Finora Bank Partners iDenfy to Automate Compliance

B2B financial service provider Finora Bank has partnered with AI-enabled fraud prevention and identity verification firm iDenfy to automate customer due diligence

Finora Bank Partners iDenfy to Automate Compliance

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EU-based Finora Bank has chosen ID verification provider iDenfy as a partner in dealing with with KYC and AML compliance issues.

Having received a special bank license by the European Central Bank in 2022, Finora has officially become a bank that may accept deposits in addition to the financial services offered before. At the same time, the focus of the fintech company hasn’t shifted from loan products to small and medium-sized companies.

With headquarters in Estonia and Lithuania, Finora Bank offers loans, leasing, factoring, and guarantees primarily to business customers. To ensure effective fraud prevention and secure the onboarding process, Finora has chosen a digital AI-enabled verification solution by iDenfy.

iDenfy’s four-step ID verification tool uses selfie biometrics. The solution has a liveness detection feature, minimising the chances of using fraudulent methods such as deep-fake technology, masks, and fake pictures. After customers upload their passport or ID card and make a quick selfie, the AI algorithms match the face against the document and multiple AML databases.

The partnership will help Finora Bank manage fraud risks in an automatic mode and gain detailed real-time insights into their financial operations. Besides, the new tool will assist the fintech in conducting AML checks with ongoing data monitoring, which consists of constantly scanning global sanctions lists, PEP, and adverse media sources.

Since Finora Group started operating in 2014 in Estonia and in 2019 in Lithuania, it has issued loans, leasing, and factoring with a total value of nearly 100 million euros. The Group’s current consolidated loan portfolio reaches almost 20 million euros.

Biometric identification methods become increasingly popular in all aspects of digital banking. We have reported that Swiss bank UBS launched a digital onboarding service that enables Swiss citizens and foreign nationals with a Swiss residence permit to sign up for an account remotely by scanning their IDs.