iDenfy’s full-stack identity verification secures digital loans for Credex

The AI-driven ID verification will ensure a secure environment for digital lending services

The global fully automated identity verification and fraud prevention business, iDenfy, started the collaboration with Credex,  the automated lending platform for point-of-sales financing. iDenfy’s four-step ID verification will help Credex onboard customers in a safe and secure manner.

Over the last few years of the pandemic, with people prioritizing digital over physical, online channels have been opening opportunities for a more pleasant customer experience. With the adoption of the new environment, cybercrime numbers went up.

According to the National Council of Identity Theft Protection, due to the digitalization of monetary transactions, on average, there’s now an identity theft every 14 seconds. Many organizations are choosing AI-powered tools to tackle this issue, protect themselves from fraudsters using fake identities or potential data breaches, and overall, deliver a better crisis management service.

With the goal to secure high-value transactions and provide a smooth experience for the growing circle of customers, Credex, an online loan platform, started to look for new end-to-end ID verification partners and found iDenfy.

Credex offers in-store services as well as online loan options with the ability to conveniently complete the entire borrowing process remotely. According to the financial institution, providing loans using a digital stream along with a human approach is part of Credex’s 100,000 clients’ success.

iDenfy assists companies in delivering seamless customer experiences. By meeting regulatory standards, iDenfy’s four-step identity verification minimizes the risks of fraud, detects suspicious identities from more than 200 countries and locations in less than a minute.

The Know Your Customer (KYC) experts’ AI-enabled 3D liveness check ensures that the user is physically present during the verification process; this way disables chances of phishing attacks in real-time. iDenfy’s pay-per-successful-verification-only business model helps optimize its partner’s budget.

The partnership set iDenfy’s full-stack ID verification service across Credex’s lending platform, helping to scale its services swiftly. By enhancing the workflow of the KYC journey, according to Credex, iDenfy’s solution increased its customers’ satisfaction and pushed more customers to download its mobile application.

Traian Baicu, General Director at Credex, comments: “By combining our strengths with iDenfy, we are able to adapt cost-effective and efficient internal processes, which also lead to a smoother customer experience. As we continue to increase our lending volumes, we’re happy to collaborate with iDenfy; together, we’ll provide secure services in compliance with all regulatory requirements.”

“We’re delighted to partner with Credex, an innovative business that prioritizes security. Our goal is to help partners enable a more efficient KYC process as well as ensure complete customer satisfaction and protection.” — notes Domantas Ciulde, the CEO of iDenfy.