Swiss Bitcoin Pay Enhances Security with iDenfy's KYC and Risk Management Partnership

Swiss Bitcoin Pay has joined forces with regtech company iDenfy to enhance risk management and onboarding processes. By integrating iDenfy's KYC and KYB solutions, Swiss Bitcoin Pay aims to mitigate risks and streamline onboarding, with a focus on preventing illicit activities like tax evasion and money laundering through shell companies.

Swiss Bitcoin Pay Collaborates with iDenfy to Enhance Risk Management and Onboarding Efficiency

In a strategic move to strengthen its risk management capabilities and streamline onboarding processes, Swiss Bitcoin Pay has forged a partnership with iDenfy, a leading Lithuania-based regulatory technology (regtech) company. This collaboration marks a significant step for Swiss Bitcoin Pay as it seeks to elevate its compliance posture and provide its customers with a secure and efficient Bitcoin payment experience.

Enhanced Risk Management and Onboarding Processes

Through this partnership, Swiss Bitcoin Pay will integrate iDenfy's robust KYC (Know Your Customer) and KYB (Know Your Business) solutions, significantly bolstering its risk management strategy. These solutions will enable Swiss Bitcoin Pay to thoroughly assess the identity and legitimacy of both individual customers and business partners.

The collaboration is particularly relevant in light of Swiss Bitcoin Pay's focus on mitigating the potential risks associated with shell companies that exploit anonymity for illicit activities such as tax evasion and money laundering. By partnering with iDenfy, whose expertise in business verifications and compliance is widely recognized, Swiss Bitcoin Pay aims to strengthen its compliance efforts and maintain a high level of trust among its users.

Benefits of the Partnership

The partnership with iDenfy grants Swiss Bitcoin Pay access to a comprehensive suite of AI-powered services. These include KYB verification, real-time AML (Anti-Money Laundering) screening, and proof of address verification, empowering Swiss Bitcoin Pay to conduct thorough due diligence and monitor customers for any suspicious activities. Additionally, Swiss Bitcoin Pay has customized its KYB process with specific rules on iDenfy's platform, granting it access to over 180 company registries in real-time across 120 countries.

Moreover, Swiss Bitcoin Pay has automated its identity verification process using iDenfy's advanced document verification and liveness detection technology. This automation enhances compliance with AML regulations and ensures that customers undergo a rigorous identity verification process.

Shared Commitment to Innovation and Compliance

The leadership of both Swiss Bitcoin Pay and iDenfy expressed their enthusiasm for the partnership, emphasizing their shared commitment to driving innovation in the digital payments landscape. The collaboration is expected to contribute to the broader adoption of Bitcoin payments worldwide, offering businesses a secure and efficient solution that fully complies with regulatory requirements.

Recent Developments at iDenfy

iDenfy's commitment to providing robust identity verification and fraud prevention tools has garnered significant recognition in the industry. In May 2024, Liquid Noble partnered with iDenfy to leverage its KYC solution and combat digital asset fraud, adhering to the latest compliance regulations. This collaboration aimed to accelerate the development of onboarding security and compliance measures within the digital asset industry.

Both iDenfy and Liquid Noble prioritized meeting the needs and preferences of customers while remaining compliant with industry laws and regulations. Their collaboration demonstrates the growing importance of compliance and fraud prevention in the digital payments and asset management sectors.