iDenfy, a Lithuania-based id verification and fraud prevention software program supplier, has launched a brand new ‘Financial institution Verification’ answer, designed to boost the shopper onboarding course of.
By its new Financial institution Verification answer, iDenfy plans to assist the crypto, recruitment, and fintech industries make sure that customers aren’t fraudulent account holders and aren’t offering cast knowledge. By integrating open banking options, additionally it is aiming to assist companies adjust to Know Your Buyer (KYC) laws.
Because the Regulation on the Markets in Crypto-Property (MiCA) and KYC necessities change into more and more stringent, the demand for sturdy financial institution verification companies has change into more and more vital. Nevertheless, iDenfy’s analysis reveals that cybercrime continues to escalate at an alarming price. Latest estimates point out that the worldwide value of cybercrime will attain $9.5trillion by the tip of 2024.
Recognising the implications of this for knowledge integrity and buyer belief, iDenfy goals to allow organisations to authenticate prospects in real-time by matching their obtained checking account particulars with onboarding knowledge. With connections to over 2,500 banks throughout 29 international locations, iDenfy’s Financial institution Verification answer helps handle accounts throughout a number of banks, whatever the shopper’s transaction quantity, serving to make higher selections whereas defending monetary knowledge and, extra importantly, not overburdening the end-user with additional verification steps.
The brand new Financial institution Verification answer will onboard actual customers sooner and stop illicit actions by mechanically retrieving vital id data — such because the customers’ names, IBANs, and acquainted financial institution login credentials to hurry up the method.
Making certain compliance throughout industries
By leveraging the brand new options, companies may determine buyer danger ranges utilizing the open banking API, enabling compliance groups to analyse buyer transactions and decide monetary well being, steadiness sheet state, and potential dangers.
“Compliance groups will have the ability to entry historical past logs, together with translation dates and quantities, which boosts transparency and reduces dangers related to monetary fraud,” defined Domantas Ciulde, CEO of iDenfy. “We’ve created this answer to assist different compliance groups facilitate correct inside and exterior audits by accessing detailed transaction data in a single single, easy-to-use dashboard.”
Because of this, iDenfy’s up to date system automates the method of verifying prospects’ monetary standings, together with proof of funds verification, by extracting detailed financial institution statements. The info can then be cross-checked with the consumer’s id particulars, serving to companies flag suspicious exercise and onboard solely professional prospects.
“As regulatory calls for within the cryptocurrency, recruitment, and fintech sectors intensify, our Financial institution Verification answer is crucial for companies going through compliance challenges. We have now developed this service to assist our companions execute onboarding operations faster and guarantee a easy KYC course of when verifying new customers. By integrating sturdy fraud detection instruments, we empower companies to keep up transparency and stop illicit actions,” added Ciulde.