iDenfy’s KYC/KYB software will ensure a smooth onboarding process while securing the cryptocurrency platform
Kaunas, Lithuania (Jul 4, 2023) — iDenfy, the full-stack identity verification, and fraud prevention company, announced joining forces with Mountain Wolf, the international cryptocurrency asset and digital payment service provider. iDenfy will assist Mountain Wolf in adapting to shifting regulations while ensuring a seamless onboarding experience for its customers.
As the world rapidly embraces digital currencies and decentralized financial systems, ensuring the integrity and security of transactions has become increasingly crucial. In this context, according to iDenfy, Know Your Customer (KYC) and Know Your Business (KYB) processes play a crucial role in safeguarding the cryptocurrency and digital payments sphere.
The biggest challenge from the end-user perspective is the desire for a smooth and hassle-free account onboarding process. According to iDenfy, customers expect to use crypto platforms quickly and easily without extensive verification procedures. Consequently, striking the right balance between enhancing user experience and ensuring security can be complex for companies.
As claimed by Mountain Wolf, finding the delicate balance between user experience and security is crucial for the growth and widespread adoption of cryptocurrencies and digital payments. Mountain Wolf claims that its users must trust the platform they engage with, and as a transparent business, they must prioritize security to prevent fraud and illegal activities.
To address this challenge, Mountain Wolf searched for innovative solutions that streamline the identity verification process without compromising user experience or security. By partnering with iDenfy and leveraging its advanced KYC/KYB technologies, Mountain Wolf will create a smoother customer onboarding experience while maintaining the necessary compliance checks and balances to protect its profits.
Mountain Wolf supports more than 90,000 private and corporate clients and is now growing at a pace of 200 clients daily. The company’s primary focus lies in facilitating digital and cryptocurrency transfers and virtual exchanges. By investing in iDenfy’s solutions, Mountain Wolf aims to create a more accessible and trustworthy ecosystem for all users.
The partnership with iDenfy enabled Mountain Wolf to automate customer onboarding with minimal friction while adhering to Anti-Money Laundering (AML) regulations. Currently, the crypto platform remotely onboards clients, leveraging advanced biometric technology for ID verification that can be conducted anytime and anywhere. iDenfy provides real-time results, encompassing AML checks against politically exposed persons (PEPs) and sanctions. As a result, this automation expedites the KYC onboarding process, enabling Mountain Wolf to increase conversions and maintain a competitive edge.
Besides regulatory requirements, iDenfy’s Business Verification solution will assist Mountain Wolf by safeguarding the company, assets, and reputation. According to iDenfy, whether dealing with individual or corporate customers, understanding their backgrounds is vital for fraud prevention, especially in the realm of cryptocurrencies. Switching to an automated solution will help Mountain Wolf’s internal compliance team save time, minimizing the manual workload associated with checking multiple global sanctions lists and databases.
“iDenfy’s identity verification solution, along with built-in AML screening services and business verification checks for our corporate clients, helps us ensure a seamless user experience and effectively detect and prevent fraudulent activities on a large scale. With this partnership, we can maintain compliance and meet the expectations of modern online traders,” — said Marina Kapustina, AML and Compliance Lawyer of Mountain Wolf.
“Manual approaches to verification are notorious for being time-consuming, often stretching over weeks or even months, especially concerning KYB processes. We’re glad to partner with a responsible company, Mountain Wolf, that chooses faster, simpler, and more efficient ways to ensure regulatory compliance,” — explained Domantas Ciulde, the CEO of iDenfy.
About iDenfy
iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.
For more information and business inquiries, please visit www.idenfy.com.
Contact:
Eva Azaraviciute
Phone: +37066673822
Email: eva.azaraviciute@idenfy.com
