iDenfy's new partnership: IboxPay implements AML Screening and Monitoring

    KAUNAS, LITHUANIA, December 02, 2022 /24-7PressRelease/ -- The all-in-one ID verification, compliance, and fraud prevention company, iDenfy, announced joining forces with the Poland-based self-service payment terminal network, IboxPay. iDenfy's AI-powered AML services will safeguard customers from fraud while ensuring regulatory compliance.

One of the critical components in anti-money laundering (AML) practices is screening and monitoring. To achieve full compliance, according to iDenfy, regulated entities must obtain the full name of their customers and check them against multiple global sanctions and watch lists to ensure that the clients aren't listed in any of the mentioned high-risk databases.

iDenfy's officials state that technology advancements have replaced manual monitoring techniques with AI-powered tools due to the ability to receive more accurate and faster results. IboxPay agrees with this approach, claiming that their move from Ukraine required the company to comply with stricter regulations. To overcome this challenge, the payment business decided to turn to iDenfy's automated AML Screening and Monitoring.

IboxPay is a cash-in payment kiosk network registered in Poland as a licensed money transfer company. InboxPay's machines enable cash payments for Internet and television services, utility bills, or mobile operator services. The company aims to provide its customers with secure, easily accessible, and speedy services.

Asked about the idea behind this project, IboxPay's officials explained that after transferring to Poland, they noticed the lack of self-service terminals which provided the needed convenience in Ukraine. To enhance the experience for their current clients, they've decided to storm the Polish market by creating a network of payment kiosks throughout the country.

At the moment, iDenfy's AML services are used for risk assessment, which means that each payer that uses the terminal is checked against global sanctions and watch lists under AML guidelines. As an extra layer of security, iDenfy also assists IboxPay with continuous monitoring. As a result, the company detects any fraudulent activity or inconsistencies in real-time, preventing unwanted consequences, such as non-compliance fines or reputational damage.

IboxPay plans to make some new developments to its service soon with the hopes that its latest financial instrument will benefit Ukrainians looking for a safe way to send money to their relatives. The company also expressed interest in expanding its collaboration with iDenfy by implementing another solution, identity verification.

"iDenfy helped us develop a strong compliance program. We are required to screen each customer, and our new partners ensure that this process runs smoothly. For that, we are grateful," — said Irina Tsybulnik, CEO of IboxPay.

"Screening and monitoring multiple databases helps organizations avoid high-risk clients. We're excited to partner with a responsible company, IboxPay. Our team at iDenfy is excited to see our new partners grow, especially as they're on a mission to help ease payment services for those in need," — commented Domantas Ciulde, CEO of iDenfy.

About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best "Fintech Startup" in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.

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

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