iDenfy and AREA42 join forces to strengthen the TradeTech community's verification flow with RegTech tools

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 recognized the need to integrate advanced identity verification solutions to safeguard its clients while maintaining a frictionless user experience and has decided to collaborate with iDenfy, an identity and fraud prevention solution provider, against the latest AI deepfake recognition tools.

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.

By leveraging cutting-edge technologies, the company helps businesses navigate the complexities of modern commerce, offering flexible financing options and streamlining transactions to promote growth and reduce operational risks. As a venture builder, AREA42 is reshaping the future of B2B trade by creating customer-focused, technology-driven solutions that empower entrepreneurs, connect people, and foster a more fluid, efficient, and risk-savvy trade environment.

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.

Biometric solutions like iDenfy's have become crucial as industries combat increasingly sophisticated fraud attempts. By creating detailed 3D facial maps, iDenfy's liveness detection system prevents the misuse of static images, deepfakes, or synthetic identities. The system also streamlines onboarding processes, reducing verification times to under one minute on average.

"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.

For AREA42, this partnership aligns perfectly with its mission to create embedded, customer-centric solutions that redefine how businesses trade. In industries such as e-commerce and B2B marketplaces, where fast transactions and trust are paramount, this collaboration ensures security does not come at the cost of efficiency.

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 fraud prevention tools, recognized globally for its innovation and societal impact.
In 2024, iDenfy was named the most implementable and easiest-to-set-up software in its category, in addition to being celebrated for its contributions to societal security. These achievements reflect the company's dedication to combining accessibility with advanced technology.

The partnership also reflects a shared commitment to addressing broader issues in the digital economy. As businesses digitize their processes, the European trade ecosystem faces increasing risks of data breaches, account takeovers, and identity theft. Studies show that over 70% of businesses in the EU have cited identity fraud as their primary concern when adopting digital trade solutions.

Aurimas Kybartas
Phone: +37067644539
Email: aurimask@idenfy.com

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company - from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2's Winter 2024 report as one of the leading identity verification solutions in the market and the best AML software provider.

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

This release was published on openPR.