Henoscene Integrates iDenfy’s KYC Software to Protect Stakeholders Against Financial Crime

iDenfy, a Lithuanian-based RegTech company offering ID verification and fraud prevention solutions, has partnered with Henoscene, a blockchain-based enterprise-first SaaS platform pioneering systematic participatory frameworks for corporations, nonprofit foundations, and their stakeholders. iDenfy’s identity verification solution will enhance data protection and user trust while streamlining Henoscene clients’ onboarding process.

Environmental crime is one of the world’s most profitable organized criminal activities and has a major impact not only on the environment but also on human health ranking as the third largest criminal activity with a growth rate of 5-7% and causing losses ranging from $110 to $281 billion annually due to increased pollution, degradation of wildlife, water, air pollution, and chemical exposure. To address this critical issue, Henoscene’s platform needed a verification platform that could measure the companies that look untrustful, stopping them from using the platform for money laundering and other fraudulent activities.

Henoscene specializes in providing a systematic campaign framework for mapping, planning, reporting, and analyzing long-term goals for businesses and their clients. Through the use of blockchain technology, the platform empowers brands to conduct impactful campaigns that co-create products, services, and stories while fostering positive social, environmental, economic, political, and cultural outcomes. According to Henoscene, using their platform, brands can create customizable campaigns linked to a chosen project, ensuring clear transparency to consumers regarding fund allocation as real-time metrics allow for tracking and measuring campaigns.

Henoscene offers brands full transparency in their impactful campaigns, enabling them to build trust. Despite that, Henoscene has noticed that in their industry and lion of work, privacy and transparency have often been pegged against one another. For this reason, they needed an extra layer of security for building an even more secure ecosystem, with verified known players who are all working toward shared, positive social and environmental goals on a peer-to-peer framework like their blockchain-backed platform.

Consequently, to combat the growing risks of financial crime and boost its internal Trust and Safety program, Henoscene was looking for an identity verification provider and chose iDenfy’s service due to its alignment with the company’s business model, offering a cost-effective approach focused only on successful verifications, ensuring resources are allocated efficiently towards actual conversions and active community members.

iDenfy accepts more than 3000 types of ID documents from 200 countries, which now helps Henoscene confidently verify new users while enhancing its defenses against fraud. It’s worth mentioning that iDenfy’s AI-powered software completes 96% of ID document verifications in under a few minutes on average, guaranteeing a smooth and compliant Know Your Customer (KYC) process. Leveraging iDenfy’s solution, Henoscene aims to further enhance its mission of promoting positive impact and accountability in both the corporate and nonprofit sectors.

“Privacy and transparency are fundamental to our approach. We aimed to automate the onboarding process and reduce costs while still promoting collaboration among verified stakeholders. iDenfy’s verification solution enabled us to meet these objectives effectively,” — commented Asher Jay, the CEO of Henoscene. 

“We’re excited to partner with Henoscene to drive positive impact and accountability in the corporate and nonprofit sectors. Through our automated ID verification solution, our partner can create a more transparent and trustworthy ecosystem for all stakeholders involved,” — added Domantas Ciulde, the CEO of iDenfy.