We speak to Gediminas Ratkevičius, CEO & Co-Founder of iDenfy about how they are tackling KYC compliance and fraud reduction in finanncial services. Reflecting on the journey from diapers to innovators, he also highlights how he and his co-founder evolved their offering based on customer feedback. Kudos for their open mind on the beer front!
What does iDenfy do – what problem are you solving?
IDenfy provides automated online identity verification software, helping to reduce fraud, optimise onboarding costs and make the process smooth and more user-friendly. Moreover, we are helping companies to comply with EC requirements for KYC/AML.
Want type of customer is iDenfy aimed at?
Financial services companies, such as banks, mobiles wallets, lending companies, ICOs, P2P, payment gateways, e-shops etc., which are dealing with money transactions and need to comply with KYC requirements.
How does this reduce fraud – are there any metrics you can share?
iDenfy uses special algorithms for liveness detection – so there is no possibility for face-spoofing, moreover we detect document authenticity. To sum up, we are working to prevent identity theft and money laundering.
What is the background of your founding team – how did you all get together?
Domantas Čiulde and I are friends from diaper times. In December 2016 we met up for a chat and Domantas told me about his idea for an interesting solution to prevent payments from stolen cards by scanning documents, checking IP/locations etc.
My background was working in a very large trading company and I already knew of potential clients for the software. We have set up some early meetings with them. After some really useful feedback, we decided to change direction and provide an online identity verification tool, adding face-matching and this had much greater demand. So that’s how we came where we are now, a journey that has meant shifting ideas and refining our product.
We will have a range of craft beers available at the event – including a beer designed by artificial intelligence – What type of beer are you looking forward to sampling at the event (or if you don’t drink beer – what is your tipple of choice?)
We look forward to sample all kinds of beers 😊
