Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

iDenfy partnered with SupplierPlus to battle fraud with AML Screening and Monitoring services

iDenfy’s AML services will ensure compliance while helping detect fraud at every stage of the customer’s journey.

The AI-based ID verification and fraud prevention startup, iDenfy, announced uniting with SupplierPlus, the fintech that helps simplify invoice financing between buyers, suppliers and banks. iDenfy’s AML Screening and Monitoring solution kit will automate compliance and ensure a smooth customer onboarding process for SupplierPlus.

The Financial Action Task Force (FATF) claims that criminals launder USD 281 billion each year, often by using shell company schemes and trade-based fraud. At the same time, according to iDenfy, regulations are getting more complicated, creating new challenges for regulated entities. To ensure compliance, prevent fraud and help companies detect attempts of illegitimate transactions, iDenfy recommends following a strict fraud prevention program, which requires AI-powered anti-money laundering (AML) solutions.

SupplierPlus agrees with this approach and decided to extend the scope of its fraud prevention system by partnering with iDenfy. Consequently, the company decided to automate and simplify compliance by trusting iDenfy to carry out screening and monitoring to prevent illicit activities. The fintech is now using iDenfy's AML Screening services, both during the onboarding of new clients as well as for compliance monitoring.

SupplierPlus is a buyer-led Supply Chain Finance (SCF) platform that enables corporate buyers to release working capital from optimal payment terms while accelerating their suppliers' cash flows. In other words, the company simplifies invoice financing between buyers, suppliers, and financiers. The multi-bank platform allows a larger buyer to finance its entire supply chain: buyers can improve their terms and pricing while the suppliers can get paid early.

Currently, iDenfy specializes in helping other organizations, including its new partner, meet AML and Know Your Customer (KYC) requirements without creating friction and compromising user experience. As a business focused on global markets, SupplierPlus saw great value in efficiency. According to the company, with iDenfy’s automated AML checks and machine-translated Adverse Media monitoring, the fintech now monitors cross-border clients more efficiently.

iDenfy’s experts explain that Adverse Media checks help optimize and build robust AML compliance while automatically detecting high-risk entities. As a result, the newly implemented AML screening solution scans and monitors multiple international databases to help detect a person’s or a company’s involvement in criminal activities. iDenfy’s algorithms review data in real-time, flagging any inconsistencies and alerting SupplierPlus through notifications in case the system detects any pattern of suspicious activity.

“We are focused on international expansion and the diversification of our services. To achieve this goal, we wanted to find a trustworthy compliance partner. We appreciate the new partnership with iDenfy. The automated AML checks provide the needed assurance and guarantee security for our network.” — commented Uve Poom, COO of SupplierPlus.

“iDenfy is happy to collaborate with SupplierPlus. Our team believes that closing the security gap with robust AML compliance tools is essential in today’s digital age, not only for regulatory obligations but for ensuring your company’s operational efficiency. We’re glad to partner with an organization with a similar approach to fraud prevention.” — noted Domantas Ciulde, CEO of iDenfy.

About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.


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Mercredi 30 Novembre 2022