iDenfy, a fraud prevention startup specializing in identity verification and compliance solutions, announced a new partnership with Florida-based Beyond the Pines Productions, a full-service video production company offering video consulting and equipment rental services. iDenfy's comprehensive ID verification solution will be used for customer onboarding, as it has been seamlessly integrated into the automated rental checkout process.

Implementing an in-person Know Your Customer (KYC) process involves expenses related to physical infrastructure, staff, and administrative tasks. According to iDenfy, calculating the cost of KYC is a complex task involving various factors, such as accounting for the hours spent on manual processes, expenses related to hiring staff, and the cost of compliance tools. For example, Glassdoor data shows that the average annual salary for a compliance specialist is approximately $61,773 per year.

iDenfy suggests solving this challenge by using a remote process, and the company can significantly reduce these operational costs. According to the KYC startup, advanced digital verification technologies use AI and machine learning algorithms to verify the authenticity of documents and detect fraudulent activities in real-time. This leads to minimized manual workloads, time to verify customers, as well as higher accuracy and security compared to manual in-person checks.

However, since the identity verification software market has become more significant than ever, KYC costs aren’t the only challenge companies face. In its search for an ID verification service provider, Beyond the Pines Productions had a specific objective: to develop a remote onboarding process for its equipment rental customers starting from scratch. This goal required finding a solution that wouldn’t make customers abandon the platform while ensuring both security and a frictionless experience. 

Through its collaboration with iDenfy, Beyond the Pines Productions transitioned to a comprehensive remote client verification process. This process now applies to individuals seeking to rent the West Palm Beach studio or engage the company's team for upcoming virtual or corporate projects. As claimed by the company, they opted for iDenfy due to the KYC solution’s ability to simplify our rental process, particularly with the Magic Link feature. According to Beyond the Pines Productions, this tool facilitates a simple and straightforward identification process, aligning perfectly with the company’s needs.

In the context of user experience, a magic link is a URL that instantly verifies a user's identity upon clicking, eliminating the necessity for extra information, passwords, or additional identification steps. iDenfy claims this feature simplifies the integration process because it doesn’t require additional programming. Consequently, instead of generating a distinct link for each customer, Beyond the Pines Productions will send a universal verification link to all its clients. Upon clicking this link, users will be directed to the verification page and proceed with simple verification steps: uploading a government-issued ID photo and a live selfie. 

iDenfy’s KYC software validates a user's physical presence, ensuring that only actual faces – not static photos – are approved during the onboarding process. This mechanism provides Beyond the Pines Productions with confidence that fraudulent attempts to bypass verification will be declined. Collaborating with iDenfy has facilitated a smooth ID verification process, reducing obstacles for Beyond the Pines Productions and allowing quicker customer onboarding. According to the video equipment rental platform, the newly integrated verification solutions align with the expectations of its users, who want a swift process. 

“We wanted the customer onboarding process to be as frictionless as possible, avoiding manual, time-consuming measures. With iDenfy, we’ve automated the KYC process and enhanced our internal email system, where all rentals are easily processed online,” said Dominic Anaya, the CEO of Beyond the Pines Productions. 

Domantas Ciulde, the CEO of iDenfy, added: “We’re glad to assist Beyond  the Pines Productions in speeding up the customer onboarding process and enabling users to complete the verification process safely and timely.”