The global identity verification and compliance tools provider, iDenfy, struck a new deal with CoinBeam, the digital banking platform, helping banks, credit unions, and financials to generate revenue in cryptocurrency. With the goal of enhancing security, iDenfy will be responsible for the crypto platform’s identity verification process. 

Countries are introducing new regulatory requirements for digital assets. Still, despite the efforts, even traditional financial institutions are struggling to find effective Know Your Customer (KYC) solutions to meet the growing compliance needs. As for some cryptocurrency players, according to iDenfy, regulatory requirements are still unexplored territory.

Recently, McKinsey shared numbers on non-compliance costs in the traditional equity markets, stressing that on the first day when a regulatory fine is publicized, on average, stock values drop by -5.5%. In the meantime, the crypto market loss number reaches -50%. However, iDenfy argues that fines aren’t the main factor pushing businesses to integrate digital ID verification processes.

With an established in-house team of KYC experts and fully automated software, iDenfy claims to guarantee a secure and effective onboarding for the crypto industry. The newest addition to join iDenfy’s partners’ list became CoinBeam. The company operates in the financial sector, offering a multi-functional crypto platform where banks can benefit from blockchain technologies by providing their clients with a seamless, white-label wallet experience. The platform monitors assets under management (AUM) and identifies business insights, allowing users to hold, send, buy and sell cryptocurrency. 

CoinBeam’s goal is to reach a global audience more efficiently and reach more traffic exposure while keeping its customers secure. This is where iDenfy assists the crypto platform. iDenfy’s AI-powered biometric identity verification solution helps CoinBeam meet growing regulatory demands. The four-step user-friendly process is backed with advanced face recognition algorithms, which means that iDenfy’s software automatically rejects fraudulent attempts to pass the verification using 3D masks or deepfake technology. 

According to CoinBeam, the company searched for a scalable and flexible verification solution. iDenfy made the final decision due to its pricing model, where businesses don’t need to pay for denied or unsuccessful verification. On top of that, according to CoinBeam, an advantage on iDenfy’s part is its KYC expert team. The professional data reviewers check each verification result manually to spot potential fraud attempts and remove any inconsistencies. 

“iDenfy has a complete solution including identity verification,  human supervision, and AML functionality. We value iDenfy’s flexibility and trust our new partner to ensure compliance and help us onboard more customers faster.” — stated Javier Díaz, the CPO of CoinBeam. 

“Our team is happy about the new partnership. We seek to improve trust and help our partners build trusted relationships with their customers. It’s essential to ensure compliance. If you fail to stick to regulations, you risk losing your operating license, not to mention having to pay enormous fines.” — explained Domantas Ciulde, the CEO of iDenfy.