iDenfy and AREA42 join forces to strengthen traders verification flow with RegTech

DOVER, Del. - Dec. 27, 2024 - PRLog -- iDenfy, a Lithuania-based RegTech solutions provider best known for its wide variety of ID verification tools, partnered with AREA42, a cutting-edge TradeTech platform redefining how businesses trade across Europe. By integrating iDenfy's AI-powered biometric verification solutions, AREA42 will simplify its user onboarding process, ensuring that the firm's growing customer base accesses the trading environment without unnecessary, lengthy KYC checks while complying with the stringent regulatory requirements.

A recent study revealed that identity fraud attempts have surged by 80% in the past three years, with AI-generated deepfakes emerging as a significant threat. With financial fraud driven by stolen credentials costing businesses billions annually.

AREA42 is a customer-centric solution provider specializing in working capital trade finance solutions, such as purchase order financing and Buy Now, Pay Later (BNPL) services tailored for B2B e-commerce. With a deep commitment to enhancing secure and seamless trade processes, AREA42 focuses on identifying real trade challenges and creating innovative TradeTech solutions to address them.

With the integration of iDenfy's premium verification tools, AREA42 has further enhanced its platforms to offer real-time, fraud-resistant onboarding, ensuring that businesses can trade with confidence. iDenfy's identity verification solutions are powered by cutting-edge technologies, including AI-driven facial recognition, 3D liveness detection, and automated document validation capable of processing over 3,000 types of ID documents from more than 200 countries. This comprehensive toolkit ensures AREA42's platforms remain accessible to businesses worldwide while minimizing vulnerabilities to fraud.

"Identity fraud is a growing challenge, particularly in industries undergoing digital transformation like TradeTech. Through our partnership with AREA42, we're not only addressing these risks but creating a future-proof system where businesses can operate with trust and efficiency," said Domantas Ciulde, CEO of iDenfy.

"Trade is the backbone of economic growth, and our vision is to make it fluid, secure, and future-ready. Our partnership with iDenfy is a key milestone in achieving this. By leveraging iDenfy's robust identity verification, we can create a trade environment that not only prevents fraud but also empowers businesses to grow without barriers. Together, we're laying the foundation for the next generation of TradeTech," said Lode Vermeersch, the Head of AREA42.

Both companies share a vision of transforming industries through technology and trust. AREA42 aims to digitize and de-risk trade finance, providing tools that help businesses navigate complex trade ecosystems effortlessly. Meanwhile, iDenfy continues to build its reputation as a leading provider of identity verification (https://www.idenfy.com/identity-verification-service/) and fraud prevention tools, recognized globally for its innovation and societal impact.

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