Kaunas, Lithuania (January 26, 2023) – the biometric identity verification and fraud prevention tool hub, iDenfy, announced its new collaboration with Finora Bank, the Lithuania-based financial service provider for small and medium-sized businesses. From now on, iDenfy will assist with customer onboarding and anti-money laundering compliance checks.
Throughout the years, the fintech sector evolved, showing financial institutions the benefits of technology and automation. According to iDenfy, such improvements are crucial to improving the quality of data collection, which is a vital factor in the Know Your Customer (KYC) process.
Finora Bank agrees with the importance of having a technology-driven fraud prevention strategy, explaining that before the partnership, the financial institution aimed to boost revenue and lower customer onboarding costs. As a result, the financial service provider chose to implement iDenfy’s AI-powered ID verification solution along with Anti-Money Laundering (AML) Screening and Monitoring.
Currently, Finora Bank is working to become the Europe’s leading financial partner for small and medium-sized companies, entrepreneurs, and creatives. The bank offers flexible services, including loans, leasing, and factoring, helping its partners scale faster. The bank strives to provide the highest levels of AML and Terrorist Financing compliance measures to prevent fraud and protect its clients and partners. Along with security, Finora Bank prioritizes client experience.
iDenfy claims that customer experience is critical to maintaining growth, especially in today’s competitive financial markets. The fraud prevention startup developed its AI-based identity verification software to respond to quickly changing customer needs. Using facial biometrics and liveness detection, iDenfy’s algorithm scans the user’s face and matches the data on the identity document in seconds, making it a simple, user-friendly journey.
By leveraging iDenfy’s solutions, Finora Bank can now also perform AML Screening checks on each customer, which includes PEP, sanctions lists, and adverse media scanning. To maintain simplicity without compromising on security, iDenfy’s AML service package is aligned with the KYC checks, providing accurate results in seconds. That means if the scanning results in any potential fraud risks, Finora Bank receives real-time notifications. According to the bank, this minimizes the workload for its internal compliance officers.
Finora Bank expects to gain more sustainable KYC conversion rates and a higher document acceptance rate with this collaboration. It’s worth mentioning that iDenfy extracts and verifies data from over 2,500 identity documents across 190 countries. The broad global document range now helps Finora Bank to onboard more customers in less time while staying fully compliant.
“We’ve noticed a more agile approach to deploying AI-powered tools in banking, especially concerning KYC processes. We’re excited to partner with iDenfy, a reliable fraud prevention company that helps us automate our AML compliance. On top of that, our customers are now able to verify their identity in a few clicks,” — said Aurelijus Sveikauskas, the CEO of Finora Bank.
“Digital identity verification solutions help onboard customers safely while automated AML approaches reduce efforts for manual fraud prevention and due diligence assessments. Our team believes that this is exactly what the modern banking sector needs. That’s why we’re happy to assist our new partners at Finora Bank,” — commented Domantas Ciulde, the CEO of iDenfy.
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 Winter 2023 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com.