digital transformation of Finora Bank

Finora Bank moves towards digital transformation: Taps iDenfy for automated KYC

26 January, 2023 | Alex Pugh, Fintech Futures

European Central Bank chooses iDenfy to automate its KYC and AML for EU regulations. Finora Bank, after obtaining the banking license, made a quick move towards automation to stay compliant and active against FinCrime.

Finora Bank now looks for a more robust KYC and to adhere to the EU regulations. By partnering with iDenfy, the fraud risks will be reduced through the AI-driven 4-step verification solution that uses facial biometrics. Obtained through a selfie, this record shall facilitate liveness detection and is useful against fraudulent methods of faking an identity. This procedure of verification takes less than a minute, and the back-end team of iDenfy is monitoring the results 24/7.

About Finora Bank

Finora Bank, a leading financial institution, has partnered with iDenfy, a renowned regtech firm, to enhance its anti-money laundering (AML) checks and data monitoring capabilities. The collaboration aims to significantly reduce fraud rates and provide a fully compliant and expedited onboarding process for clients.

CEO’s Statement

According to Finora Bank CEO Aurelijus Sveikauskas, the new identity verification solution will support the bank's efforts to expand into new markets with an enhanced, fully digitized onboarding experience.

iDenfy CEO Domantas Ciulde also praised the partnership, stating that it will "help Finora Bank expand into new markets with an enhanced, fully digitized onboarding experience."

Also Read: 36 bank accounts frozen as a move against ML

Disclaimer: The source of this News is Fintech Futures

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