iDenfy adds AI summary feature to KYB platform for risk analysis

Regulatory technology firm iDenfy has announced that its digital KYC verification platform now has an AI-driven feature which can do a quick data summary of entities being verified.

Per the announcement, the feature, which is built in the platform’s dashboard, will be useful in a number of circumstances including risks assessment, verification of legal company data, and the spotting of potential red flags.

According to the firm, the AI summarization tool will save users the time they would have used to analyze documents manually, and it comes as part of its commitment to strengthen compliance.

With the feature, users of iDenfy’s KYB verification platform just need to go to the dashboard, check out the verification section, find a given company and then click on “generate AI report” to get summarized information.

The one-page AI-generated summary can include basic information about the company, but also more detailed aspects like their registration number, tax identification number, legal form, date of incorporation, number of employees, operating and registration addresses, contact details, service description, and industry classification.

“Manual business verification has been a major obstacle in compliance workflows. With our AI-powered reports, we’re offering a faster, smarter way to review businesses, reduce onboarding time, and stay ahead of regulatory demands. Our tool helps compliance teams move from document reading to decision making in just seconds,” CMO of iDenfy, Viktor Vostrikov, said.

For his part iDenfy CEO, Domantas Ciulde, noted that the new tool will also “offer clear next steps for risk teams.”

“It’s not just about gathering data; it’s about understanding what that data means, where the risks lie, and what actions to take. We’re bridging the gap between compliance and actionable intelligence,” said Ciulde.

iDenfy says its AI-powered Business Verification tool can now be accessed by every customer and includes “advanced biometric identity verification, AML screening, ongoing monitoring capabilities, and more.”

Earlier this year, iDenfy filed for a patent for a two-layered Address Verification platform aimed at fighting AI-powered address fraud.

Article Topics

digital trust  |  fraud prevention  |  iDenfy  |  KYB  |  KYC  |  onboarding