Lithuania-based identity verification and fraud prevention software provider iDenfy has launched a new AI-powered utility bill verification solution. This tool aims to improve the efficiency and accuracy of address verification processes while supporting anti-money laundering (AML) and Know Your Customer (KYC) compliance for businesses.

The automated utility bill verification service uses advanced AI to analyse and match utility bill information with customer details in various non-Latin languages in about 20 seconds according to the company press release. Some of the main features include the verification of full names and addresses, which can be in any language or format. This functionality is intended to support businesses, particularly those operating globally or across multiple jurisdictions, by scaling their verification processes.

Utility bill verification importance Utility bill verification is chosen over government-issued IDs due to its widespread use and the requirement from regulators for additional forms of address proof. Utility bills are regularly updated and reflect current residential information, making them a reliable option for address verification. The service also offers seamless API integration, allowing automatic address verification results without manual data entry.

This feature is designed to ease the workload of compliance teams, particularly those managing large volumes of customer data. The verification process includes options for re-verifying existing users by requesting recent utility bills and setting transaction thresholds that necessitate additional proof. The AI-driven tool aims to expedite the verification process, providing results faster than traditional manual methods.

It can be integrated into existing KYC workflows, offering a useful solution for financial institutions and other entities frequently targeted by fraud. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .