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

KAUNAS, Lithuania - July 27, 2025 - PRLog -- 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. 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.

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.

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 (https://www.idenfy.com/identity-verification-service/?utm...) 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.

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. iDenfy's research shows that cybercrime is continuing to grow and estimates the global cost of cybercrime over $10.5 trillion USD by the end of the year.

For more information, please visit www.idenfy.com