iDenfy Launched New AI Features to Improve its Business Verification Platform for Compliance Teams

WHY THIS MATTERS:

Know Your Business (KYB) has rapidly moved from a periodic onboarding task to a continuous, high-stakes compliance obligation for banks, fintechs, crypto platforms and payment providers. As regulators intensify scrutiny around ownership transparency, sanctions exposure and financial crime risk, compliance teams are under pressure to move faster without compromising accuracy. Manual registry checks, fragmented data sources and hand-offs between teams create friction, cost and risk. Automating KYB workflows — especially around entity data validation, ownership structures and audit trails — is becoming essential infrastructure, not a nice-to-have. Platforms that can unify registry access, document analysis, individual KYC checks and decision support into a single workflow directly address one of the most resource-intensive pain points in regulated B2B onboarding.

iDenfy, a leading global provider of digital identity verification and compliance solutions, recently announced significant updates to its Know Your Business (KYB) software, also known as the Business Verification platform. These new improvements were built to help compliance teams quickly pre-fill business key entity details from multiple official registries and government global databases, allowing compliance teams access AI assistant’s tips and insights much faster than manually looking up databases or assessing registration documents during the KYB onboarding process. 

One of the key updates that iDenfy has presented is the AI Prefill function. It uses official registry and credit bureau data and extracts it, then automatically completes the missing fields in the Company Information section when onboarding another business. 

This is possible due to iDenfy’s automated access to 180+ registries in 120+ countries. The software cross-checks if the details from the authoritative sources match the company’s profile and the information that its representatives filled out. The same goes for uploaded corporate documents, required to assess if the onboarding company is legitimate and has completed all of the required KYB steps to be compliantly onboarded and signed as a business partner. This is a legal requirement in KYB compliance and B2B partnerships that are formed in regulated industries, such as banking and finance. 

According to iDenfy, this change has already benefited its users who already have access to iDenfy’s Business Verification solution. Without any extra coding, new features like the AI Assistant are enabled for everyone using iDenfy’s Business Verification software. While iDenfy has been in the market for its leading Know Your Customer (KYC) platform, it has gained hundreds of new partners who value its newer KYB solution. Industry giants like FTMO have implemented iDenfy, now saving at least 40 hours per week with fully automated KYB workflows that minimize going back-and-forth communication with corporate clients. 

According to iDenfy’s CEO, Domantas Ciulde, the improved KYB platform is an end-to-end alternative to having to integrate multiple RegTec service (KYC/KYB and AML, or Anti-Money Laundering) vendors, since it also carries built-in features such as KYC checks on all related individuals, allowing businesses to verify ownership structure and detect red flags, like a Politically Exposed Person (PEP) status or sanctions hits, as well as companies with hidden shareholders, who might be high-risk and require extra due diligence. Once the risks are flagged, the software points out the next steps that compliance experts need to follow. 

While this might sound like a little detail, according to Domantas Ciulde, this is an important regulatory requirement:

“We constantly improve our KYB platform and listen to what the market and the regulations dictate, trying to predict how to solve the next big challenge. For example, our Business Verification platform now shows a complete history log with detailed dates and notes from compliance officers. This was also improved with AI and the AI Assistant feature, which provides a summary for the next compliance officer who’s working on the case.”

This is a great improvement as all compliance teams working with iDenfy’s Business Verification software can revisit previous conversations to review how a company was assessed, which documents were analyzed, and what summaries of the document were executed. Chats can be downloaded as PDF files and shared among compliance teams.

iDenfy has also optimized the KYB onboarding flow to reduce friction for returning clients. When a business reopens an existing KYB verification link, the process now opens directly on the Company Details page and preserves previously entered information. These improvements eliminate unnecessary steps through Privacy Policy confirmations and repeated company searches, which significantly reduces confusion and improves quick access to complete KYB forms. According to iDenfy, this is a beneficial change for both parties. End-users, or other businesses, are re-verified through a much simpler workflow, while compliance officers don’t need to re-ask for certain details and can check the system to check if everything matches. 

It’s worth mentioning that KYB is becoming an absolute must for banks, fintechs, cryptocurrency platforms, marketplaces, payment providers, and other regulated enterprises as their responsibility to comply with regulations continues to intensify across the global market. To hide ownership and transfer illegal funds, criminal actors often use shell corporations, unclear organizational structures, and fragmented public records. As a result, compliance teams have to continually evaluate the companies they work with, their organizational structures, and whether the data they present is correct. 91% of businesses intend to adopt continuous compliance within the next five years to minimize the risk.

“Our mission has always been to make compliance simple, accurate, and fast. These KYB enhancements automate manual effort and help companies onboard business clients with confidence,” added Adomas Vitkauskas, the CPO of iDenfy.

FF NEWS TAKE:

iDenfy’s KYB upgrades signal how fast RegTech is converging around “compliance-as-workflow” rather than point solutions. AI-driven pre-fill, registry cross-checks and case-handover summaries are practical features, but the bigger story is consolidation: fewer vendors, fewer manual steps and continuous auditability built in by default. As KYB becomes ongoing rather than one-off, tools that reduce human effort while preserving regulator-friendly transparency will increasingly define the winners in this space.