IDenfy’s ID and document verification solutions will enable onboarding Sonect users, to withdraw cash in every shop
Kaunas, Lithuania (June 11, 2020) – iDenfy, an online identity verification solution that helps businesses mitigate fraud, announced a partnership with Sonect. Sonect is a Swiss finacial technology company that converts every shop into a “virtual ATM”. It reduces the cost of cash distribution for banks and eases up in-store cash management for merchants via a location-based on-demand service.
With iDenfy identity verification service, Sonect operators can establish their remote users’ genuine identity by verifying identity documents in real-time. The document verification would allow new users to verify their identity using their smartphone to scan documents such as passports, ID card, and residence permits.
Sonect turns every cash register into an ATM using its point of sale system or even just a smartphone. It democratizes the process of cash distribution to reduce the ‘cost of cash’. Sonect is a location-based matchmaking platform connecting shops that have cash with people who need cash. By matching cash withdrawal with a cash deposit, Sonect builds a community around local businesses and helps them generate physical leads.
Making the financial world smarter, simpler, and more digital, Sonect creates the path to the digital financial future.
Identity theft has turned into a big issue across the globe. To prevent fraudsters and compliance across jurisdictions, it is also important for Sonect to offer a smooth onboarding process for its users. iDenfy, an online ID verification service powered by artificial intelligence and human supervision, supports over 1300 documents from over 200 countries.
“We are thrilled to be in a partnership with Sonect to fight against the fraudsters and help new customers verify their identities quickly and easily. As a result, we will reduce fraud and help to improve the user experience that will prove invaluable to Sonect’s operators looking for ways to adapt to this rapidly evolving environment,” said Domantas Ciulde, CEO of IDenfy.
“This exciting partnership represents an important opportunity for Sonect, paving the way for broader exposure of our platform and further adoption of our services in our domestic market, ahead of our expansion abroad,” added Sonect CEO Sandipan Chakraborty.
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About iDenfy
iDenfy‘s goal is to turn a customer’s device into an ID scanning and face recognition system that makes it fast and easy to capture and verify their ID and other credentials to meet KYC and AML requirements. Real-time ID scanning and face verification are applied on websites and mobile applications, helping reduce risk and minimize fraud for online transactions. This enables customers to perform daily operations from their home instead of going to service centers, where a company needs many cost-ineffective employees. Also, it avoids the costly and time-consuming process of manual documentation required for submission and verification.
It was founded in 2016 at Kaunas University Technology Park by two childhood friends. Company in 2018 at Lithuania was awarded as Startup of the Year. iDenfy provides real-time identity verification service for financial, sharing-economy, gambling industries.
For more information and business inquiries, please visit www.idenfy.com.
For media inquiries, please contact Viktorija Bielskaite, viktorija@idenfy.com
About Sonect
Sonect, a Zurich-based fintech start-up, was founded in 2016 and employed 25 people in Zurich, Vilnius and Mexico City. The start-up provides a platform that makes financial services easily accessible from anywhere. Through Sonect, every cash register becomes an ATM, and thanks to the Sonect app, cash withdrawals are simpler, faster and more cost-efficient. With over 2300 Sonect shops, Sonect already operates the largest ATM network in Switzerland.
For further information, visit sonect.net.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.