iDenfy, a Lithuania-based identity verification and fraud prevention company announced the launch of its new AI-powered Data Crossmatch feature, enhancing the company’s KYB platform with an innovative approach for simplifying verification for corporate entities.
This new feature strengthens iDenfy’s RegTech suite by allowing businesses to access data from a wide network of global sources easily while comparing it with internally stored KYB data, ultimately making the onboarding faster, more secure, and more transparent.
AI-powered Data Crossmatch feature
iDenfy’s new AI-powered Data Crossmatch feature is built to streamline due diligence procedures to provide businesses with faster, more secure client onboarding.
This innovative tool can analyse data from a larger network of over 540 million global company records across 160 countries and has collected an internal database from credit bureaus and government registry platforms to make it a comprehensive solution for current complex business regulations, which require extensive documentation collection and verification, including certain rules that only apply for KYB, such as Ultimate Beneficial Owner (UBO) identification.
Data Crossmatch tool
Compliance teams to see what information is incorrect or missing to avoid potential errors, saving time
As a result, the Data Crossmatch tool helps to automate the verification of UBOs by cross-referencing submitted information against the official records process, significantly reducing manual work.
This efficiency helps compliance teams to see what information is incorrect or missing to avoid potential errors, saving both time and resources.
AML checks
Beyond this function, iDenfy’s cross-matching technology performs multi-layered Anti-Money Laundering (AML) checks on company records by gathering additional information from international government databases, including Europol, Financial Crime Enforcement Network, FBI, Interpol, SECO, and more.
As regulatory requirements increase, accurate onboarding for both individuals and other companies becomes more essential than ever.
Intuitive KYB process
Domantas Ciulde, CEO of iDenfy, highlighted, “Ensuring accuracy in onboarding is essential, especially with growing regulatory demands on businesses to verify entities and avoid compliance risks."
"With our Data Crossmatch, we aim to create a more intuitive KYB process, allowing businesses to verify their clients' data while minimising potential risks.”
Data storage
iDenfy’s tool stores all verification steps, timelines, and decisions securely for up to eight years
This extra level of detail enhances security and enables businesses to spot red flags related to financial crime early in the process. To support regulatory audits and maintain secure records, iDenfy’s tool stores all verification steps, timelines, and decisions securely for up to eight years.
This long-term data storage ensures that businesses stay audit-ready, reducing risks associated with non-compliance.
Time-saving
Domantas Ciulde highlighted the time-saving aspect of Data Crossmatch, which reduces due diligence time by up to 30%. “Data Crossmatch not only offers a faster verification process but also minimises 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.”
Choosing configurable reports
The Data Crossmatch feature allows users to choose even up to five different types of configurable reports
Furthermore, the Data Crossmatch feature allows users to choose even up to five different types of configurable reports and adjust the requirement, adding optional questions that offer flexibility while comparing provided business information with the database to make sure the data matches.
Domantas Ciulde added, “Data Crossmatch represents an essential advancement in KYB processes, equipping organisations with the insights they need to make secure, informed decisions in an increasingly complex regulatory landscape.”
Robust solution
It’s worth mentioning that iDenfy's Data Crossmatch tool offers a robust solution to the growing threat of cybercrime, particularly in preventing the submission of false documents to register any business illegally or perform malicious activities.
By integrating Data Crossmatch, businesses can strengthen their security and proactively protect against current and emerging cyber threats.
