iDenfy joins forces with CyberstarPay to ensure trusted identities and secure banking
iDenfy, the Lithuanian-based full-stack identity verification, compliance and fraud prevention business, will be responsible for the secure onboarding of CyberstarPay’s digital banking platform.
The major growth of online payments was the desire for convenience during the global pandemic. Even in the post-COVID world, we can’t imagine living without the option of remote working, e-commerce, or e-learning. As per recent data, the Fintech industry will reach $324 billion by 2026. This comes with a cost. While online banking made up 96% of all banking transactions last year, it accounted for 93% of all fraud attempts. Even though consumer activities increased, now there’s also a higher chance of fraudulent transactions and a wider, target-rich platform for fraudsters to strike.
With these alarming numbers and a growing community on CyberstarPay’s end, the company started to search for new, improved digital identity verification methods. According to the payments hub, its goal is to maximize the security system, protect customers from data breaches and prevent fraud. The enterprise is known for its virtual cards and an instant online payment transfer system which is an alternative to traditional banking services. Such a swift, user-friendly option is set to live up to the increasing customers’ expectations. The company also promotes high data privacy and security standards; therefore, when searching for new partners, CyberstarPay prioritized secure, efficient identity verification providers.
That’s where iDenfy steps in. The enterprise is best known for its fully-automated, AI-driven identity verification. Its digital document scanning system will ensure that fake identities or suspicious users won’t be welcomed on CyberstarPay’s platform. To guarantee the accuracy, iDenfy has an in-house team that double-checks every verification. It allows the company to reach a success rate of 98.4%. iDenfy backs up its expertise with the ISO/IEC 27001 standard certification, one of the highest security protocols. According to the business, many customers prefer flexible online banking solutions over mainstream traditional banking, which the company understands and supports by helping with the security factor.
“Partnering with iDenfy helps us make sure that our customers are protected to a maximum extent. The automated identity verification is secure, user-friendly, and fully compliant with the law. We’re especially proud to expand and continue our journey with the help and support of our partners.” – said Gabriela Trojnová, managing director of CyberstarPay.
“We’re excited to partner with CyberstayPay to take part in the digital payment transformation era. We’ll assist our partners in making sure that our identity verification solution matches their expectations and the highest security standards.” – stated Domantas Ciulde, CEO of iDenfy.