Finst teams up with Veriff for identity verification and KYC compliance
For any business in the crypto space, it is essential to make sure to comply with regulations as well as make it as frictionless as possible for users to become a customer. Amsterdam-based Finst launched its platform earlier this year with the support of Veriff’s online identity verification solution.
Carl-Ruuben Soolep
About Finst
Finst is a revolutionary cryptocurrency platform featuring a unique combination of safety, transparency, and the lowest fees in The Netherlands. They aim to create a level-playing field between retail and professional investors by providing everyone with the same fees, security standards, and tools. Finst launched its platform in early 2023 with the help of Veriff's online identity verification solution.
What business problem did Veriff solve for Finst?
In the era of rapid digitalization, it is essential for Finst that they still know who they are conducting business with. As a registered Crypto Service Provider, Finst must set measures to prevent financial crime, comply with regulations and prevent fraud to ensure that they are aware of any possible scammer, fraudster, and ill-intended individuals trying to access their platform. They needed a reliable and a scalable solution to verify high volume of users.
Identity verification helps Finst:
- Comply with Know Your Customer (KYC) and AML regulations
- Prevent fraud
- Save time and resources through automation
"We must verify our users to the best extent possible while ensuring this process is user-friendly. Due to its easy-to-use, fast-yet-reliable and scalable verification process, Veriff became our obvious solution for a continuous, increasing need for safety and high-volume verifications."
Why Finst decided to partner with Veriff?
Veriff is the gateway into the Finst platform, making identity verification fundamental for ensuring that only genuine investors are allowed. Due to Veriff's easy-to-use, fast, automated, and reliable identity verification solution, it was an easy choice for Finst.
What have been the results?
Since the launch, Finst has seen a high 95% pass rate for genuine customers. This was supported by low re-submission rates thanks to Veriff's intuitive flow, which guides users through the verification process.
“As a fast-growing company, we need a partner we can rely on to evolve and keep providing solutions that meet our growing needs. Veriff's interface is self-explanatory and intuitive, which is essential since we access it daily”
Future plans for Finst
Partnering with Veriff, Finst aims to become Europe's largest, most transparent, and most trusted cryptocurrency platform within the next five years. They are currently working on many new investment solutions and features to help people gain access to the cryptocurrency market safely and efficiently.
