iDenfy teams up with BankID to adopt the most used KYC verification method in Sweden

iDenfy, a Lithuania-based identity verification and fraud prevention provider, has announced the integration of BankID, Sweden's most trusted electronic identity system, into its biometric identity verification platform. This update improves iDenfy's full-stack KYC solution by offering businesses an easy and recognised way to verify Swedish users through a government-approved method. This additional identity verification option helps industries like crypto, online marketplaces and finances to ensure that the user isn't a fraudulent account holder or providing forged data.

As the Regulation on the Markets in Crypto-Assets (MiCA) and Know Your Customer (KYC) requirements become increasingly stringent, the demand for robust bank verification services has never been more critical. However, iDenfy's research shows that cybercrime is continuing to grow at an alarming rate as the recent estimates indicate that the global cost of cybercrime will reach $10.5 trillion USD by the end of the year. This information can reflect that not only the immediate financial losses are incurred by individuals and organizations, but also the long-term repercussions on data integration, customer trust, as well as business operation activities.

The procedure of BankID and iDenfy's implementation is simple; users who need to provide bank information are securely redirected to the BankID app to authenticate and share their information with its own details. Once the details are confirmed, iDenfy uses biometric facial recognition and cross-references the shared data to ensure complete accuracy.

This two-layered authentication approach is familiar to users due to its wide adoption and is known for its high accuracy rates since more than one verification method is used in the same flow.
According to iDenfy's team, this is a new industry standard not only in Sweden but in all EU countries, where many of them have plans to have approved government ID documents in a digital form in the near future.

Domantas Ciulde, CEO of iDenfy, commented: "BankID plays a vital role in Sweden's digital identity ecosystem. By integrating this method into our platform, we're providing businesses with a faster, trusted, and locally recognized option to verify users. This addition not only enhances the user experience but also strengthens regulatory compliance without compromising speed over security."

The BankID integration works on both mobile and desktop that allows it to be accessible across various devices and at the same time to keep a consistent verification flow. Businesses in regulated sectors, such as crypto, online marketplaces, fintech and more can use iDenfy to provide a smooth onboarding experience while meeting strict KYC requirements.

It is worth mentioning that iDenfy's identity verification software is used to recognize and validate over 3,000 types of ID documents from more than 200 countries and territories. The solution combines artificial intelligence with biometric facial recognition and 3D liveness detection technology to verify users with 99.99% accuracy. Additionally, a dedicated full time team of manual KYC reviewers also oversees verifications to ensure complete accuracy and prevent system errors or fraud.

"Our mission is to help businesses to build trust through real-time identity verification. The addition of the BankID option increases the flexibility of our platform and makes compliance experience easier for businesses who are looking to grow in Sweden market and beyond." added Domantas Ciulde, CEO of iDenfy.

iDenfy continues to focus on creating a secure and customizable onboarding experience to offer businesses a transparent pay-per-verification model and full compliance with global data protection laws like GDPR, CCPA, and SOC2.

Aurimas Kybartas
Phone: +37067644539
Email: aurimask@idenfy.com

iDenfy is a RegTech business best known for its identity verification services and fraud prevention tools, which help ensure AML, KYC, and KYB compliance for every company, from large-scale businesses to small organizations. iDenfy was featured in G2's Spring 2025 Report as one of the leading ID verification and Anti-Money Laundering (AML) solution providers.
For more information and business inquiries, please visit www.idenfy.com.

This release was published on openPR.