In a significant move to enhance corporate verification, iDenfy, a Lithuanian company known for its advanced identity verification and fraud prevention technology, has unveiled its latest innovation: the Data Crossmatch feature. This AI-driven tool is set to redefine how businesses handle Know Your Business (KYB) requirements by providing a faster, more secure, and comprehensive onboarding process for corporate clients.
Revolutionizing KYB with AI-Powered Data Crossmatch
The Data Crossmatch feature brings a new level of efficiency to iDenfy’s RegTech suite, empowering businesses to cross-reference onboarding data with a vast network of global databases seamlessly. By connecting to over 540 million records across 160 countries, iDenfy enables companies to conduct extensive due diligence and Anti-Money Laundering (AML) checks on potential business partners or clients.
With these capabilities, iDenfy addresses a growing regulatory demand for precise documentation and comprehensive verification. The new tool automates the verification of Ultimate Beneficial Owners (UBOs) by aligning client-submitted information with official records, thus reducing manual work and the risk of data inaccuracies.
Enhanced Efficiency and Compliance
Domantas Ciulde, CEO of iDenfy, shared insights into the feature’s impact, noting that the Data Crossmatch can cut due diligence time by up to 30%. “Data Crossmatch not only offers a faster verification process but also minimizes operational costs by cutting down on time-consuming, error-prone manual checks. This tool empowers companies to take proactive control over their compliance by providing fast, accurate information about business client’s profiles,” Ciulde explained.
iDenfy’s Data Crossmatch tool doesn’t just reduce errors; it also provides a multi-layered approach to AML, drawing data from credible international sources like Europol, the Financial Crimes Enforcement Network, Interpol, and other major regulatory bodies. Such depth in verification helps identify potential red flags early on, safeguarding businesses from compliance risks and security threats.
Supporting Businesses Against Emerging Cyber Threats
The tool also assists companies in protecting themselves against cyber threats and malicious actors. With rising instances of fraud and the submission of false documents, businesses using iDenfy’s Data Crossmatch can rely on its robust security measures to prevent unauthorized registrations or illicit activities. This added security is pivotal as businesses strive to keep up with the sophistication of emerging threats.
Compliance Made Simple with Long-Term Storage and Configurable Reports
One notable feature is the secure storage of verification data for up to eight years, ensuring businesses remain ready for regulatory audits. iDenfy’s tool also allows for flexibility with up to five types of configurable reports, enabling users to tailor verification questions based on specific requirements. This adaptability ensures that businesses remain compliant across various jurisdictions with changing regulatory landscapes.
As Ciulde concluded, “Data Crossmatch represents an essential advancement in KYB processes, equipping organizations with the insights they need to make secure, informed decisions in an increasingly complex regulatory landscape.”
About iDenfy
iDenfy is a recognized leader in identity verification, named the best Fintech Startup in 2020, with continuous advancements in fraud prevention and compliance tools. From large corporations to smaller entities, iDenfy’s services cater to a range of companies aiming to meet AML, KYC, and KYB standards.
For more information, visit iDenfy’s website.
