Skip to Content

iDenfy’s AI-powered AML solution will shield SupplierPlus from fraud

The new partnership will ensure complete compliance and a fraud-free future for SupplierPlus

Kaunas, Lithuania (November 30, 2022) – iDenfy, the global compliance, ID verification and fraud prevention service provider, announced a new partnership with SupplierPlus, the Supply Chain Finance platform that focuses on simplifying invoice financing between buyers, suppliers, and financiers. Using iDenfy’s AML solutions will enhance security while completing SupplierPlus’ fraud prevention strategy.

Failing to comply with anti-money laundering (AML) regulations can result in legal penalties, which are more costly than implementing AI-powered AML solutions. Recent data from Globalscape shows that financial companies spend $14.82 million yearly on non-compliance fines, which, according to iDenfy, is colossal damage, additionally causing revenue and reputational loss.

iDenfy’s AI-powered AML solution will shield SupplierPlus from fraud

To fight fraud and minimize liquidity risks, iDenfy recommends employing technological solutions, even during stages of economic uncertainty. Such solutions, like iDenfy’s AML Screening and Ongoing Monitoring, are a must for regulated entities, including SupplierPlus. Consequently, to automate compliance and ensure an effective fraud prevention system, the company chose iDenfy’s AML package.

SupplierPlus is a business financing platform, with the main product being Supply Chain Finance (SCF). SCF allows corporate buyers with solid credit profiles to release working capital from deferred payment terms while accelerating their suppliers’ cash flows. Banks provide the required liquidity, so according to SupplierPlus officials, it’s a proper win-win solution for buyers and suppliers. The fully-fledged SCF platform aims to maintain its status as a next-generation network that handles the sophisticated needs of blue chips and highly regulated banks.

As claimed by SupplierPlus, today’s macroeconomic landscape transformed supply chain finance, making it an excellent choice for small companies looking for ways to secure liquidity. At the same time, iDenfy’s CEO, Domantas Ciulde, believes that too many financial institutions and SCF enterprises rely on single-layer fraud prevention systems, lacking proper compliance strategies and transparency.

SupplierPlus agrees with the benefits of a risk-based approach, stressing the importance of having a multi-layer fraud prevention system. Currently, SupplierPlus started using iDenfy’s AML and Adverse Media screening solutions, both during the onboarding of new customers and ongoing compliance monitoring. According to the SCF platform, iDenfy allowed them to automate compliance checks at a competitive price, which played a significant role when choosing a long-time compliance service provider.

Now, iDenfy’s software saves time for compliance managers by eliminating the need to review multiple databases manually. The implemented AML solution helps SupplierPlus scan and monitor clients daily through multiple global watchlists, sanctions, and Politically Exposed Persons (PEPs) lists. As stated by iDenfy, today’s political and geographical scene shows uncertainty, which impacts sanctions and other international lists. iDenfy ensures that they are updated in real-time under regulatory requirements.

iDenfy claims that artificial intelligence ensures an accurate evaluation and credibility, which, unfortunately, can be challenging for compliance officers who must go through multiple news sources to conduct manual AML Adverse Media checks. iDenfy’s monitoring solution informs when any anti-money laundering risk database hit occurs while automatically screening lists of harmful media sources. This helps SupplierPlus build trusted relationships with its clients.

“Our team believes that technological innovations can benefit any business model and help achieve greater security. By partnering with iDenfy, we saw particular value in automated AML checks. As a result, we’ve reached our goal of monitoring cross-border clients more efficiently.” — said Uve Poom, the COO of SupplierPlus.

“Financial companies must constantly screen their customers and partners to avoid sanctions breaches. This task becomes challenging, especially since AML compliance requires immediate action in high-risk situations and accuracy at all times. Thankfully, we now have AI-powered tools, and we’re glad to welcome SupplierPlus as our newest partner that values transparency and security.” — commented Domantas Ciulde, the CEO of iDenfy.

About iDenfy

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.

For more information and business inquiries, please visit

    Ads Blocker Image Powered by Code Help Pro

    It looks like you are using an adblocker.

    Ads keep our content free. Please consider supporting us by allowing ads on