iDenfy, a RegTech startup specialising in identity verification and fraud prevention solutions, announced a new partnership with Xirni, a new developer of anti-money laundering (AML) and counter-terrorist financing (CTF) compliance technologies.
Through this collaboration, both teams will merge their expertise to bring clients with a powerful, automated AML/CTF compliance management system for smoother, more efficient risk management.
AML compliance solutions
Since its establishment in 2019, Xirni has been dedicated to providing convenient, user-friendly, and effective AML compliance solutions to banks, management services organisations (MSOs), dealers in precious metals and stones across Hong Kong's special administrative regions, and the United Arab Emirates (UAE).
With a focus on bridging the gap between clients and regulators amidst increasingly stringent AML regulations, Xirni has prioritised delivering cost-effective solutions that ensure compliance with the latest regulatory standards.
AI-based identity verification
iDenfy’s API enables Xirni to efficiently and quickly confirm the identities of new users
In the pursuit of enhancing its identity verification processes, Xirni diligently was looking for a partner capable of offering advanced solutions tailored to meet its specific needs for a non face to face verification solution.
After careful consideration, Xirni chose iDenfy due to its comprehensive suite of products, including AI-based identity verification, multilingual user interface, and API and mobile SDK integration which stood out among other competitors. Currently, iDenfy’s API enables Xirni to efficiently and quickly confirm the identities of new users by automatically verifying the information they provide.
User authentication and login methods
iDenfy’s advanced face recognition algorithms ensure that the faces analysed are real and prevent the use of any fraudulent scams, such as pictures or 3D masks.
Three-dimensional face maps can be utilised as bulletproof user authentication and login methods. This allows the company to trust onboarding safety, considering that humans can make mistakes verifying a large number of documents, while the software is able to scan, minimising existing errors significantly. It’s worth mentioning that the automated identity verification tool is able to recognise and verify documents across more than 200 countries and territories.
iDenfy's internal KYC team
Xirni has managed the challenge of conducting non-face-to-face client onboarding
Additionally, if an identity verification fails, iDenfy's internal KYC team manually reviews the case. This ensures that individuals whose verification was unsuccessful due to issues like blurred photos or unclear information can still be reviewed and verified, confirming that they are not scammers.
By integrating iDenfy's identity verification solution, Xirni has successfully addressed the challenge of conducting non-face-to-face client onboarding while meeting rigorous AML compliance requirements. This strategic partnership has not only enabled Xirni to expedite its client onboarding process but has also significantly improved overall operational efficiency.
AML compliance solutions
‘’With iDenfy's innovative identity verification technology, we can ensure a seamless and secure AML experience for financial institutions while maintaining full compliance with the latest regulatory standards," said Bakar Hasnain, the CEO of Xirni.
Commenting on this partnership, Domantas Ciulde, CEO of iDenfy, responded, "We are thrilled to partner with Xirni in their mission to revolutionise AML compliance solutions. Together, we are empowering financial institutions with the tools and technologies needed to navigate the complexities of regulatory compliance and safeguard against financial crime."
