iDenfy, a global RegTech and fraud prevention service provider, announced a major platform update ahead of the European Union’s Digital Identity Wallet compliance regulations for regulated businesses that require verifying users through government-backed digital ID verification methods, all without asking the user to upload an actual photo of their ID document.
That means users will be entering their credentials that they use for daily services already, which creates a familiarity factor. According to iDenfy, these newly launched non-doc verification workflows will help businesses increase conversions due to the simplified version of the standard, document-based Know Your Customer (KYC) process.
