une chooses iDenfy as its IDV service provider and switches to an automated KYC workflow
Kaunas, Lithuania (May 25, 2023) — iDenfy, a global RegTech startup offering AI-based identity verification and fraud prevention tools, announced joining forces with June, a prop-tech company reinventing the antiquated housing experience with online rental services. June will use iDenfy’s full-stack verification solution to verify and onboard new applicants.
Ensuring security during the application review process is crucial to providing an exceptional customer experience for June. The company constantly works to improve its procedures and product solutions to ensure that it can operate at scale while providing customers with a seamless experience. June strongly believes that finding housing should be an instant experience for their customers, including the new applicant verification process.
iDenfy’s team agrees with this approach, explaining that manual Know Your Customer (KYC) measures are not designed to handle large volumes. As June’s customer base expanded, relying on a manual applicant review process put more pressure on their internal team, dreaming their capacity. To accomplish the goal of automating the new applicant verification process, June conducted research and compiled a list of potential AI-powered identity verification options.
June compared the solutions based on their features, user experience, and integration complexity, ultimately choosing to partner with iDenfy. June’s decision was influenced mainly by the software’s fraud detection accuracy, which includes advanced features like liveness detection and facial recognition technology. According to the prop-tech platform, iDenfy’s solution has lifted the burden of manually collecting, verifying, and validating applicant data, which the company hopes will improve the overall efficiency and quality of the newly implemented KYC process.
June will be able to detect fraudulent attempts such as deepfakes, altered photos, and 3D masks, as well as expired documents, in real-time by using iDenfy’s technology. According to iDenfy’s team, automating the customer onboarding process will result in higher sign-up conversion rates for June, whose team has already noticed a 50% decrease in the average verification time.
iDenfy’s algorithms quickly scan the user’s face and extract the personal data from the document, enabling June to verify user identities while reducing the risk of fraud efficiently. By partnering with iDenfy, June reached its goal of minimizing the cost of application for tenants and enhancing its customer experience, which is one of the company’s priorities alongside security. The swift, ISO/IEC 27001-certified verification process from iDenfy has simplified the verification, making it a hassle-free four-step process.
June’s customers can complete the verification process in less than two minutes, using any device they choose – from a smartphone or tablet to a desktop computer. This aligns with its mission to use a mobile-first approach to revolutionize the rental experience while offering transparent and user-friendly services to its users.
iDenfy’s wide document coverage provides a convenient way for customers to sign up and access June’s services, allowing the prop-tech business to verify the identity of applicants from various markets easily. This enhances June’s ability to expand its customer base and increase the renting experience’s accessibility.
“Like any young organization, we used to have many manual processes that enabled us to grow quickly,” said Daniil Sigal, Director of Product at June. “By partnering with iDenfy, we switched to an automated ID verification process and reduced the average application review time, which now helps us scale while enhancing the renting experience.”
iDenfy’s CEO, Domantas Ciulde, added: “We support June’s mission to re-invent the rental experience through technology. That’s exactly what our goal is with this partnership and our identity verification solution, to balance out security and compliance with the experience for the end-user.”
iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.
For more information and business inquiries, please visit www.idenfy.com.