Baanx partnership ensures trusted user onboarding for online banking platform
Veriff’s identity verification features seamlessly verify Baanx users, helping prevent fraud and money laundering
NEW YORK, 25 January 2023 /PRNewswire/ — Verificationa global provider of identity verification, today announced that it has partnered with Baanxa Web3 fintech company and FCA approved for crypto asset license, to provide identity verification services as a means of protecting Baanx and its users from fraud and money laundering risks. With this partnership, Veriff adds an extra layer of safety and security to Baanx’ online crypto platform, offering Web3 fintech solutions to customers and their communities, including Cryptodraft and payment authorization integration into VISA, Mastercard and other transactional payment systems.
Crypto fraud is on the way up as the industry continues to fluctuate, giving more room for fraudsters to slip through the cracks. Veriff’s streamlined, AI-powered identity verification technology enables Baanx to verify the identity of their users during the onboarding process, ensuring their services are only used for legitimate purposes. Veriff’s ability to verify more than 11,200 government-issued IDs from more than 190 countries and in 47 different languages helps Baanx ensure compliance with local regulations for its global customer base, reducing the risk of fraud and money laundering globally scale.
“As crypto– friendly company, we are more than aware of that crypto space attracts fraudsters, which they often take advantage of crypto‘s decentralization to cheat victims out of their funds. Also, due to the market’s bearish conditions, the risk of fraud is currently much higher,” said Mark Evans, CCO & CFO at Baanx. “Our mission is to transition the world from Web2 to Web3 and help bridge the gap between decentralized finance (DeFi) and traditional finance. But we must continue to manage digital assets with maximum privacy and security to establish the trust needed to make this development possible. With Veriff, we are in a strong position to achieve this.”
Since the integration of Veriff’s technology, Baanx has already reduced the time for the verification process, allowing them to onboard users faster and more securely than ever before. Currently working in Great Britain and EuropeBaanx plans to securely expand its services to more countries and expand its user base, with the goal of helping more customers manage their digital financial assets.
“Cryptocurrencies are disrupting the financial world, and crypto the industry has developed dramatically in recent years. However, transactions between users are usually anonymous and instant, providing more opportunities for fraudsters and criminals who want to avoid conventional anti-money laundering controls. And right now, scam prices for crypto transactions are at an all-time high,” said Indrek Heinloo, COO of Veriff. “As a result, it has never been more important for online banking platforms to offer crypto services to be several steps ahead of these bad actors. We are excited to partner with Baanx and work together to help build more trust crypto and Web3 space.”
For more information about our partnership, please visit us at www.veriff.com.
About Baanx
Baanx offers Web3 Fintech solutions to the digital asset sector, including Cryptodraft and payment authorization integration in VISA, Mastercard and other payment systems for transactions. Baanx’s mission is to transition the world from Web2 to Web3 by building on DLT, blockchain, automation and AI. Baanx manages digital assets with maximum privacy and security. The company launches services for more than 25 top clients, including Ledger. The Baanx team has exceptional experience in banking, financial technology, cryptography, finance and digital marketing.
About Veriff
Veriff is the identity verification partner of choice for the world’s biggest and best digital companies, including fintech pioneers, crypto, games and the mobility sectors. We offer advanced technology, deep insight and expertise from our digital-first foundation Estonia and honed over decades in leading the digital identity revolution. With more than 550 people from 60 different nationalities and offices in the United States, Great Britain, Spainand Estoniain addition to robust support and funding from investors including Accel, Alkeon, IVP, Tiger Capital and Y Combinator, we are dedicated to helping businesses and individuals build a safer and more secure world.
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SOURCE Verif
