RATO Bank has selected RegTech firm iDenfy to power identity verification and anti-money laundering screening within its newly launched mobile banking application.
The partnership sees iDenfy’s AI-driven identity verification and AML screening embedded directly into RATO Bank’s digital onboarding flow, enabling the bank to bring on new customers in full compliance with KYC and AML obligations — entirely through a mobile device, without branch visits or paper documentation.
Central to the integration is iDenfy’s capacity to handle document recognition across more than 16,000 document types spanning over 200 countries and territories, covering passports, ID cards, driving licences and residence permits. The solution also introduces automatic country detection via IP address, removing the need for users to manually select their document type. iDenfy reported that this update has already lifted mobile conversion rates by 9% in the past month. The full verification process can be completed in under a minute in a single session, from any smart device and from any location.
RATO Bank has also deployed iDenfy’s AML screening tool, which consolidates sanctions compliance and pre-screening capabilities within a single dashboard. Compliance analysts can annotate cases and access historical compliance logs. When the system flags a potential match, cases can either be reviewed manually or routed into a separate automated flow tailored to higher-risk scenarios, allowing the bank to respond swiftly without disrupting lower-risk customer journeys.
Founded in 1996 as one of Lithuania’s longest-running credit unions, RATO Bank has grown into a full-service retail and business bank, offering deposits, loans, SEPA instant payments and internet banking. The institution holds an official specialised bank licence in Lithuania and recently launched a dedicated mobile banking application as part of its wider digital growth strategy.
The decision to work with iDenfy was shaped in part by the RegTech firm’s existing presence within Lithuania’s banking technology ecosystem, including prior integrations with RATO Bank’s core banking system suppliers, Forbis and Lenders — a factor that reduced the technical complexity and time required to bring the solution live.
iDenfy CEO Domantas Ciulde said, “We recently updated our IDV platform, offering a more seamless approach. Users don’t need to select documents. The IP address is used to detect the user’s country automatically, showing them the correct flow. This has already increased mobile conversion rates by 9% over the past month, and we expect similar results for RATO Bank’s users.”
RATO Bank deputy CEO Jurgita Bliumin said, “At RATO Bank, client convenience and the efficiency of our internal processes are top priorities. Today, a new customer can complete their full identity verification and become our client in a few minutes, entirely through our mobile app. That is exactly the kind of modern banking experience we set out to build.”
Domantas Ciulde said, “We are excited to support RATO Bank, as they bring their decades of financial expertise into the digital era. Our expertise in good user experience and seamless KYC solutions will definitely help them scale faster, and we’re excited about their newly launched banking app and its growing customer base.”
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