Success story: How iDenfy Strengthens KYC and Business Onboarding With Enable Banking
iDenfy combines AI-driven identity verification with human oversight to help businesses meet KYC and AML requirements. By integrating Enable Banking's open banking connectivity into its Bank Verification product, iDenfy added a real-time layer of proof, confirming that a customer or business isn't just who they claim to be, but genuinely has authorised access to the bank account they're using to onboard.
About iDenfy: Hybrid Identity Verification Since 2017
iDenfy has grown since 2017 from a Lithuania-based RegTech startup into one of the most trusted names in identity verification. Its platform combines biometric checks, liveness detection, and optical character recognition with human supervision agents, giving businesses a hybrid verification process rather than a pure software hand-off. Ranked #1 of over 300 identity verification products on G2 for four consecutive years, iDenfy is trusted by 1,000+ businesses across fintech, crypto, iGaming, and e-commerce.
The Challenge: Proving More Than a Document Can Show
Traditional KYC and KYB checks rely heavily on documents: IDs, company registration papers, proof of address. But static, self-submitted documents, like an uploaded bank statement or screenshot, can be altered, outdated, or reused, so they don't reliably confirm that a business still controls the bank account it claims to operate, or that the person completing onboarding has current, legitimate access to it. For industries under increasing regulatory pressure, from crypto exchanges navigating MiCA to lenders and BNPL providers preparing for CCD2's stricter creditworthiness checks, to fintechs managing chargeback and credit card fraud, that gap creates real risk: onboarding delays, manual review bottlenecks, and fraud that document checks alone can't catch.
The stakes of getting this wrong are well documented. Danske Bank was fined $425 million in 2017, and Deutsche Bank $186 million in 2023, both for failing to uphold adequate AML controls. Regulators expect more than a document check. They expect proof.
The shift toward data-driven onboarding, modern verification now draws on four broad categories of data: identity data (documents, biometrics, device fingerprints), financial data (credit scores, transaction history), behavioural data (login patterns, device movement), and open banking data (direct account connections that show how a person or business manages funds in real time). iDenfy's hybrid model already covered the first three categories well. Open banking was the missing piece: a way to verify the fourth category, live financial account access, without asking customers to upload another document.
iDenfy needed a way to extend its hybrid verification model beyond documents and biometrics, with real financial data that could confirm account ownership directly.
The Solution: Real-Time Bank Data Built Into iDenfy's Bank Verification Product
iDenfy integrated Enable Banking's open banking connectivity into its Bank Verification product, giving partners a way to verify identity directly against live bank account data. Through the integration, iDenfy can retrieve identity details, including name, IBAN, and bank information, straight from the account holder's bank, and cross-check that data against the information provided during onboarding, without storing sensitive banking details.
This gives iDenfy's partners an additional, consent-based verification layer that sits alongside, rather than replaces, its existing biometric and document checks, adding real bank account data to a process that previously relied on documents and human review alone. iDenfy's own materials also point to Bank Verification as the reference example of open banking data in a KYC context.
"Enable Banking's open banking connectivity allows us to access real-time bank account data securely and compliantly. The integration adds another layer of verification, helping businesses confirm that customers not only exist but also have access to legitimate bank accounts. This collaboration allows us to offer more comprehensive and accurate identity checks." Robert Kotov, Head of Partnerships at iDenfy.
The Results: A More Complete Verification Stack
An extra layer of proof for business onboarding: iDenfy's partners can confirm that a business or individual has authorised access to a legitimate bank account, not just that their documents appear valid.
More flexibility for partners: Businesses that don't want to rely solely on ID documents or facial recognition now have bank verification as a straightforward alternative or complement.
Privacy by design: Bank data is used only to verify identity and account ownership. No sensitive banking details are stored.
A stronger foundation for high-risk sectors: Crypto, iGaming, and fintech partners gain another fraud-prevention signal on top of iDenfy's hybrid AI-and-human review.
Cost efficiency at scale: Bank Verification runs on iDenfy's pay-per-successful-verification model, so partners aren't charged for failed or incomplete checks. iDenfy has cited this pricing approach as saving up to 2x on costs for high-risk sectors like iGaming, where fraudulent or abandoned attempts are common.
Beyond the product mechanics, what stands out is the working relationship behind it.
"It's a strong relationship and open communication. I see the Enable Banking team more often than some of my own colleagues, which says a lot. That close collaboration helps with product development and creates a solid foundation for how our companies grow together." Robert Kotov, Head of Partnerships at iDenfy.
You can read the full conversation with Robert Kotov on iDenfy's approach to identity, fraud, and open banking here.
Want to See the Same Results in Your Business?
Whatever you're building on top of bank data, whether identity verification, KYC, or fraud prevention, Enable Banking gives you a stable, neutral data foundation. We connect you to the accounts, pass the data through cleanly, and stay out of the way. We never monetise any of your customers' data.
If you would like to see how open banking can strengthen your onboarding and compliance process, get in touch to speak to one of our advisors.
