Airwallex Taps Generative AI to Speed Up KYC, Reduces False Positives by 50%by Fintech News Singapore December 7, 2023
Payments company Airwallex has introduced a generative AI tool to improve its customer onboarding process. The new tool, which utilises large language models (LLMs), aims to expedite the company’s “Know Your Customer” (KYC) assessments.
According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase.
The generative AI tool is also designed to understand the nuances of different languages and cultures. Airwallex’s AI pilot had been trained on vast amounts of linguistic data to aid the firm in navigating these intricacies more quickly and effectively.
Airwallex had previously relied on rules-based analytics and Natural Language Processing (NLP) to scrutinise new customers’ websites. Even though this was effective in identifying high-risk keywords, it often lead to numerous false-positive alerts.
The generative AI, however, offers a more nuanced approach to interpreting keywords, distinguishing between innocuous and potentially concerning content more effectively.
Looking ahead, Airwallex plans to integrate more generative AI and NLP features into its platform. These advancements aim to provide customers with tailored services, immediate assistance, and easier access to their data. The company anticipates launching additional AI-powered functionalities in 2024.
“With generative AI, we’re honing our KYC tools to be much more accurate and context-aware.
We’re making it faster and easier for our customers to get up and running with Airwallex – often within minutes – while enhancing our ability to detect and prevent fraud on our platform.”
said Jacob Dai, Co-founder and Chief Technology Officer at Airwallex.