PSP NomadRem taps regtech iDenfy for ID verification and AML screening
NomadRem has tapped the fraud prevention and ID verification regtech start-up iDenfy to enhance its customer onboarding processes.
NomadRem taps iDenfy for KYC and AML solutions
As part of this intended enhancement, the payment service provider, which is based in Lithuania, is to deploy the regtech’s identity verification and anti-money laundering (AML) screening solutions to ensure the accuracy and integrity of its remittance service.
Its selection appears to be partially driven by the “critical requirement” for “seamless integration” with its core banking back-office system and white-label web services.
While admitting that its current user registration process involves “a few simple steps”, NomadRem says its partnership with the regtech and its know-your-customer (KYC) software has “helped streamline this process”, backed by its partner’s 3D liveness detection technology.
In addition to this, the payment service provider also attributes iDenfy’s software in enabling it to create “customised workflows” that can be tailored to individual countries and customer segments – extending to AML screening, sanctions, politically exposed persons (PEPs), and global and local watchlists.
iDenfy’s KYC software is most noted for its ability to spot deepfakes and other masking technologies that would otherwise undermine the verification and onboarding process, and claims to be compatible with over 3,000 documents types. Additionally, the regtech performs ID verification manually to ensure the accuracy of its results.
iDenfy’s CEO, Domantas Ciulde, recognises security, compliance and simplicity as “critical” for payment service providers, and says that the regtech’s newfound partnership with NomadRem will “minimise unnecessary friction” during the verification process.
The regtech announced a similar integration with Lithuania’s Finora Bank, which sought to mitigate fraud risks and benefit from “detailed real-time insights” into its financial operations, in January of this year.
