A vital component that helps achieve this goal is iDenfy’s identity verification, business verification, and AML tools.” — commented Anton Titov, the CEO of Archway.Finance.