Sonect Users will now face onboarding procedures run via iDenfy’s Digital Security Service

Industry: Computer Software/Services

Given Sonect and iDenfy's partnership deal, users of the Sonect fintech services will now be onboarded using IDenfy's ID and document verification service.

Kaunas, Lithuania (PRUnderground) June 11th, 2020

Sonect, the location-based fintech company that democratizes the process of cash distribution to reduce the ‘cost of cash’, has announced its partnership with the digital identity verification service company – iDenfy. Their partnership aims to build a safe network platform that connects people with cash deposits and withdrawals. This makes the financial world smarter, more reliable, and simpler.

Identity theft is a serious issue around the world. Its effect has been felt in several areas of online exchange and dealings. With the heightened activities of fraudsters, it has become imperative for tech companies to ensure that measures are put in place to prevent fraudsters and compliance across jurisdictions. Hence, the recently sealed partnership deal between the fintech company, Sonect, and the online ID verification service provider, iDenfy.

Domantas Ciulde, CEO of iDenfy said “We are thrilled to be in a partnership with Sonect to fight against the fraudsters and help new customers verify their identities quickly and easily. As a result, we will reduce fraud and help to improve the user experience that will prove invaluable to Sonect’s operators looking for ways to adapt to this rapidly evolving environment.” At the same time, Sandipan Chakraborty, CEO at Sonect stated that “This exciting partnership represents an important opportunity for Sonect, paving the way for broader exposure of our platform and further adoption of our services in our domestic market, ahead of our expansion abroad.”

The partnership between iDenfy and Sonect is set to achieve two major goals. The first being the need to run a smooth onboarding process for new users as they verify their identity using their smartphone to scan documents such as passports, IDs, and residence permits in real time. And the second, which is the most pressing of both, is to help reduce the risk of fraud associated with online transactions.

So with the partnership deal, Sonect users will transact without fear of online fraud, will avoid the costly and time-consuming process of manual documentation required for submission and verification, and will be able to access simpler, faster, and more cost-efficient fintech services with smooth onboarding processes.

About Identifikaciniai projektai

iDenfy‘s goal is to turn a customer\\\\’s device into an ID scanning and face recognition system that makes it fast and easy to capture and verify their ID and other credentials to meet KYC and AML requirements. Real-time ID scanning and face verification are applied on websites and mobile applications, helping reduce risk and minimize fraud for online transactions. This enables customers to perform daily operations from their home instead of going to service centers, where a company needs many cost-ineffective employees. Also, it avoids the costly and time-consuming process of manual documentation required for submission and verification.

It was founded in 2016 at Kaunas University Technology Park by two childhood friends. Company in 2018 at Lithuania was awarded as Startup of the Year. iDenfy provides real-time identity verification service for financial, sharing-economy, gambling industries.

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