iDenfy Secures Onboarding for Bitlocus Crypto Exchange

Lithuania-based identity assurance specialist iDenfy has announced a partnership with Bitlocus, a cryptocurrency exchange platform. The collaboration aims to enhance security on the Bitlocus platform by integrating iDenfy’s AI-powered biometric identification software.

The software is designed to streamline the onboarding process for new users and improve compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Bitlocus will use iDenfy’s automated identity verification and screening tools, including checks for Politically Exposed Persons (PEPs) and sanctions lists, to ensure effective risk management.

Bitlocus, established in 2019, offers crypto-to-fiat and decentralized financial services and sought a comprehensive RegTech solution to enhance security and support its growth. According to CEO Andrius Normantas, the solution is already paying off.

“With iDenfy, we already noticed positive changes in our user onboarding process,” he said in a statement. “The ability to quickly and accurately verify our users’ identities allows us to maintain the highest security standards on our platform.”

iDenfy, originally named Identifikaciniai Projektai, was founded in August of 2017 by Domantas Ciulde and Gediminas Ratkevicius in Kaunas. The company’s central idea originated as a solution to combat credit card fraud.

Initially, it developed a basic prototype that could only recognize Lithuanian passports. iDenfy went on to experience rapid growth, expanding from 18 employees in 2018 to 37 by 2021. In 2019, iDenfy saw a nearly 495 percent increase in income, setting the stage for international expansion. The COVID-19 pandemic in 2020 further accelerated demand for its remote identity verification services.

iDenfy has received recognition for its innovations, including Lithuania’s “Startup of the Year” award in 2018 and the Baltic Assembly Prize for innovation in 2021. The company now provides a comprehensive platform that includes fraud prevention tools, compliance services, facial recognition, phone verification, fraud scoring, and AML screening.

–

September 9, 2024 – by the FindBiometrics Editorial Team

Related News

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

Related News

Footer

Follow Us