iDenfy, a Lithuania-based identity verification and fraud prevention software provider, has announced the integration of BankID, Sweden’s most widely used electronic identification system, into its multi-feature Know Your Customer (KYC) platform.
This update enables a secure, government-compliant verification method that accepts electronic identities (eIDs).
The new integration is particularly valuable for strictly regulated sectors, such as fintech, banking, and other online financial services, to ensure better adoption and accessibility of various online platforms through a log-in and onboarding method familiar to the Swedish audience.
Electronic identity verification method
According to the recent statistics, BankID has 8.5 million users and a 99.4% adoption rate
According to the recent statistics, BankID has 8.5 million users and a 99.4% adoption rate among Swedes aged 18 to 65. For this reason, this electronic identity verification method is named the most trusted digital identity tool in Sweden.
Due to the recent integration in iDenfy’s toolkit, now every business can easily choose BankID as their verification method, which allows them to simplify KYC compliance, helping build instant trust among Swedish customers.
The system is suitable for both mobile and desktop versions, which provides access to online services, such as banking, with any device the clients prefer to use.
Biometric facial recognition
Users are securely redirected to the BankID app to authenticate and share their information
At the beginning, the procedure is simple; users are securely redirected to the BankID app to authenticate and share their information. Once confirmed, iDenfy uses biometric facial recognition and cross-references the shared data to ensure complete accuracy.
This two-layered authentication approach is familiar to users due to its wide adoption and is known for its high accuracy rates since more than one verification method is used in the same flow.
According to iDenfy’s team, this is a new industry standard not only in Sweden but in all EU countries, where many of them have plans to have approved government ID documents in a digital form in the near future.
Making global compliance easier
It can recognise and verify over 3,000 types of ID documents from more than 200 countries
Domantas Ciulde, the CEO of iDenfy, stated, “BankID is an essential part of everyday digital life in Sweden. Our integration adds a powerful layer of trust and speed to identity and verify identities in Sweden. This is another step toward making global compliance easier and more scalable.”
Although BankID is intended to be used only in Sweden, iDenfy’s biometric identity verification solution is used internationally. It can recognise and verify over 3,000 types of ID documents from more than 200 countries and territories, including passports, ID cards, driver’s licenses, and residence permits.
Sophisticated AI and human oversight
It extracts and examines information in seconds using a mix of sophisticated AI and human oversight. This results verification success rate of up to 99.99%, with most checks completed and reviewed in under three minutes.
Domantas Ciulde added: “We’ve invested years into perfecting our verification software to make it fast, secure, and user-friendly. Our goal is to deliver results that surpass customer expectations and meet compliance needs, all while focusing on preventing fraud.”
Flexibility and extra KYC checks
iDenfy is offering flexibility in choosing extra KYC checks, such as requesting proof of address
iDenfy is offering flexibility in choosing extra KYC checks, such as requesting proof of address, age verification for age-restricted e-commerce shops, bank verification for fintech platforms for a more in-depth verification workflow, registry centre checks and the ability to download PDF reports for Enhanced Due Diligence (EDD), and more, therefore every business can tailor identity verification flow to fit their needs.
Thanks to its artificial intelligence tools, iDenfy can handle unlimited verification requests without downtime, which makes the company a great partner to scale any business onboarding operations without any struggle.
Global data protection regulations
It is important to mention that iDenfy differentiates from the competitors with its flexible pricing
It is important to mention that iDenfy differentiates from the competitors with its flexible pricing, as the businesses pay only for approved and completed verifications.
Unfinished verifications are free; therefore, the companies are only charged in credits when a customer is successfully verified. For example, 1,000 credits means that the business is able to approve 1,000 users with no hidden costs and no fees for unfinished verifications.
The platform complies with all major global data protection regulations, including GDPR, CCPA and SOC2. It provides long-term data retention options and secure audit logs to ensure that businesses have all the needed information in one place.
Digital ID verification methods
It is also worth mentioning for those who haven’t used BankID that the integration is set up as one of the digital IDs verification methods, with more to be enabled additionally.
Once active, it becomes part of iDenfy’s all-in-one identity verification dashboard, where businesses can track, modify, and manage the entire verification process in real time.
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