Pay with Suave Partners with iDenfy to Secure Payments with Identity Verification
- Digital Identity
- 05.01.2023 04:05 pm
The full-stack ID verification, compliance, and fraud prevention startup, iDenfy, announced a new partnership with Pay with Suave, a financial payment technology platform offering its users buy now, pay later services. iDenfy’s verification solution will reduce fraudulent payment attempts while guaranteeing compliance with KYC and AML laws.
Pay with Suave partnered with iDenfy to automate customer onboarding and ensure the safety of all users who select one of its flexible payment plans. iDenfy’s AI-powered identity verification solution currently ensures that all customers using the Suave app are legitimate, while its AML services eliminate the chances of fraudulent transactions.
According to Pay with Suave’s officials, iDenfy was able to offer both identity verification and anti-money laundering solutions, helping scan and monitor customers through multiple sanctions lists, PEPs, and global watchlists in one platform. The startup’s feature-rich background in complete fraud prevention services influenced the financial business to seal the partnership deal.
By collaborating with iDenfy, Pay with Suave can concentrate and spend more time on other business operations. At the same time, the KYC/AML service provider ensures that only trusted customers get access to the buy now, pay later payment options. Additionally, iDenfy’s AML Screening and Monitoring services help detect fraudulent activity not only at the customer onboarding stage but also throughout the whole customer journey.
As claimed by Pay with Suave, iDenfy’s continuous customer monitoring provides the needed confidence, helping build a trusted relationship with the growing customer base. AI-powered algorithms automatically alert Pay with Suave and send real-time notifications if any suspicious activity is detected. The automation technology helps Pay with Suave’s internal compliance team save time, making it easy to filter and keep track of data records in a single dashboard.
According to iDenfy, its AI-powered solutions minimize human error, which is an essential for keeping high accuracy rates, especially during the customer identity verification process. Currently, iDenfy’s verification success rate is 98%, helping increase conversion rates and maintain a hassle-free onboarding process for the Suave app users.
With the new partnership, iDenfy concentrates on maintaining a simple, user-friendly interface for those who are in need of verification. At the moment, it takes a few steps to complete the verification for Pay with Suave’s customers. The user must select their document type and issuing country, then upload a photo. iDenfy’s software extracts the data from the ID document in seconds, leaving fraudulent users with fake or stolen documents behind.
Pay with Suave’s official claim that they’ve already noticed positive changes after joining forces with iDenfy. The flexible payment provider can now accept more new applicants in less time. At the same time, Pay with Suave claims to have minimized the rate of fraudulent transactions, which, according to the company, is a result of the new, robust ID verification solution.
“Finding new ways to ensure customer satisfaction during identity verification while preventing fraudulent payments is vital for any business. We’re proud to partner with Pay with Suave and help them ensure the highest level of security and automated compliance,” — said Domantas Ciulde, the CEO of iDenfy.