iDenfy, a Lithuanian RegTech company specialising in identity verification and fraud prevention solutions, has launched its latest feature designed to simplify KYB checks.
The new product was developed in response to growing compliance pressures and the rapid increase in business identity fraud, claims Finextra.
According to the Association of Certified Fraud Examiners, companies lose around 5% of their revenue to fraud each year. With FinTech, crypto, and B2B services among the hardest hit, iDenfy identified the need for faster, more accurate background verification tools.
Founded to streamline compliance processes, iDenfy offers solutions that range from biometric identity verification and AML screening to ongoing monitoring. Its technology supports regulated firms in meeting complex regulatory obligations while minimising manual workloads.
The latest release introduces an AI-generated KYB company report that removes the need for time-consuming manual document reviews. Within iDenfy’s Business Verification dashboard, clients can select a business and generate a single-page report containing verified corporate data. This includes essential details such as company name, incorporation date, registration number, and country of origin.
Beyond the basics, the report provides deeper insights, such as ownership structures, linked entities, and shareholder information. The system dynamically collects and verifies data from both public and proprietary databases in real time, offering a faster and more detailed solution than traditional government or credit bureau reports.
Additional features include AI-driven risk insights, which flag missing data, inconsistencies, or red flags like potential shell company structures. Compliance teams also receive guidance on next steps, such as performing enhanced due diligence when risks are detected.
The launch reinforces iDenfy’s strategy of providing end-to-end compliance support through its platform, which already incorporates tools for biometric verification, AML checks, and ongoing risk monitoring.
iDenfy CMO Viktor Vostrikov said, “Manual business verification has been a major obstacle in compliance workflows. With our AI-powered reports, we’re offering a faster, smarter way to review businesses, reduce onboarding time, and stay ahead of regulatory demands. Our tool helps compliance teams move from document reading to decision making in just seconds.”
iDenfy CEO Domantas Ciulde said, “We designed this tool not only to surface essential information but also to offer clear next steps for risk teams. It’s not just about gathering data; it’s about understanding what that data means, where the risks lie, and what actions to take. We’re bridging the gap between compliance and actionable intelligence.”
The AI-powered business verification feature is now fully available and integrated within iDenfy’s compliance platform.
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