Vilnius, Lithuania – October 2024
In a strategic move to enhance financial security and streamline compliance processes, iDenfy, a leading ID verification and fraud prevention company based in Lithuania, has partnered with O2Factoring, a Dutch financial service provider specializing in factoring solutions. This collaboration aims to integrate advanced identity verification and Anti-Money Laundering (AML) screening technologies, offering a more secure and efficient onboarding experience for O2Factoring’s clients.
The financial services sector is under increasing pressure to adhere to stringent regulatory standards aimed at combating financial crimes. According to the United Nations Office on Drugs and Crime (UNODC), an estimated 2 to 5% of global GDP is laundered annually. This alarming statistic has driven financial institutions to adopt more robust Know Your Customer (KYC) and AML protocols to mitigate risks associated with illicit activities.
O2Factoring’s partnership with iDenfy aligns with its mission to provide fast, reliable, and secure financial solutions tailored to the unique needs of entrepreneurial businesses. With over twelve years of experience, O2Factoring excels in offering immediate cash flow by providing invoices within 24 hours, alleviating the burden of lengthy payment terms and managing debtor relationships effectively.
“As time is a crucial resource for our clients, using iDenfy’s identity verification and AML tools allows us to offer faster services without compromising on security,” said Igor Meijs, the owner of O2Factoring. This partnership addresses key challenges such as GDPR compliance, identity verification, and AML checks, enabling O2Factoring to offer fully digital identification processes that enhance both speed and professionalism.
iDenfy was chosen for its flexible and user-friendly API integration, which allows O2Factoring to not only meet current regulatory requirements but also set higher standards for digital onboarding in the evolving financial landscape. The integration ensures efficient client onboarding with thorough background checks, boasting a 99% accuracy rate in user verification and a swift re-verification process when necessary. This reduces manual workloads and minimizes potential human errors, ensuring a secure and seamless client experience.
Advanced AML screening capabilities provided by iDenfy help prevent fraud, identity theft, and other illegal activities by automatically cross-referencing international sanctions lists, adverse media, and other critical databases. Real-time checks against global watchlists enable O2Factoring to comply with stringent international regulations, facilitating a fully digital, paperless identification process that enhances customer satisfaction and operational professionalism.
Domantas Ciulde, CEO of iDenfy, stated, “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.”
As the financial landscape continues to evolve with increasing regulatory demands and technological advancements, companies like O2Factoring must stay ahead by leveraging cutting-edge solutions. A recent survey of financial institutions revealed that over 90% have experienced an increase in compliance costs in the past year, primarily due to new KYC and AML mandates. The partnership with iDenfy positions O2Factoring to not only manage these costs effectively but also adapt to future regulatory changes with ease.
About iDenfy
iDenfy is a premier platform offering identity verification services and fraud prevention tools, ensuring AML, KYC, and KYB compliance for businesses of all sizes. Recognized as the best Fintech Startup in 2020, iDenfy was recently featured in G2’s Autumn 2024 report as the leading identity verification software. For more information, visit www.idenfy.com.