iDenfy, a Lithuania-based pioneer in ID verification and fraud prevention, has announced a strategic partnership with AREA42, a pioneering TradeTech innovation ecosystem.
Together, the companies aim to deliver a seamless and secure onboarding experience for businesses across global markets, ensuring the AREA42 platform remains user-friendly while maintaining the highest compliance standards to prevent bad actors.
B2B trade problems
The European Commission reported that financial irregularities affected about €1.2 billion
Identity fraud is on the rise. In 2023, the European Commission reported that financial irregularities affected approximately €1.2 billion and that suspicions of misconduct by staff or members of the EU's institutions were being investigated. This highlights the urgent need for robust verification tools to detect and prevent fraud.
AREA42 is an innovation ecosystem using TradeTech, a subcategory of FinTech, to improve the way European businesses trade with each other. The company identifies real Business-to-Business (B2B) trade problems and creates customer-centric trade finance solutions that lead to a more fluid, risk-savvy, and future-proof trade environment.
AREA42’s mission
These solutions include supplier purchase order financing for growing companies and innovative "Buy Now, Pay Later"/payment terms solutions for marketplaces and e-commerce.
AREA42’s mission is to empower businesses to thrive in the digital era. This requires simplicity and advanced security during the users' onboarding process. The new partnership with iDenfy enables AREA42 to implement biometric identity verification, a robust and highly effective method to prevent fraudulent activities while offering a smooth user experience.
iDenfy’s innovative ID verification tools
AREA42 can streamline its onboarding processes and offer real-time approvals for its clients
Currently, the TradeTech ecosystem has switched to iDenfy’s approach, using fully automated identity verification, which is based on advanced biometric and 3D liveness detection technologies to prevent fraudulent activities such as stolen or fake identities, including newly emerged types of fraud, such as generative AI and deepfakes.
By leveraging iDenfy’s innovative ID verification tools, AREA42 can streamline its onboarding processes and offer real-time approvals for its clients. These advancements are critical for modern TradeTech solutions, where speed and security are paramount.
iDenfy’s ID verification solution
According to iDenfy, this approach is based on AI software and automation and will help AREA42 onboard more international users in less time and boost conversions. However, this approach to a frictionless user experience won’t negatively impact the company’s ability to stay compliant.
iDenfy’s ID verification solution offers clear data and history logs or the ability to access any verification result in real-time, which is a huge benefit for recordkeeping and auditing purposes. Additionally, with the new implementation of the automated Know Your Customer (KYC) system, AREA42 can verify over 3,000 types of identity documents from more than 200 countries, ensuring comprehensive global coverage.
New benchmark for the TradeTech industry
“We’re thrilled to partner with AREA42, which is revolutionizing European trade. By integrating our cutting-edge identity verification solutions, AREA42 ensures secure, real-time onboarding for its users while staying ahead of evolving fraud trends. This partnership showcases our shared commitment to innovation and trust in the digital Ftrade landscape,” said Domantas Ciulde, CEO of iDenfy.
Lode Vermeersch, the Head of AREA42, shared, “With iDenfy, we’ve achieved a good balance between security and user experience. Our collaboration ensures that our platforms remain accessible and intuitive (which AREA42 calls “fluid”) while maintaining the highest fraud prevention standards. Together, we’re setting a new benchmark for the TradeTech industry, creating a more future-proof trade environment.”
AREA42’s innovative products
For AREA42, this partnership represents a critical step in its broader vision of revolutionizing trade
For AREA42, this partnership represents a critical step in its broader vision of revolutionizing trade. Its products and platforms are designed to address real B2B trade challenges by offering customer-centric, embedded finance solutions. AREA42’s innovative products, like GrowKap, provide growing companies and marketplaces with the tools they need to thrive in an increasingly digital and interconnected world.
Recently, iDenfy was recognized for its significant impact on society and celebrated for its innovation in user-centric solutions. The company earned several accolades in 2024, including being named the most implementable and easiest-to-set-up software of the year.
Advanced identity verification
These recognitions further highlight iDenfy’s leadership in providing scalable, effective, and customer-friendly solutions for businesses worldwide.
“TradeTech is about creating seamless, secure experiences for businesses and customers alike. Our work with AREA42 demonstrates the power of advanced identity verification to transform industries, driving trust and efficiency. Together, we’re shaping the future of trade,” added Domantas Ciulde.
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