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Herzliya, Israel – (Newsfile Corp. – Dec 19, 2021) – FinanceAI from Hexatone offers semi-automated KYC verification that leverages artificial intelligence (AI) and its applications based on machine learning and cognitive analysis to reduce dependence on internal resources and the process manual.
Hexatone Financial Intelligence
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Hexatone FinanceAI Features
Automate image quality checks
When a customer submits a poor quality image, it can delay the KYC process for days or weeks because they need to upload new information. Computer vision algorithms can provide immediate feedback to the customer, allowing them to complete the image verification process in minutes rather than waiting.
Automatic verification
Object detection algorithms can automatically scan documents and verify that all relevant information is available. For example, if the customer fills out a form, they can validate that the data is correct without needing a manual reviewer to do so.
Detect fraud
Machine learning algorithms can analyze a large number of transactions within seconds. Models can spot signs of non-compliance and irregularities. Humans don’t need to spend time manually sifting through transactions and reporting suspicious behavior.
Automatic document scanning
When documents and images are verified, optical recognition models can extract data and enter it into back-office software systems. Ideally, automation eliminates the need for manual data entry.
Omri Raiter, Co-Founder and CTO of Hexatone Finance, said: “When properly implemented, Hexatone’s FinanceAI KYC Automation provides a significant boost to financial firms looking to ensure regulatory compliance. and improving their customer experience and overall business success. “
What is the KYC process?
In financial services, the Know Your Customer (KYC) process includes all the actions companies need to take to ensure customers are genuine, assess and monitor risk. The KYC process includes verification of identity, documents and faces with proof of the client. All financial institutions must comply with KYC regulations to eliminate fraud and anti-money laundering (AML). Penalties will be applied if they fail to do so.
KYC process
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Why is KYC so important?
Each year, it is estimated that between 2% and 5% of the GDP is laundered, or approximately $ 2 trillion. KYC has become an essential part of AML regulations and processes in an attempt to reduce this amount.
A KYC check eliminates the risk associated with customer onboarding. They can assess whether people are involved in money laundering, fraud or other criminal activity. For people who work with larger organizations or public figures, KYC is especially important as these people could be the targets of bribes or corruption.
When financial firms do not get the KYC correctly, they can face reputational damage as well as lawsuits and fines. It is recommended to repeat the process regularly after integration, but this should be done at least at the acquisition stage. A more regular KYC process can check factors such as:
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Spikes in activity that could be indicative of criminal behavior
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Unusual cross-border activities
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Examination of client identity against government sanction lists
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Unfavorable media attention offline or online
The KYC is important to understand that the customer account is up to date, that the transactions match the original purpose of the account, and that the level of risk is appropriate for the type of transactions.
Who is KYC for?
Any financial institution that deals with customers during the process of opening and managing their accounts needs the KYC in place. This includes banks, credit unions, wealth management companies, fintech companies, private lenders, accountants, tax firms, and lending platforms. Essentially, KYC regulations apply to any business that interacts with money, which in the 21st century is pretty much all.
About FinanceAI from Hexatone
FinanceAI from Hexatone is an artificial intelligence-based solution for the financial and banking industry. FinanceAI automatically assesses the financial profiles of entities, companies and their customers, enabling banks and financial institutes to make faster, better and more business-relevant decisions. Using AI, machine learning and cognitive analytics.
Media contact
Company: Hexatone Finance
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108077
