This new feature will boost its already existing address verification solution by offering a more straightforward utility bill check in any format or language
Kaunas, Lithuania (July 00, 2024) — iDenfy, a Lithuania-based identity verification and fraud prevention software provider, has launched its new automated utility bill verification solution. This innovative tool is designed to enhance the efficiency and accuracy of the proof of address (PoA) process, as well as provide businesses with a powerful tool to ensure anti-money laundering (AML) and Know Your Customer (KYC) compliance.
iDenfy’s automated utility bill verification service uses advanced AI to extract and compare utility bill information with customer details in multiple non-Latin languages within approximately 20 seconds. This new addition to iDenfy’s RegTech service package includes key features such as full name verification, as the system extracts and compares the full name on the utility bill with the customer’s provided details, as well as address validation, which verifies the user’s full address in any language or format. This helps companies scale, especially those that operate in global markets or have various partners from different jurisdictions.
According to Domantas Ciulde, the CEO of iDenfy, this is a must in today’s landscape as regulations evolve and companies like crypto platforms or fintechs are required to conduct address checks. However, according to Ciulde, there’s a challenge when it comes to user experience, as additional checks like PoA verification add friction for the end user. For this reason, iDenfy’s team wanted to balance out the time that it takes for the customer to complete the address verification by tailoring a balanced solution, utility bill verification.
Asked why not use documents like government-issued IDs, Ciulde explained that regulators require other documents that were not previously used for identity proofing. According to iDenfy’s data, utility bills remain the most popular choice out of all PoA documents among their clients due to their accessibility. Additionally, utility bill verification is a robust method for confirming a customer’s current residence. Unlike other forms of address verification, utility bills are regularly updated documents that reflect the latest residential information of the individual. iDenfy’s team further explains that this makes this document highly reliable for verifying a person’s address, ensuring that the data is present and accurate.
Another new option that iDenfy’s utility bill verification service now offers is seamless API integration, which delivers address verification results automatically without the need to enter any data manually. Users can create a new utility bill upload window for PDF files or images and link the results to onboarded customer data. This makes the job of compliance teams a lot easier, especially when there are thousands of customers who need to have their address data checked. In-house compliance teams don’t need to use spreadsheets or any sort of internal databases and worry about data safety requirements, as these complex issues can be solved with the new RegTech tool.
iDenfy’s utility bill verification also facilitates re-verifying existing users by requesting a utility bill with a recent issue date. It helps prevent potential illicit behavior by setting transaction thresholds that require additional proof of verification. AI-generated context on the type of utility bill produces a final comparison response within approximately 20 seconds on average, which, according to iDenfy’s team, is at least five times faster than it would take during a standard manual address verification process. It’s also worth mentioning that iDenfy’s AI-powered utility bill verification tool can be seamlessly integrated into any company’s existing KYC workflows.
This verification process is particularly beneficial for financial institutions that are frequent targets for fraudulent activities. Verifying customer addresses is a crucial step to add an additional layer of security in eliminating fraud and making it harder for fraudsters to use fake or stolen identities. For example, without thoroughly verifying users during processes like account opening, loan approval, and credit card applications, financial institutions can be exploited for fraud, leading to significant financial losses and damage to the company’s image.
“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,” — commented Domantas Ciulde, the CEO of iDenfy.
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About 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 Spring 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com.
Contact:
Aurimas Kybartas
Phone: +37067644539
Email: aurimask@idenfy.com
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