iDenfy, a Lithuania-based software provider, specializes in identity verification and fraud prevention.
Established with a commitment to technological innovation, iDenfy recently announced its new automated utility bill verification solution aimed at streamlining the proof of address (PoA) process. This solution is crafted to enhance the accuracy and efficiency of address verification, essential for anti-money laundering (AML) and Know Your Customer (KYC) compliance.
The advent of this product is a response to evolving regulatory requirements. As regulations grow more stringent, traditional PoA methods are proving inadequate, especially for dynamic sectors like FinTech and cryptocurrency. The new tool aims to reduce the friction in user experience during the address verification process by providing a more efficient alternative.
iDenfy’s core business revolves around identity verification services. By integrating advanced AI technology, their services are designed to support various organizations in complying with international regulations while maintaining user-friendly operations.
The newly launched utility bill verification service uses AI to extract and compare details from utility bills against customer-provided information. It processes content in multiple non-Latin languages within approximately 20 seconds. Features include full name verification, where the system checks the name on the utility bill against customer details, and address validation, which confirms addresses in any language or format.
This tool is particularly innovative in its technical capabilities and practical applications. It includes an API that allows seamless integration into existing systems, automating the verification process without manual data entry. This capability is particularly beneficial for companies with large customer bases or those operating in jurisdictions with varied documentation formats.
Additional features of the service include the verification of newly issued utility bills. This is crucial for re-verifying existing users and setting transaction thresholds to deter illicit activities. The AI system provides a rapid response, significantly reducing the time required for manual address verification processes.
iDenfy’s CEO, Domantas Ciulde, highlighted the practicality of the new tool. “With the utility bill verification solution, our goal was to streamline the process and use AI to widen our capabilities, in this case, accept new formats in more different languages for companies that want to scale faster and offer their customers a seamless address verification check,” Domantas Ciulde said.
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