iDenfy Launches ‘Data Crossmatch’ Tool for KYB

iDenfy, a Lithuania-based identity verification and fraud prevention company, has introduced a new Data Crossmatch feature powered by AI to streamline the Know Your Business (KYB) onboarding process. This latest addition to iDenfy’s RegTech suite aims to simplify corporate verification by enabling businesses to access a vast network of global sources and cross-reference this data with internal KYB records.chec

The Data Crossmatch feature leverages data from over 540 million company records across 160 countries, including sources from credit bureaus and government registries. This extensive data collection supports the comprehensive requirements for KYB verification, which has become increasingly important as regulators worldwide strengthen requirements for corporate due diligence. The system automates the verification of Ultimate Beneficial Owners (UBOs) by matching submitted information with official records, reducing manual work and potential errors.

“Ensuring accuracy in onboarding is essential, especially with growing regulatory demands on businesses to verify entities and avoid compliance risks,” said CEO Domantas Ciulde. “With our Data Crossmatch, we aim to create a more intuitive KYB process, allowing businesses to verify their clients’ data while minimizing potential risks.”

In addition to UBO verification, iDenfy’s cross-matching technology performs multi-layered Anti-Money Laundering (AML) checks by collecting information from Europol, Interpol, and the Financial Crime Enforcement Network (FinCEN). This enhanced level of scrutiny helps businesses identify financial crime risks early in the onboarding process. For regulatory audits and secure record maintenance, Data Crossmatch retains all verification steps, timelines, and decisions for up to eight years, meeting regulatory requirements for documentation retention.

The time-saving benefits of Data Crossmatch are significant. According to Ciulde, the feature can reduce due diligence time by up to 30 percent compared to traditional verification processes. This efficiency gain comes as businesses face increasing pressure to maintain thorough compliance while managing operational costs.

To accommodate diverse business needs, Data Crossmatch offers users the option to select from five types of configurable reports, each with customizable requirements. The flexibility allows businesses to add optional questions, tailoring the verification process to specific compliance requirements while ensuring data accuracy.

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November 12, 2024 – by the ID Tech Editorial Team