iDenfy, a Lithuania-based ID verification fraud prevention regulatory company, partnered with O2Factoring, a Dutch-based financial service provider specializing in factoring solutions. The collaboration focuses on integrating advanced identity verification and Anti-Money Laundering (AML) screening solutions to streamline regulatory compliance and deliver a seamless, secure experience for O2Factoring clients.

The financial services industry faces constantly increasing regulatory demands with a global emphasis on stricter compliance measures to combat financial crimes. The United Nations Office on Drugs and Crime (UNODC) estimates that between 2 and 5% of global GDP is laundered each year. This increasing volume of illicit activity has led financial institutions to adopt more robust Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. For O2Factoring, the partnership with iDenfy goes along with its core mission to offer fast, reliable, and secure services tailored to clients' unique financial needs.

O2Factoring’s primary business model revolves around the mission to provide businesses, especially entrepreneurial companies, with immediate cash flow, providing invoices within 24 hours without the burden of lengthy payment terms when dealing with clients as well as handling debtor management. With over 12 years of experience in the industry, O2Factoring understands the importance of quick and secure financial solutions for businesses struggling with delayed payments. 

“As time is a crucial resource for our clients, by using iDenfy’s identity verification and AML tools, we can offer faster services without compromising on security,” commented Igor Meijs, the owner of O2Factoring.

The collaboration with iDenfy’s identity verification and AML screening solutions allows O2Factoring to address several key challenges, including GDPR compliance, identity verification, and AML checks that enable O2Factoring to offer fully digital identification processes together with the enhanced speed and professionalism of its services. 

The partner particularly chose iDenfy because of its flexibility and user-friendly integration of seamless API and the ability to test the services on its own, allowing it to not just meet regulatory requirements with iDenfy but also raise the bar for digital onboarding in the digitized financial services landscape.

The integration of iDenfy’s products ensures that O2Factoring can efficiently onboard clients while conducting thorough background checks. iDenfy guarantees 99% of users' onboarding accuracy and a quick re-verification process if needed to double-check the user. This reduces manual workloads and minimizes potential human errors quicker and more efficiently than ever.

These features ensure that clients are onboarded securely and without delays. In addition, advanced AML screening helps to prevent fraud, identity theft, and other illegal activities by automatically cross-referencing international sanctions lists, adverse media, and other databases. With the ability to proceed real-time checks against global watchlists, O2Factoring is able to meet stringent international regulation that enables a fully digital paperless identification process, enhancing the overall customer experience and professionalism.

Domantas Ciulde, the CEO of iDenfy, noted: “Our goal is to make compliance easier while delivering a seamless user experience. We’re delighted to partner with O2Factoring to help them maintain the highest standards of security in the factoring industry”.

In today's financial landscape, companies are under pressure to adapt to evolving regulatory requirements and technology advancements. A survey of financial institutions found that over 90 percent experienced an increase in compliance costs in the past year, largely driven by new regulatory mandates related to KYC and AML. The partnership with iDenfy allows O2Factoring to stay ahead of security industry trends by leveraging iDenfy’s identity verification technology and AML tools that are adaptable to future regulations.