iDenfy Confirms Partnership with GOAT Finance to Provide Identity Verification

  • Digital Identity
  • 14.03.2023 11:15 am

iDenfy, full-stack identity verification, compliance, and fraud prevention startup, announced partnering with GOAT Finance, a Lithuania-based P2P/OTC exchange service provider. From now on, iDenfy’s full-stack solution will help verify GOAT Finance customers and deter fraud in real-time. 

While there’s a narrative about certain obstacles companies face when implementing Know Your Customer (KYC) processes, iDenfy claims that cryptocurrency exchanges, in particular, benefit from regulatory compliance security-wise. Consequently, many crypto businesses protect their users’ accounts and build trust by integrating robust, AI-powered identity verification measures. 

Although the crypto market is known for its anonymous transactions and volatility, implementing KYC measures is vital in promoting growth and stability within the digital landscape. GOAT Finance recognizes the importance of protecting its users and ensuring the security of financial services. As a result, the company has established a long-term business relationship with iDenfy, a full-stack identity verification service provider. Through this partnership, iDenfy will assist GOAT Finance in automating its customer due diligence procedures.

GOAT Finance is a Lithuanian-based exchange created by a team with extensive experience in decentralized and centralized P2P markets. The team's vision is to promote financial freedom and human rights by encouraging the widespread adoption of digital assets as a tool. To achieve this goal, GOAT Finance offers borderless services, making payments to and from the EU more accessible and faster.

Like many other companies, GOAT Finance recognized the importance of increasing customer trust and reducing legal risks. As a result, the company began searching for a reliable KYC/AML service provider. GOAT Finance aimed to avoid complex integration and wanted a user-friendly solution that could help increase conversion rates while ensuring the complete safety of its assets.

Ultimately, GOAT Finance chose iDenfy due to its customizable AI-driven platform and feature-rich offerings. The KYC company is best known for its four-step IDV solution that leverages selfie biometrics to verify users' identities. iDenfy uses liveness detection, which detects and prevents criminals from passing verification using fraudulent methods such as deepfake technology, masks, or fake pictures.

The KYC service provider employs an in-house expert team that double-checks verification results 24/7, ensuring accuracy and preventing fraudulent users from accessing GOAT Finance’s network. The entire process takes less than a minute to complete on GOAT Finance’s platform. 

In addition to identifying its customers, GOAT Finance implemented iDenfy’s AML Screening and Monitoring along with the KYB tool. iDenfy's AML/KYB service package is designed to be user-friendly while maintaining a high level of security. It's aligned with its KYC checks, providing accurate results in seconds. That means GOAT Finance now conducts AML checks and ongoing customer data monitoring, including continuously scanning global sanctions lists, PEP, and adverse media sources.

According to GOAT Finance, the partnership with iDenfy minimizes the workload for its internal compliance officers. The collaboration is also expected to result in more sustainable KYC conversion rates and a higher document acceptance rate for GOAT Finance. It's noteworthy that iDenfy can extract and verify data from over 2,500 identity documents across 190 countries. 

“Our priority is to spread the Bitcoin and blockchain philosophy worldwide. To achieve this goal, we rely on partnerships such as iDenfy.” — said Paul Andres Padilla, the CEO of GOAT Finance. 

“Partnering with GOAT Finance means providing more customers with a secure and seamless onboarding process. We take pride in our partnership with GOAT Finance, a responsible business that places compliance and customer satisfaction at the forefront.” — commented Domantas Ciulde, the CEO of iDenfy. 

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