The global ID verification, compliance, and fraud prevention startup iDenfy, partnered with mano.bank, the Lithuanian-based specialized bank. iDenfy helps mano.bank swiftly onboard trusted customers with a smooth four-step ID verification process. 

Technology advancements in the fraud prevention sector push financial players to improve their security systems with digital tools. Despite the wide variety of services in the market, according to iDenfy, some businesses struggle to adapt, negatively impacting their reputation. The Federal Trade Commission has calculated $6.1 billion in losses due to fraud last year, which was a rise of 77% compared to the previous year. iDenfy further explained that due to the high fraud probability, financial institutions need to gain trust and earn a competitive edge by implementing robust data security safeguards. 

mano.bank agreed with this approach, explaining that the company wanted to add another layer of security with this partnership. The financial company prioritized swift and security ID verification tools when searching for a provider. iDenfy was able to offer swift authentication services that matched today’s customers’ needs. Currently, the whole ID verification process takes approximately 50 seconds on average, which allows mano.bank’s clients to safely access financial services through a simple verification flow. 

After receiving the European banking license in 2019, mano.bank began its digital banking journey. The financial institution is the first specialized bank in Europe, providing bank account, loan, and term deposit services for private and business clients. mano.bank provides a personalized, hands-on client experience and relevant banking solutions for European businesses. After receiving the first ever issued EU specialized banking license, the Lithuanian boutique bank is in its hypergrowth stage.

As claimed by mano.bank, before sealing the deal with iDenfy, the goal was to continue to provide the convenience of usage without compromising on the experience for its growing customer base. By partnering with iDenfy, the bank wanted to ease the signing-up process. Currently,  iDenfy’s AI-powered four-step identity verification solution helps maintain a smooth onboarding process while ensuring compliance with KYC/AML regulations, which is another priority for mano.bank. 

Currently, iDenfy’s software automatically checks if the person’s document is legitimate by extracting information and comparing the data with the onboarding selfie. Advanced biometrics and liveness detection analyze the customer’s three-dimensional face map, this way, preventing fraudsters from passing the verification using fake pictures, face masks, or deepfakes. For complete accuracy, iDenfy’s KYC experts manually check verification results, ensuring that fraudsters are taken out of the picture. 

The partnership with iDenfy enabled mano.bank to proceed with fully automated identity checks, helping save costs on other business operations. As a result, iDenfy’s solution helps the bank acquire new customers in less time, positively impacting scaling. 

“Our team aims to maintain efficiency, at the same time, stick to the overall highest security and compliance standards. We’re glad to have partnered with iDenfy. Our users can enjoy a secure, digitized customer onboarding experience,” — commented Giedrė Blazgienė, CEO of mano.bank. 

“We strive to align with our partners’ priorities and understand what a fast-growing financial business, like mano.bank, needs. By helping automate compliant, user-friendly ID verification processes, we’ll continue to improve our solution and protect our partners in this ongoing battle against fraud,” — said Domantas Ciulde, the CEO of iDenfy.