iDenfy launches a new eIDV solution for automated government database cross-checking

KAUNAS, Lithuania - Oct. 30, 2024 - PRLog -- Lithuania-based RegTech iDenfy, announced the launch of its new electronic identity verification solution (eIDV), designed to streamline a fast multi-layered Know Your Customer (KYC) process that works across multiple industries. iDenfy's new system provides instant verification using cross-matching results from official US databases, making it easier than ever for businesses to onboard users without delays or complex, cumbersome processes.

iDenfy introduces its new electronic identity verification (eIDV), also known as the  "2+2" verification or "Soft KYC", which is a robust system that cross-references information from at least two official databases, such as social security, credit, or identity graph data, to confirm a user's identity. This four-step process strengthens the security system and ensures compliance with US regulatory standards for businesses across various industries, such as huge emerging markets in fintech, iGaming, cryptocurrency, and the traditional financial sphere.

With the new iDenfy's technology, businesses can easily select the most relevant databases for verification, enter the user's personal data such as name, age, and address, and instantly access results indicating whether this information is a match, partial match, or no match, compared to the database. This automated approach allows companies to make quick, confident decisions, preventing fraud before it occurs while maintaining a fully compliant KYC flow that doesn't negatively affect the end user.

For industries requiring more stringent verification methods, iDenfy's eIDV solution takes security further. iDenfy's software offers the ability to customize the verification flow, adding both document verification and selfie verification, where the user is asked to upload their government-issued ID, passport, or driver's license and then upload a selfie. With the new eIDV approach, another layer of defense can be added, which is the part where the system cross-matches user data with government databases to confirm their existence, helping businesses mitigate the risk of identity fraud.

Domantas Ciulde, the CEO of iDenfy, believes that this electronic identity verification solution is a game-changer for industries that handle large transaction volumes and face fraud risks: "With the rise of fraud and financial crime, our eIDV system secures companies against fraud and offers a seamless, hassle-free experience for the real users. It's a win-win solution for both businesses and their customers."

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 Summer 2024 report as the leading identity verification software.

For more information and business inquiries, please visit www.idenfy.com