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Provema deploys face biometrics from iDenfy to facilitate loans and fight fraud

Provema deploys face biometrics from iDenfy to facilitate loans and fight fraud

iDenfy has been drafted to provide face biometrics for a smooth and frictionless onboarding and verification for customers obtaining loans online or effecting online payments via the platform of Polish technology firm Provema.

As per the partnership, Provema customers seeking to obtain loans remotely will be able to do so without going through complicated processes, as what the company says is a thorough, yet quick identity authentication procedure is used to determine that the customer is genuine and meet know your customer (KYC) regulation requirements.

This means that for a customer to be given a loan, they fill out an online application form, state how much money they intend to borrow, and then undergo biometric identity verification, after which the money is directed almost immediately into their bank account. The partnership with iDenfy is part of Provema’s effort to make loan issuance and repayment processes easier for their customers, according to the announcement.

Provema says apart from using iDenfy’s biometric access control technologies to guarantee customers’ identification data security, the solution is also expected to help Provema fight fraud, as the artificial intelligence-powered solution has the ability to authenticate documents and detect fakes in just a matter of seconds.

iDenfy says its solution works for more than 3,000 documents from people spread across 200 countries of the world, making it possible for Provema’s clients to be conveniently served wherever they may find themselves on the globe.

The firms believe that their partnership will positively influence the global financial services industry by encouraging financial companies to adopt identity verification technologies that guarantee greater security and rapidity in their transactions with customers.

iDenfy also recently signed up Maltese cryptocurrency exchange platform Xcoins for biometric onboarding.

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