iDenfy, a Lithuania-based provider of identity verification and fraud prevention software, has announced the integration of BankID, Sweden’s most widely used electronic identification system, into its Know Your Customer (KYC) platform.

The integration supports a secure, government-recognised method of verification using electronic identities (eIDs), particularly beneficial for regulated sectors such as financial services, banking, and fintech.

BankID currently has 8.5 million users and a 99.4% adoption rate among Swedes aged between 18 and 65, making it the most widely trusted digital identity tool in Sweden.

With this integration, businesses using iDenfy can now offer BankID as an authentication method, improving accessibility and streamlining onboarding processes for Swedish users.

The solution supports both desktop and mobile devices.

The verification process begins with users being securely redirected to the BankID application to authenticate and share their information.

iDenfy then uses biometric facial recognition and matches the submitted data to ensure accuracy.

This two-step approach combines multiple verification layers in a single flow and is already familiar to Swedish users, increasing trust and reducing friction.

According to iDenfy, this method reflects a broader move towards new digital ID standards across the European Union.

Domantas Ciulde, CEO of iDenfy, stated:

“BankID is an essential part of everyday digital life in Sweden. Our integration adds a powerful layer of trust and speed to identity and verify identities in Sweden. This is another step toward making global compliance easier and more scalable.”

While BankID is limited to use within Sweden, iDenfy’s broader biometric verification solution operates globally, supporting more than 3,000 types of identity documents from over 200 countries and territories.

These include passports, identity cards, driving licences, and residence permits.

The system uses a combination of artificial intelligence and human oversight to extract and validate data within seconds.

iDenfy reports a verification success rate of up to 99.99%, with most checks completed in under three minutes.

Ciulde added:

“We’ve invested years into perfecting our verification software to make it fast, secure, and user-friendly. Our goal is to deliver results that surpass customer expectations and meet compliance needs, all while focusing on preventing fraud.”

The platform offers various optional KYC checks, such as proof of address, age verification, bank account confirmation, registry centre checks, and downloadable PDF reports for enhanced due diligence.

This allows businesses to customise their identity verification processes according to specific needs.

iDenfy’s infrastructure is built to handle unlimited verification requests simultaneously, providing scalability for growing businesses.

A notable aspect of the platform is its pricing model.

Clients are only charged for completed and approved verifications, while incomplete checks do not incur any cost.

For example, 1,000 credits equate to 1,000 successful verifications, with no hidden fees.

The system is compliant with GDPR, CCPA, and SOC 2 requirements, offering secure audit logs and long-term data storage.

For organisations not currently using BankID, the system is presented within iDenfy’s dashboard as one of several digital identification options.

Once activated, it becomes part of the central platform, where businesses can monitor and manage the entire verification process in real time.

Featured image credit: Edited by Fintech News Nordics, based on image by CARTIST via Unsplash