iDenfy Provides Biometric Onboarding for Clearshift Money Transfer Service

Another international money transfer service is turning to iDenfy for secure onboarding and identity verification. In that regard, iDenfy has agreed to provide remote onboarding technology for Clearshift, which specializes in low-cost currency exchanges and money transfers across national borders.

The partnership will allow Clearshift users to sign up for an account remotely, with only a selfie and a picture of a photo ID. iDenfy’s solution uses document recognition to confirm the authenticity of the ID, and then uses facial recognition to match the selfie to the image on the document itself. The platform also uses liveness detection to ensure that the document holder is present for the interaction.

Clearshift is hoping that the solution will help prevent fraud and money laundering, while at the same time delivering a better overall experience for legitimate customers. The entire onboarding process can be completed in only a few minutes, with technology that is compliant with the latest financial regulations in the European Union.

“We believe that iDenfy will increase our onboarding success rate while increasing our clients’ trust in technology,” said Clearshift Deputy CEO Vytenis Pinaitis. “The partnership means that Clearshift will be able to simplify identification verification for our clients while reducing fraud. Using iDenfy is a win-win from both a regulatory and customer satisfaction perspective.”

“Our identity verification will enable their clients to feel secure in their activities with Clearshift,” added iDenfy CEO Domantas Ciulde. “The overall process will be simplified with our technology, making onboarding more convenient and successful.”

iDenfy has previously provided similar onboarding services for KogoPAY and Pan Pay. The former allows users to transfer money in multiple currencies, while the latter is using iDenfy’s tech to make it easier for European customers do business with China. DSBC Financial and the Emirex and Impily cryptocurrency exchanges are some of iDenfy’s other recent customers in the financial sector.

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June 29, 2021 – by Eric Weiss

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