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iDenfy announced the launch of its Secretary of State (SOS) verification tool, integrating automated access to official state business records into its Know Your Business (KYB) platform. The feature connects to SOS databases across all 50 U.S. states to verify business registration details and legal status, aiming to improve onboarding accuracy for high-risk sectors such as banking, fintech, and cryptocurrency.
The SOS offices maintain records on whether a business is legally registered, active, and in good standing, including filings required for compliance. iDenfy’s API retrieves this data in seconds and compiles a detailed PDF report containing registration status, entity type, tax ID, registered address, and information on governing persons or stakeholders.
“Our SOS lookup system connects to all U.S. SOS office portals”
Domantas Ciulde, CEO of iDenfy, said, “Our SOS lookup system connects to all U.S. SOS office portals and extracts relevant information about another company in seconds, which is vital for B2B partnerships and KYB compliance. Otherwise, analysts need to look up all portals manually, and it can be confusing, as some companies are registered in one state, while they actually operate in another location.”
The tool flags risks such as inactive entities, inconsistent data, and past bankruptcies, and cross-checks results against sanctions lists, adverse media, and IRS tax ID records. iDenfy said this capability reduces the risk of onboarding shell companies or entities engaged in fraudulent activity.
Ciulde added, “Our goal is to provide businesses with the tools they need to stay compliant while maintaining speed. Access to Secretary of State records was the missing link in many onboarding processes. Now, we finally automated that link and made it part of the same dashboard used for identity checks.”
The company said the SOS verification feature is now live on its KYB dashboard and available to clients in finance, e-commerce, and other industries seeking faster, more reliable compliance checks.
iDenfy launched automated utility bill verification
iDenfy recently launched an automated utility bill verification solution to enhance the efficiency and accuracy of the proof of address (PoA) process and to ensure anti-money laundering (AML) and Know Your Customer (KYC) compliance.
The Lithuania-based identity verification and fraud prevention software provider’s new utility bill verification service uses advanced AI to extract and compare utility bill information with customer details in multiple non-Latin languages within approximately 20 seconds.
According to iDenfy’s data, utility bills remain the most popular choice out of all PoA documents among their clients due to their accessibility. Additionally, utility bill verification is a robust method for confirming a customer’s current residence. Unlike other forms of address verification, utility bills are regularly updated documents that reflect the latest residential information of the individual.
Another new option that iDenfy’s utility bill verification service now offers is seamless API integration, which delivers address verification results automatically without the need to enter any data manually. Users can create a new utility bill upload window for PDF files or images and link the results to onboarded customer data. This makes the job of compliance teams a lot easier, especially when there are thousands of customers who need to have their address data checked. In-house compliance teams don’t need to use spreadsheets or any sort of internal databases and worry about data safety requirements, as these complex issues can be solved with the new RegTech tool.
iDenfy’s utility bill verification also facilitates re-verifying existing users by requesting a utility bill with a recent issue date. It helps prevent potential illicit behavior by setting transaction thresholds that require additional proof of verification. AI-generated context on the type of utility bill produces a final comparison response within approximately 20 seconds on average, which, according to iDenfy’s team, is at least five times faster than it would take during a standard manual address verification process. It’s also worth mentioning that iDenfy’s AI-powered utility bill verification tool can be seamlessly integrated into any company’s existing KYC workflows.
This verification process is particularly beneficial for financial institutions that are frequent targets for fraudulent activities. Verifying customer addresses is a crucial step to add an additional layer of security in eliminating fraud and making it harder for fraudsters to use fake or stolen identities. For example, without thoroughly verifying users during processes like account opening, loan approval, and credit card applications, financial institutions can be exploited for fraud, leading to significant financial losses and damage to the company’s image.
