Finora Bank taps regtech iDenfy for automated customer onboarding
Lithuania’s SME-focused Finora Bank has tapped fraud prevention and ID verification start-up iDenfy to automate its know your customer (KYC) compliance and customer onboarding processes.
Finora Bank taps iDenfy for digitised customer onboarding
After obtaining a banking licence from the European Central Bank, Finora Bank required “more robust” security as it looked to scale and adhere to EU regulations, iDenfy says.
The partnership will help Finora Bank manage fraud risks and gain “detailed real-time insights” into its financial operations, the firm adds.
AI-powered iDenfy’s four-step identity verification solution uses facial biometrics obtained via a selfie. The firm uses liveness detection which combats fraudulent methods such as deepfake technology, masks and fake pictures.
The four-step customer onboarding process takes less than a minute and is supported by iDenfy’s in-house team who verify results 24/7.
Leveraging the regtech’s services, Finora Bank can also conduct anti-money laundering (AML) checks and data monitoring, helping to reduce fraud rates, iDenfy says.
Finora Bank CEO Aurelijus Sveikauskas says: “The new identity verification solution supports our efforts to provide our clients with an expedited and fully compliant onboarding process.”
iDenfy CEO Domantas Ciulde says partnering with Finora Bank will “help them expand into new markets with an enhanced, fully digitised onboarding experience”.
