😱 iDenfy introduces electronic identity verification within KYC to reduce onboarding drop-offs rates

😱 iDenfy introduces electronic identity verification within KYC to reduce onboarding drop-offs rates

iDenfy🇱🇹 — a Lithuanian provider of identity verification solutions — has introduced its electronic identity verification (eIDV) tool as an alternative to traditional document-based checks during onboarding processes.

🔔 The update allows users to verify their identity through electronic banking identification systems, including Sweden’s BankID 🇸🇪, the UK’s OneID 🇬🇧, the U.S.-based OneID and Smart-ID 🇺🇸, widely used in the Baltic region, as well as other systems supporting more than 60 types of digital identity credentials.

🔔 The eIDV process eliminates manual steps, such as selecting document type, country of origin, or entering identification numbers, as the system leverages IP data signals to automatically detect user location and adjust verification parameters.

🔔 Users can also switch between document-based and electronic verification methods within the same session, without restarting the process or completing additional security steps.

🔔 Following the implementation of this hybrid approach, iDenfy reports that KYC abandonment rates — particularly among users without immediate access to a passport or driver’s license — have decreased by 23%. The company is also developing a feature that will automatically switch to eIDV if document verification fails due to poor image quality or lighting conditions. Analysts expect this could further reduce overall abandonment rates by up to 30%.

🔔 The eIDV feature is available free of charge to all iDenfy clients and can be activated directly via the platform dashboard, with no additional integration required. The launch aligns with the EU’s eIDAS 2.0 regulation, which is accelerating the adoption of digital identity wallets across member states.

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