iDenfy, a Lithuania-based RegTech company offering end-to-end identity verification and anti-fraud solutions, announced joining forces with Kryptowaluty.pl, a prominent Polish fintech best known for its digital asset and currency exchange platform. iDenfy will aim to draw new users to Kryptowaluty.pl with a straightforward onboarding process driven by a fully automated ID verification system.

Since its starting point in 2021, Kryptovaluty.pl changed ownership and management, built a new team, and underwent a rebranding. This move was born out of the global interest in investing in digital assets. Currently, the company juggles both worlds of cryptocurrency and fintech, mainly focusing on the idea that investing in digital assets doesn’t necessarily involve high risk. To cater to beginners, the Kryptowaluty.pl team aims to ensure coverage for a portion or the entirety of potential losses, especially for small investments.

iDenfy emphasizes the importance of surpassing standard compliance requirements in the evolving crypto industry, given regulators' changing comfort levels. Kryptowaluty.pl aligns with this approach, consistently prioritizing a top-notch compliance program for its users. Consequently, acknowledging the stringent regulations within their industry, Kryptowaluty.pl identified the necessity for a stronger Know Your Customer (KYC) solution. Before collaborating with iDenfy, the company also noticed new areas for improvement, particularly in developing a robust anti-money laundering (AML) program, whose first step is to build a KYC flow that does not create unnecessary friction in the customer onboarding process. For this reason, the Polish fintech looked for a new identity verification provider

iDenfy explains that users, especially in the digital asset industry, prefer a seamless verification experience without the need to contact support or undergo the process multiple times. Similarly, Kryptowaluty.pl had the goal of implementing a solution that could balance both security and user experience. iDenfy ticked all of the boxes, exceeding the company’s expectations regarding a fair pricing model and transparent communication during the testing stage. Currently, with iDenfy’s KYC implementation, Kryptowaluty.pl will be able to customize the identity verification process by building different verification flows based on users' risk levels. This way, iDenfy claims that the company will be able to maximize conversation rates while also effectively detecting fraud in real-time. 

According to Kryptowaluty.pl, navigating document types and verification requirements can be challenging due to variations across countries, requiring specialized knowledge and expertise. As the company plans to expand on a global scale, it needed a fully automated, global KYC solution. As a result, this collaboration equips Kryptowaluty.pl with a range of verification options, such as accepting various government-issued ID documents and users' biometric selfie scans, empowering the company to provide greater control over the whole ID verification process. iDenfy claims that this strategic move will benefit Kryptowaluty.pl by onboarding new customers faster and more efficiently and, at the same time, minimizing the workload for internal compliance teams. 

It’s worth mentioning that iDenfy’s identity verification solution was built with the end-user in mind. User interface is designed with user preferences in mind, offering multiple language options and providing guidance throughout the entire process for a seamless experience. According to iDenfy, this integration will not only boost the efficiency of the Kryptowaluty platform but also streamline data management by collecting all data in one location and implementing automated KYC case assignment policies. Furthermore, iDenfy’s ID verification solution will help Kryptowaluty.pl track all actions throughout a user's entire lifecycle, which is a critical aspect for meeting compliance requirements.

"We're excited to team up with Kryptowaluty.pl and help them boost their fraud prevention system. Our goal is to broaden access to a diverse range of data sources, enabling our partner to onboard customers more seamlessly and enhance the efficiency of their internal operations." — commented Domantas Ciulde, the CEO of iDenfy.