The financial wellness platform integrates iDenfy’s identity verification to automatically onboard more users in less time
Kaunas, Lithuania (August 00, 2023) — iDenfy, an identity verification, compliance, and fraud prevention toolset startup, announced joining forces with Insta Cash, a financial wellness platform that enables users to access their earned wages before their scheduled payday. iDenfy will be responsible for helping Insta Cash ensure a compliant and user-friendly identity verification experience.
KYC compliance is essential as Insta Cash deals with financial transactions and personal information. According to iDenfy, integrating an automated KYC service will simplify the customer onboarding process and allow the business to handle large data volumes with high accuracy rates. Consequently, by forming a partnership with iDenfy, Insta Cash will build a fully automated KYC system where users can submit their identification documents and other necessary information in seconds rather than having to wait in line. This transition minimizes the need for manual data entry, paperwork, and the potential for errors, ultimately facilitating a swifter and more seamless account setup process.
Timely deployment of services is crucial for Insta Cash’s business model. Employees who face cash flow problems or unexpected expenses can use Insta Cash to access their earned wages instantly without waiting for their payday. Given this scenario, the financial platform necessitates efficient execution across various stages, ranging from identity verification to fund disbursement. This streamlined process helps users circumvent challenges like overdraft fees, payday loans, or other costly credit options. On the other hand, Insta Cash claims that employers who choose their platform can attract and retain scarce talent, especially in the present workforce shortages. They can also reduce staff turnover, absenteeism, and healthcare costs by offering EWA to benefit their employees.
Currently, iDenfy is geared towards delivering a seamless onboarding experience for Insta Cash users, all the while upholding the requirements of KYC/AML compliance. iDenfy’s AI-driven software swiftly authenticates users’ identities within seconds, employing facial recognition technology alongside sophisticated liveness detection algorithms. For absolute precision, iDenfy supplements its automated process with a dedicated in-house manual reviewer team that manually assesses verification results. This collaborative approach not only fortifies Insta Cash’s fraud prevention system but also amplifies its reliability.
In addition to meeting compliance requirements through identity verification, Insta Cash had a goal to utilize this new KYC solution as a pivotal aspect of its anti-fraud strategy. Over recent years, financial platforms like Insta Cash have encountered higher susceptibility to fraud. Implementing iDenfy’s service has proved to be a reliable method to detect and prevent malicious actors before they can commit crimes on the platform. With the new partnership, the Insta Cash team is happy to enhance security and reduce the risk of identity theft and money laundering. The financial company is confident that this collaborative effort will safeguard the confidential data of both employees and employers.
In terms of security considerations, Insta Cash opted for iDenfy due to its distinctive billing model, alongside its seamless integration possibilities and user-friendly interface. This collaboration has already minimized KYC costs for Insta Cash, as it prevents expenses related to unsuccessful verification attempts, leading to more affordable service fees for the company’s clients. iDenfy is also recognized for its user-friendly interface and straightforward verification process, which have been incorporated into a white-label solution, further setting Insta Cash apart in terms of presentation and perception.
Along with its mission to promote financial wellness, Insta Cash’s goal was to safeguard each user and provide them with a seamless identity verification experience. As Miroslav Stefanov, CEO and Co-Founder of Insta Cash, explained, “Our team prioritizes ensuring that the onboarding process remains both adaptable and smooth for our users. We’re happy to integrate iDenfy’s KYC solution that enables swift onboarding while upholding robust security measures.”
“We’re thrilled to partner with Insta Cash, a forward-thinking financial wellness platform. Without a doubt, together, we’re setting a high standard for user-friendly identity verification, paving the way for safer and more convenient financial experiences.” — added Domantas Ciulde, the CEO of 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 and Spring 2023 reports. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.