The RegTech startup will help ensure a compliant identity verification process for the online sports betting and casino enterprise
Kaunas, Kaunas County, Lithuania – August 31, 2023 /MarketersMEDIA/ —
iDenfy, a global RegTech startup offering identity verification and fraud prevention solutions, announced a new partnership with Alphawin, a Bulgaria-based casino and sportsbook operator offering first-class online gaming experience. iDenfy will help onboard new gamers by checking their identities while allowing age-appropriate users to access the iGaming platform’s services.
Establishing a robust and dependable client relationship has consistently remained at the forefront of Alphabet’s key objectives. The company has set itself apart by leveraging cutting-edge technologies extensively within the industry. Since its inception in 2007, Alphabet Gaming has held a prominent position within Bulgaria’s gaming sector. Recently, the company has operated a network of six land-based casinos nationwide. However, its foray into the online gaming realm has taken shape with Alphawin. Positioned as a standout member under its unique brand Alphawin, the company is dedicated to providing a top-tier sportsbook and casino experience for all online users in Bulgaria.
Building a solid and trustworthy customer relationship has always been one of Alphabet’s top priorities. To strengthen the trust and bring an extra layer of security, Aphawin looked for a robust, AI-powered identity verification solution that would cater to its growing audience. Since the gaming platform is at its scaling stage, they needed a global solution that could enable them onboard new users in less time while improving the identity verification conversion rate and maintaining compliance with Know Your Customer (KYC) regulations.
According to iDenfy, automated KYC measures are the best way to keep the balance between user experience and effective fraud prevention. While gaming platforms must adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, they must also prevent all kinds of illegal activities, such as underage gambling. Automated KYC solutions help casino and sportsbook operators collect personal information from customers, including name, date of birth, address, and identification documents, quickly and securely, taking approximately two minutes on average in the market.
iDenfy’s team also adds that the primary hurdle encountered by the iGaming sector when implementing KYC requirements mirrors a challenge faced by many industries. However, some industries have more demanding customers. For example, crypto and gambling users want to keep their identities hidden, which makes the whole verification process a hassle from the user’s perspective. Consequently, Alphawin agrees that the account creation process should be frictionless, and that’s why finding a delicate balance between maintaining a great user experience and upholding KYC/AML compliance was extremely important for the company.
Alphawin was impressed by iDenfy’s API documentation and user-friendly environment. Along with a responsive customer support team, a smooth testing process, and seamless implementation, iDenfy helped Alphawin build a fully automated customer onboarding process. Currently, iDenfy’s four-step identity verification with built-in liveness detection technology will catch fraudsters using pre-recorded videos, deepfakes, masks, and altered pictures in real-time. In addition, iDenfy’s in-house team of KYC experts will manually review each software result to ensure a complete accuracy rate.
From a compliance perspective, iDenfy will help Aphawin’s team save time while simplifying internal operations, which means their compliance team will be able to focus their time on more complex tasks. As claimed by iDenfy, its KYC solution will protect minors from getting involved with age-restricted services and ensure that all online gaming practices are transparent.
“Our mission is to help Alphawin proactively prevent fraudulent attacks before they happen with our automated identity verification solution. At the same time, we ensure compliance while maintaining a user-first approach, which is an emerging trend and a new industry standard for their industry.” — noted Domantas Ciulde, the CEO of iDenfy.
About Us: 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.
Release ID: 89106326
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