The Lithuanian collaboration of iDenfy and Alternative Payments – a safer future for the Fintech industry

Alternative Payments integrated iDenfy’s full-stack, multilingual ID verification to secure their customers’ data

The digital platform for identity verification, fraud prevention and compliance, iDenfy, partnered with Alternative Payments, the Lithuanian-based Fintech specializing in simple, reliable local payments. With the new four-step ID verification, Alternative Payments will add an extra layer of security to its clients’ online transactions.

A frictionless user-experience design raises customers’ conversion rates. While the trend to maintain a good website in e-commerce or speedy payments in Fintech is being prioritized, some businesses leave the security aspect behind. According to Experian, the average Fintech fraud rate is around 0.30%, which is double that of credit card fraud. To minimize the risks, and keep up with the ever-changing cybercrime landscape, experts suggest enabling AI-powered tools. 

It’s tough to eliminate fraud for e-commerce stores entirely, but there are ways to protect the businesses. That’s why Alternative Payments started to look for extra fraud prevention measures and chose iDenfy as its partner. Alternative Payments is an e-payment solution business that provides the advantage of choosing a local payment when shopping online in a foreign market. The company aims not to limit but to broaden the payment options. According to Alternative Payments, this way, its goal to form a higher percentage of purchases can be reached.

One of iDenfy’s main goals is to establish a user-friendly solution — a simple few-step automated identity verification procedure. The fraud prevention business will verify Alternative Payments customers’ identities in less than a minute by scanning databases, identifying documents’ countries of origin, and reviewing IP addresses automatically.

According to iDenfy, the combination of security and speed is the number one priority when it comes to choosing the right payment provider; therefore, the company will guarantee not only a quick customer onboarding but also a secure registration process. With the power of facial recognition and artificial intelligence, iDenfy’s  backs up its engine with real human supervision for complete assurance, reaching 98.4% accuracy. The high success rates, efficiency, and user-friendly onboarding process motivated Alternative Payments to seal the deal. 

“It’s not arguable that preventing fraud is vital, especially in the large-scale landscape of online transactions. We care about the company’s security and our customers’ data; therefore, partnering with iDenfy has helped us decrease payment fraud and detect fake identities .” — explained Mindaugas Rizgelis, the CEO of Alternative Payments,

Domantas Ciulde, the CEO of iDenfy, stated, “This partnership shows that more organizations care about their customers’ safety. Of course, the key aspect on our part is to provide quality and security. That’s why we’re very proud to partner with Alternative Payments, a responsible business that shares the same beliefs.” 

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Media Company: iDenfy
Media Name: Viktorija Bielskaite
Media Phone: +37066673822
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