14 November 2024

iDenfy introduces a new Sole Proprietorship onboarding solution to automate KYB compliance

Written By FinTech Alliance in FinTech

iDenfy introduces a new Sole Proprietorship onboarding solution to automate KYB compliance

iDenfy’s newest KYB feature for sole proprietorships and individual entities offers a customizable, automated approach to onboarding, allowing businesses to adjust verification steps according to each client’s requirements. This integrated system efficiently serves the unique needs of individuals who are personally accountable for their business’s debts and profits, similar to larger entities. By enabling companies to streamline onboarding and tailor it based on the client type, iDenfy’s customizable workflow simplifies user registration, reduces complexity, enhances the user experience, as well as ensures full KYB compliance by providing required information.

Domantas Ciulde, CEO of iDenfy, explained: “We’re providing a unified and customizable approach to KYB to help our partners manage compliance effectively while ensuring a seamless user experience. With our KYB solution for Sole Proprietorships, we can minimize compliance costs and ensure that teams save at least 30% time on manual assessment, such as checking collected documents and downloaded government reports.”

According to iDenfy, the onboarding for sole proprietors is simple and straightforward with its new feature. Users can activate the sole proprietorship onboarding option, specify required fields such as citizenship, tax residence, and other relevant identifiers, and provide clients with extensive verification services. This includes credit bureau reports,

anti-money laundering checks, and sanctions reports to determine whether the person is politically exposed or has a high-risk profile based on their financial history and associations.

As a result, by replacing manual processes with automation, businesses can significantly reduce onboarding times and enhance compliance. To further optimize onboarding for sole traders, iDenfy’s KYB solution incorporates specific rules and verifies identities by utilizing official documents to confirm the identity of sole traders or business representatives that help maintain a consistent and seamless verification experience. This service offers advanced compliance checks and the ability to screen individuals against global sanctions lists from institutions such as the World Bank, Interpol, SECO, FBI, Europol, and more to identify politically exposed persons (PEPs) and prevent illegal activities.

Additionally, iDefy’s KYB platform monitors adverse media coverage and screens proxy IP addresses with the use of advanced risk and compliance management tools to detect any reputational risks associated with onboarding clients and enables the blocking of entities with legal or reputational issues. These features enable companies to implement customized automation rules that streamline onboarding while meeting stringent industry-oriented regulatory requirements to secure the onboarding process. The platform also provides an activity monitoring feature, allowing users to view the compliance rate of onboarded members, receive alerts for missing or unaccepted information, and access activity logs for documentation uploads.

“Our goal is to empower businesses to operate confidently by leveraging advanced compliance tools and a user-friendly platform. This allows businesses to adhere to regulatory standards while enhancing the security of their onboarding process,” added Domantas Ciulde.

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in FinTech

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

22 November 2024

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

22 November 2024

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

Zellis summit maps bold future of innovation

22 November 2024

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

21 November 2024

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

04 December 2024 - 05 December 2024

12:00 AM - 12:00 AM

ExCel London, Western Gateway, Royal Victoria Dock, London, London, E16 1XL

Free
Finnovate Europe

Finnovate Europe

25 February 2025

12:00 AM - 12:00 AM

InterContinental London - The O2, 1 Waterview Drive, London, Greenwich, SE10 0TW

£1,699.00