Kaunas-based regtech company iDenfy has entered into a partnership with Proxyrack, a Hong Kong-based provider of proxy solutions, to enhance the accuracy and efficiency of Proxyrack’s user onboarding process. iDenfy’s identity verification technology will be integrated into Proxyrack’s system, streamlining the Know Your Customer (KYC) compliance and ensuring precise user registration. This collaboration aligns with Proxyrack’s goals of improving operational efficiency while serving a global clientele that relies on its proxy services. The partnership may also lead to further cooperation in areas such as fraud prevention.
iDenfy provides identity verification and fraud prevention services. Its technology supports the automation of Know Your Customer (KYC) processes, enabling businesses to verify identities using a wide range of global identity documents. iDenfy’s platform is capable of recognizing and extracting information from over 3,000 types of documents across more than 200 countries, facilitating compliance with regulatory standards like Anti-Money Laundering (AML) regulations. The company’s focus is on delivering tools that help businesses streamline identity verification processes, ensuring accuracy and reducing the potential for fraud.
Proxyrack operates in the tech industry, providing a vast network of residential and data center proxies to businesses and individuals. These services are essential for web scraping, market research, ad verification, and bypassing geo-restrictions. What sets Proxyrack apart is its commitment to fostering innovation and creativity, as well as striving for accuracy by providing diverse IP addresses and scalable performance to meet diverse user needs as the company’s values align with the clients’ requirements and eagerness to bring any ideas to life.
Proxyrack’s internal research showed that hiring an in-house Know Your Customer (KYC) specialist team would require more financial resources and highly skilled compliance professionals. For this reason, the proxy service provider decided to partner with a highly efficient and established third-party KYC vendor. After a thorough evaluation of several identity verification providers, Proxyrack selected iDenfy for its exceptional flexibility and competitive pricing.
According to the Proxyrack team, iDenfy’s solution stood out as it offered customizable screening options that ensured users were not miscategorized, which was the main issue that Proxyrack encountered while working with the previous KYC providers. Currently, Proxyrack uses iDenfy’s biometric identity verification solution which according to the company has resolved significant issues and increased work efficiency. As the main thing of users’ miscategorization iDenfy’s solution worked seamlessly from the start, providing peace of mind that user data is secure and verifications are highly accurate.
According to Proxyrack, iDenfy was chosen because of the flexibility the system offers, which their previous providers could not offer. iDenfy’s options for screening candidates and ensuring accurate user categorization were exactly what they needed. Additionally, the competitive pricing was a pleasant surprise, and it ended up being more cost-effective than expected.
Another standout feature of iDenfy is their pricing model, which charges only for successful verifications, unlike other competitors that charge for all attempts. This approach significantly reduces costs and ensures that clients only pay for results. iDenfy’s competitive pricing policy makes their services more cost-effective without sacrificing users’ reliability or other compliance check benefits compared to other providers in the industry.
In addition, iDenfy’s identity verification solution is able to automatically recognize, verify and extract information from 3000+ identity documents across 200 countries and territories including various passports, ID cards, licenses and permits to accurately identify documents on a global scale and to check the authenticity of users.
As for future plans, Proxyrack’s top priority as a company is to ensure that their customers are of the highest caliber, providing data-collecting solutions at scale for users who trust them with their public web scraping needs. The partnership with iDenfy aligns perfectly with this goal, enhancing Proxyrack’s ability to deliver secure and reliable services. In the future, based on the positive experience, Proxyrack is also thinking of expanding and using additional iDenfy’s fraud prevention solutions.
“A growing proxy user network means that a fully automated approach to KYC compliance is required. We’re glad to be able to help Proxyrack with their goal to scale faster and onboard more new users in less time, which is a vital factor in today’s highly competitive market,” commented Domantas Ciulde, the CEO of iDenfy.
Click here to read more community news.
Read the orginal article: https://arcticstartup.com/idenfy-partners-with-proxyrack/
