NomadRem, a payment service provider based in Lithuania, is partnering with regtech start-up iDenfy to enhance its customer onboarding processes, with a focus on identity verification and anti-money laundering (AML) screening.
NomadRem aims to ensure the accuracy and integrity of its remittance service by deploying iDenfy’s identity verification and AML screening solutions. The partnership was driven in part by the need for “seamless integration” with NomadRem’s core banking back-office system and white-label web services.
While NomadRem acknowledges that its current user registration process involves “a few simple steps,” the collaboration with iDenfy and its KYC (know-your-customer) software has streamlined this process, aided by iDenfy’s 3D liveness detection technology.
Furthermore, the payment service provider credits iDenfy’s software for enabling the creation of “customized workflows” that can be tailored to individual countries and customer segments. This includes AML screening, sanctions checks, politically exposed persons (PEPs) screening, and monitoring global and local watchlists.
iDenfy’s KYC software is known for its ability to detect deepfakes and other masking technologies that could undermine the verification and onboarding process. It claims to be compatible with over 3,000 document types and conducts manual ID verification to ensure accuracy.
iDenfy also announced a similar integration with Lithuania’s Finora Bank earlier in the year, with the aim of mitigating fraud risks and gaining “detailed real-time insights” into financial operations.
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