iDenfy, a Lithuania-based RegTech service provider focusing on KYC, AML and KYB compliance, presented a new collaboration with Confindo, a leading provider of IT solutions specializing in CRM tools for group companies and external partners. This partnership aims to enhance the security and reliability of Confindo’s financial services, where the company connects verified borrowers and lenders while protecting the platform against fraudulent risks.

One of the most significant challenges in the competitive financial services industry is effectively matching borrowers with lenders who can offer the best financial solutions. However, the finance sector is known for its high-risk landscape, where proper fraud prevention tools, including customer identity verification, are required to ensure a safe environment for all parties involved. According to iDenfy, with high request volumes in the lending market especially, automated Know Your Customer (KYC) solutions are a new industry standard. Confindo agrees with this approach and, before partnering with iDenfy, looked for a new identity verification solution that would help its business scale without adding unnecessary friction to the end customer.
“Clients now expect a smooth onboarding process, without manually having to enter personal information or going through a back-and-forth emailing process,” explained Domantas Ciulde, the CEO of iDenfy.

Currently, Confindo is responsible for different customer relationship management platforms and aims to connect commercial banks, mortgage providers and loan providers with customers who are looking to get the best-matching financial solutions. However, the financial landscape is riddled with challenges, including ensuring that borrowers are both creditworthy and genuine. For example, in 2023, online fraud attempts rose by 48 billion us dollars in losses compared to the previous year, continuing the upward trend as more transactions move online. Failure to adequately verify a borrower's identity without adapting to the changing scenery can lead to several issues, including fraudulent loans, default risks, and, ultimately, financial losses for lenders.

As fraud continues to rise globally, the importance of identity verification in the lending process cannot be overstated. As a result, to address these challenges, Confindo sought a reliable identity verification partner to enhance the security of its matching process. After evaluating various solutions, the company selected iDenfy for its comprehensive, user-friendly ID verification platform. iDenfy’s technology is trusted by numerous organizations, including those in highly regulated industries, making it the ideal choice for Confindo’s needs.
iDenfy's identity verification solution is designed to automatically recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories, including passports, ID cards, driving licenses, and residence permits. This robust verification process ensures that all parties involved in a financial transaction are who they claim to be, reducing the risk of fraud and ensuring a more secure lending environment. iDenfy’s AI-driven system not only verifies identities in real-time but also incorporates 24/7 human oversight to catch potential errors or fraud attempts that automated systems might miss.

Confindo’s improved KYC process now detects fake and altered government-issued documents, closing the door on fraudsters who use fraudulent methods to bypass the KYC check. More importantly, on average, the newly improved verification process takes less than a minute, helping Confindo maintain smooth remote financial services. By integrating iDenfy’s advanced identity verification tools, Confindo also provides an additional layer of security that protects lenders from fraudulent borrowers and enhances the platform's overall trustworthiness.
In the future, Confindo's mission remains to provide a smooth, hassle-free loan comparison and lending process. The company serves as an intermediary, representing over 20 banks and creditors in Lithuania alone, and processes more than 10,000 inquiries per month. With operations in Lithuania, Latvia, Poland, and Spain, the company plans to expand to Estonia and the Czech Republic.

“We’re committed to providing our clients with a seamless and secure loan and lending process. Integrating iDenfy’s KYC software allows us to maintain the integrity of our platform by ensuring that all borrowers and lenders are thoroughly verified,” said Eitautas Bartuškevičius, the CEO of Confindo.

Domantas Ciulde, CEO of iDenfy, added on the partnership: “We’re excited to work with Confindo to help them achieve their goal of providing a safe and efficient loan matching service.”



About iDenfy

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Summer 2024 report as the leading identity verification software.

For more information and business inquiries, please visit www.idenfy.com.

Contact:
Aurimas Kybartas
Phone: +37067644539
Email: [email protected]