iDenfy, a Lithuanian-based RegTech and identity verification company, announced a partnership with FinCause, a newly launched electronic money institution (EMI) regulated by the Bank of Lithuania. Through this collaboration, iDenfy aims to automate FinCause’s Know Your Customer (KYC) process, ensuring more conversions through a simple, four-step verification process for B2B clients across the European Economic Area (EEA) and Asian companies operating in EEA.

FinCause, specializes in offering payment accounts and related services to manufacturers and retailers in the European Economic Area (EEA), as well as Asian companies operating in EEA. As a new EMI, FinCause is committed to providing reliable, secure payment services and to differentiate itself through its strong focus on regulatory compliance and customer support. This goal influenced FinCause to look for a RegTech service provider that could elevate its user registration process — both to ensure a compliant KYC flow and guarantee that the company converts more users in less time — all without compromising on the fraud prevention aspect of it. 

As claimed by iDenfy, fraud is evolving, and bad actors are using more sophisticated techniques for their schemes, including advancements like generative AI. According to the Nasdaq Verafin 2024 global financial crime report, with global financial fraud scams and bank fraud schemes amounting to a projected $485.6B this year, the need to secure customer identity is more critical than ever. iDenfy claims that ID verification is the first line of defense in this sense, helping prevent fraudulent activities such as money laundering, account takeovers, unauthorized access, and identity theft. By ensuring that only legitimate users access our services, this partnership helps to minimize the risk of financial losses and protect FinCause customers' sensitive data.

Consequently, FinCause selected iDenfy over other providers due to its flexibility and deep expertise in regulatory compliance. With over seven years of successful experience specializing in identity verification, iDenfy has demonstrated a unique ability to offer solutions that are specifically tailored to the financial sector. Their cutting-edge identity verification software incorporates the latest international compliance standards, making them the ideal partner for FinCause's customer onboarding activities. This partnership allows FinCause to overcome geographical limitations by seamlessly onboarding clients from different regions, while ensuring that they meet the stringent regulatory requirements necessary for global transactions.

Currently, FinCause uses iDenfy’s biometric identity verification, which now helps them to automatically recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories, including passports, ID cards, licenses, and permits. The advanced biometric and face recognition algorithms used by iDenfy verify which faces are real and prevent the use of photos, 3D masks, and other fakes. Additionally, three-dimensional face maps provide robust methods for user authentication and login. 

Integrating iDenfy's solution can resolve significant issues for Fincause’s international users as well as meeting regulatory compliance. Together with 24/7 manual verification review checks, iDenfy is guaranteeing 99% of users onboarding accuracy and a quick re-verification process if needed to double check the user. These features ensure that clients are onboarded securely and without delay, which is a critical requirement for FinCause’s global B2B operations. 

This partnership positions FinCause as a reliable provider of international financial services, especially in an industry where trust and security are paramount. FinCause’s primary goal is to provide dependable, secure payment services to its B2B clients. By partnering with iDenfy, the company ensures a robust fraud prevention system, risk management, and full regulatory compliance. As FinCause continues to grow, it plans to integrate additional tools from iDenfy to further bolster its compliance and security measures.

“We’re excited to partner with iDenfy because their flexible, robust identity verification solutions fit perfectly with our goals as a growing electronic money institution,” said Vitalij Bedugnis, the CEO of FinCause.

“We’re thrilled to support FinCause in their mission to offer secure, global payment solutions. Our identity verification services will play a key role in ensuring their clients’ onboarding process is secure, compliant, and efficient,” said Domantas Ciulde, the CEO of iDenfy,