iDenfy Launches New AI-powered Utility Bill Verification Tool

iDenfy, a Lithuania-based identity verification and fraud prevention software provider, has launched its new automated utility bill verification solution. This innovative tool is designed to enhance the efficiency and accuracy of the proof of address (PoA) process, as well as provide businesses with a powerful tool to ensure anti-money laundering (AML) and Know Your Customer (KYC) compliance.

iDenfy’s automated utility bill verification service uses advanced AI to extract and compare utility bill information with customer details in multiple non-Latin languages within approximately 20 seconds. This new addition to iDenfy’s RegTech service package includes key features such as full name verification, as the system extracts and compares the full name on the utility bill with the customer’s provided details, as well as address validation, which verifies the user’s full address in any language or format. This helps companies scale, especially those that operate in global markets or have various partners from different jurisdictions.

According to Domantas Ciulde, CEO of iDenfy, this is a must in today’s landscape as regulations evolve and companies like crypto platforms or fintechs are required to conduct address checks. However, according to Ciulde, there’s a challenge when it comes to user experience, as additional checks like PoA verification add friction for the end user. For this reason, iDenfy’s team wanted to balance out the time that it takes for the customer to complete the address verification by tailoring a balanced solution, utility bill verification.

“With the utility bill verification solution, our goal was to streamline the process and use AI to widen our capabilities, in this case, accept new formats in more different languages for companies that want to scale faster and offer their customers a seamless address verification check,” Domantas Ciulde, CEO of iDenfy, said.