Finora Bank chooses iDenfy’s all-in-one KYC and AML platform
Feb 1, 2023
The financial service provider will use iDenfy’s biometric ID verification along with AML services
Kaunas, Lithuania - February 1, 2023 /MarketersMEDIA/ —
The global AI-based IDV, compliance, and fraud prevention company, iDenfy, announced partnering with Finora Bank, the Lithuania-based flexible financial service provider for businesses and private customers. By leveraging iDenfy’s solutions, Finora Bank will ensure swift and secure customer onboarding.
Financial institutions increasingly rely on automated Know Your Customer (KYC) procedures. Despite the more usual technology adoptions, according to iDenfy, part of the financial sector still relies on manual compliance frameworks, which can result in more human errors and additional expenses.
Finora Bank officials agreed with this approach, claiming that technological solutions can help businesses become more effective in preventing financial crime. Currently, the top priority for Finora Bank is growing and establishing itself as a household name in new markets. The financial company claims to be working to become the Europe’s leading financial partner for small and medium-sized companies, entrepreneurs, and creatives.
Finora Bank searched for a new, more robust identity verification provider as part of its growth strategy. Before implementing the new AI-powered solutions, the financial business aimed to improve the customer experience while efficiently preventing money laundering. Finora Bank decided to strengthen its security program by partnering with iDenfy.
According to the bank, iDenfy’s feature-rich background and the ability to provide both identity verification and AML services played a huge factor in deciding to start the collaboration with the fraud prevention platform. Currently, it will take 50 seconds, or four steps, to complete the full identity verification process for Finora Bank’s customers.
The verification process is carefully reviewed by iDenfy’s in-house team of KYC experts, who claim to help completely eradicate fraud and suspicious registrations during customer onboarding. The newly implemented authentication process will assure Finora Bank’s compliance with the latest EU regulations, which played an essential role in Finora Bank’s decision to select iDenfy as its partner.
iDenfy’s automated software capabilities include AML Screening, enabling Finora Bank to scan and monitor its customers through global PEPs, watchlists, and sanction lists. This feature will benefit Finora Bank by helping save time and decreasing the workload for internal compliance officers.
“Our goal is to maintain a strong market presence despite the competitive landscape. The partnership with iDenfy will help us improve the customer experience with a simplified identity verification flow. We believe that automated tools like this are the key to having an effective fraud prevention program,” — said Aurelijus Sveikauskas, the CEO of Finora Bank.
Domantas Ciulde, the CEO of iDenfy, added: “We’re happy to welcome a new partner, Finora Bank. Manual identity verification reviews are often the most expensive part of the KYC compliance program. We designed our multi-functional platform to ease the work for compliance officers, helping save costs, and we’re proud that more financial institutions choose this technology-driven approach.”
Contact Info:
Name: Eva Azaraviciute
Email: Send Email
Organization: iDenfy
Address: Barsausko g. 59
Website: https://www.idenfy.com/
Release ID: 89089369
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 8 hours.
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