Recently, iDenfy has contributed to the implementation of the latest trends to simplify notarial acts in its homeland, Lithuania. Previously, the country’s notarial proceedings were based on traditional, on-site notary services. Now, users online can save money and plan their time more efficiently by avoiding visits to the notary’s office.
Similar to working remotely or shopping online, digitization also maneuvered its way to the legal sector. That’s why the global pandemic changed many habits. Thanks to rapidly evolving information technology tools, such as digital identity verification and electronic signature apps, you can sign legal documents straight from your home: „All you need is the internet and a smartphone device“, – says iDenfy’s CEO, Domantas Ciulde.
Even though countries or states have different laws, the standard remote document signing process requires government-issued identification. In iDenfy’s case, the signer must complete its digital identity verification procedure and present the document to the Notary.
iDenfy’s AI-powered algorithm runs a series of technical checks to conclude whether the ID card or the person’s passport is real. The startup uses premium optical character recognition, which distinguishes fake faces and ensures a 98.4% success rate, almost five times higher than an average human being. iDenfy claims to quickly onboard the user to allow them to proceed with the notary services without hassle.
According to iDenfy, the business has partnered with a total of 229 notary offices in Lithuania. To popularize the electronic principle of notary activities and simplify internal authentication and signing processes for notary offices, iDenfy has offered half a million identity verifications to the notaries for free. The company is also known for its distinctive pay-per-successful-identity-verification-only business model.
In response to the COVID-19 pandemic, many countries have adapted their regulations to fit the ever-growing customers’ needs. Although the e-notary market has slowed down, Ciulde is confident that traditional legal operations, along with in-person meetings, physical branches, and paper documents, will slowly become a thing of the past.
As per iDenfy’s beliefs, remote notaries are obligated to come along with digital ID verification and e-signature services that help other sectors digitize their processes. Businesses that have adopted automated solutions for sales-based document signing expand easier to other departments, such as financial services or human resources.
„The legal market is in demand of simple, client-oriented notarial services that could be easily reached remotely. We’re constantly updating our digital identity verification solution to fight back fraud more efficiently. Our team’s happy to contribute to the implementation of smart innovations in the Lithuanian legal ecosystem“, – adds iDenfy’s CEO, Domantas Ciulde.