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Herzliya, Israel--(Newsfile Corp. - December 19, 2021) - Hexatone's FinanceAI offers Semi-Automated KYC verification that leverages artificial intelligence (AI) and its applications based on machine learning and Cognitive analysis to reduce the reliance on internal resources and manual processes.

Hexatone Financial Intelligence

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Hexatone's FinanceAI Features

Automating image quality checks

When a customer submits a poor-quality image, it can delay the KYC process by days or weeks as they have 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 check that all the relevant information is available. For example, if the customer fills in a form, it can validate that the data is correct without requiring a manual reviewer to do so.

Detecting fraud

Machine learning algorithms can analyze a vast number of transactions in seconds. The models can spot the signals of non-compliance and irregularities. Humans don't need to spend time manually sifting through transactions and flagging suspicious behaviour.

Automatic document digitization

When documents and images are verified, optical recognition models can extract data and enter it into back-office software systems. In the best-case scenario, the automation eliminates the need for manual data entry.

Omri Raiter, Co-Founder and Chief Technology Officer of Hexatone Finance says, "When implemented correctly, KYC automation by Hexatone's FinanceAI offers a significant boost to finance firms wanting to ensure regulatory compliance, and by improving their Customer Experience and overall business success."

What is the KYC Process?

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In financial services, the Know Your Customer (KYC) process includes all the actions firms need to take to ensure customers are genuine, assess, and monitor risks. The KYC process includes verifying ID, documents and faces with proof from the customer. All financial institutions must comply with KYC regulations to negate 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?

Every year, it is estimated that between 2% and 5% of GDP is laundered, equal to around $2 trillion. KYC has become an essential part of AML regulations and processes to attempt to reduce that amount.

A KYC check helps to remove the risk associated with onboarding customers. They can assess whether people are involved in money laundering, fraud, or other criminal activities. People who are working with larger organizations or public figures, KYC is especially important as those people could be targets for bribery or corruption.

When financial firms don't get KYC right, they may face reputational damage as well as prosecution and fines. It's best practice to repeat the process regularly after onboarding, but it should be done at the acquisition stage as a minimum. A more regular KYC process can check for factors such as:

Spikes in an activity that might be a signal of criminal behaviour

Unusual cross-border activities

Reviewing the customer identity against government sanction lists

Adverse offline or online media attention

KYC is important to understand the customer account is up-to-date, the transactions match the original purpose of the account, and the risk level is appropriate for the type of transactions.

Who is KYC for?

Any financial institution that deals with customers during the process of opening and maintaining their accounts needs KYC in place. That includes banks, credit unions, wealth management firms, fintech companies, private lenders, accountants, tax firms, and lending platforms. Essentially, KYC regulations apply to any firm that interacts with money, which in the 21st century is pretty much all of them.

About Hexatone's FinanceAI

Hexatone's FinanceAI is an artificial intelligence-based solution for the Financial and banking sector. FinanceAI automatically evaluates 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 analysis.

Media Contact

Company: Hexatone FinanceEmail: contactus@Hexatone.net

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Hexatone's FinanceAI Delivers the Power of Artificial Intelligence and Cognitive Analysis to the Financial Sector - Yahoo Finance