The new bank verification service will help high-risk industries meet KYC/MiCA requirements through AI-powered ID verification and open banking integration
—
iDenfy, a Lithuania-based RegTech company, announced the release of its new Bank Verification service, designed to streamline compliance processes and provide businesses with a more efficient, secure way to verify both user identities and their financial data through a single KYC flow. This solution will benefit industries that deal with digital assets and other high-risk sectors to comply with evolving regulations of Know Your Customer (KYC) and the Regulation on the Markets in Crypto-Assets (MiCA).
The need for robust bank verification services has grown significantly in recent years. With financial fraud on the rise and new regulations like MiCA setting stricter standards for cryptocurrency platforms, businesses must ensure that they can verify customer identities and assess financial health and the source of funds being used for transactions. According to the Global Economic Crime and Fraud survey, nearly 50% of companies dealing with cryptocurrency struggle to effectively comply with regulatory requirements due to the complexity of manually verified bank data. Domantas Ciulde, the CEO of iDenfy, explains that cross-checking information, such as the person’s bank account and personal identification details with another official database, is vital; however, doing it manually can become a hassle.
To address these challenges, iDenfy’s new Bank Verification solution integrates with over 2,500 banks across 29 countries, allowing compliance teams to authenticate customer identities in real-time by automatically matching bank login credentials with onboarding information. This provides a secure, reliable way to verify KYC-regulated compliance information provided by users, no matter their residential country, helping global businesses confirm if the identity is legitimate, minimizing the risk of fraud and speeding up the onboarding process.
“We wanted to continue helping businesses scale through KYC automation using accurate, up-to-date data reports and a simple end-user experience, two of the main factors we had in mind when building the Bank Verification solution,” added Domantas Ciulde.
iDenfy’s bank verification service also allows businesses to verify the source of funds through transaction data. This feature is particularly beneficial for cryptocurrency platforms that must comply with MiCA, which requires tracing the origin of funds used in crypto transactions. By assessing historical and current account balances, iDenfy’s AI-powered system automatically verifies whether the accounts used to convert fiat currency into cryptocurrency are legitimate and free from red flags. This new feature also supports verifying employee bank accounts, helping businesses ensure that payroll and financial operations are secure and compliant with internal policies.
Domantas Ciulde, CEO of iDenfy, highlighted: "The rise of digital currencies and tightening regulations make it critical for businesses to have real-time, automated solutions to verify customer identities and financial backgrounds. Our new bank verification service gives businesses the tools to meet these challenges head-on, reducing fraud risks, saving operational costs, and ensuring compliance in crypto.
According to Ciulde, the new solution will help regulated entities reduce operational costs, which are typically associated with back-office staff needed for manual reviews, and will help businesses approve accounts through a fully automated and data-driven KYC flow.
In terms of operational efficiency, the Bank Verification solution enables real-time access to accurate bank data, which eliminates the need for time-consuming manual verifications. In general, iDenfy offers automated ID verification for over 3,000 documents across 200+ countries, supported by advanced facial recognition and 3D liveness detection to prevent fraud. In addition, a dedicated team of expert reviewers oversees all automated processes 24/7, ensuring superior accuracy in catching suspicious activity or mistakes and verifying the data.
Additionally, iDenfy’s service provides access to detailed transaction logs, which compliance teams can audit and analyze to assess the risk profile of users based on their financial history. The system can flag suspicious activities by evaluating historical and current transactions, allowing businesses to identify high-risk customers before onboarding. This capability is especially valuable for cryptocurrency exchanges, where tracking the movement of fiat currencies into crypto assets is crucial for meeting regulatory requirements.
Domantas Ciulde added, "Our goal is to provide businesses with tools that not only ensure compliance but also drive operational efficiency. By leveraging real-time bank data and automating the verification process, we help businesses reduce fraud, improve customer experience, and avoid the pitfalls of manual verification processes."
It’s worth mentioning that iDenfy is an award-winning identity verification platform standing out in the market for its ease of use, real-time automation, and compliance capabilities. With top ratings on G2 for customer satisfaction and loyalty, iDenfy continues to provide an industry-leading bank verification solution for businesses looking to navigate the complexities of regulatory compliance efficiently.
About the company: iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Autumn 2024 report as the leading identity verification software. For more information and business inquiries, please visit www.idenfy.com.
Contact Info:
Name: Aurimas Kybartas
Email: Send Email
Organization: iDenfy
Address: Barsausko g. 59
Website: https://www.idenfy.com/
Release ID: 89143659
Should you detect any errors, issues, or discrepancies with the content contained within this press release, or if you need assistance with a press release takedown, we kindly request that you inform us immediately by contacting error@releasecontact.com (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our expert team will be available to promptly respond and take necessary steps within the next 8 hours to resolve any identified issues or guide you through the removal process. We value the trust placed in us by our readers and remain dedicated to providing accurate and reliable information.
