iDenfy has teamed up with Axiology, a capital markets infrastructure provider that runs an integrated blockchain-based trading and settlement system.

This partnership focuses on enhancing secure digital onboarding through the integration of biometric identity verification alongside compliance checks such as politically exposed persons (PEPs) and adverse media screenings.

Axiology’s Distributed Ledger Technology (DLT) Trading and Settlement System is designed to manage the entire lifecycle of tokenized securities. Its infrastructure facilitates issuance, custody, trading, and settlement within a single permissioned blockchain environment, aiming to reduce reliance on intermediaries, lower operational costs, speed up settlements, simplify cross-border capital market activities, and maintain regulatory alignment.

Automated KYC Becomes Essential

As regulatory scrutiny intensifies globally, financial institutions face increasing demands to meet consistent Know Your Customer (KYC) standards. Simultaneously, manual identity verification remains a significant hurdle in the onboarding process. In-house checks are often time-consuming, resource-intensive, and prone to human error, leading to higher abandonment rates and escalating compliance costs.

Research indicates that up to 68% of consumers abandon online financial application onboarding at various stages, frequently due to issues like speed and complexity. Meanwhile, global compliance spending exceeded USD 270 billion annually, with identity verification and Anti-Money Laundering (AML) processes accounting for a significant portion of these costs. Automated KYC solutions can streamline the onboarding process by more than 80%, while improving detection accuracy and ensuring audit readiness.

iDenfy’s identity verification platform employs AI-driven document authentication combined with biometric facial matching to verify identities in seconds. The system supports a wide range of documents worldwide, including passports, national IDs, driver’s licenses, and residence permits. Verification accuracy reaches up to 99.9%, backed by an internal manual review mechanism for edge cases and high-risk profiles.

iDenfy’s solution forms a crucial component within Axiology’s broader compliance framework, supporting sanctions screening, PEP databases, and adverse media monitoring sourced from reliable international datasets.