Product Update: KYB Agent

Introducing KYB Agent, an AI-powered tool that automates the collection of extensive business details and customer reviews from multiple online sources, streamlining KYB procedures for financial institutions and fintechs. By reducing manual research time, increasing accuracy, and enhancing compliance, KYB Agent allows users to focus on strategic decision-making rather than manual data collection.
Picture of Darshan Vairagi

Darshan Vairagi

April 19, 2024

Today we are excited to announce a new feature: KYB Agent.

KYB Agent is a powerful tool that leverages AI to automate the process of gathering extensive business details and customer reviews from multiple online sources, designed to streamline your KYB procedures, saving you time and resources while enhancing the accuracy and thoroughness of your background checks.

How KYB Agent Works:
The KYB Agent utilizes advanced AI algorithms to scour the internet for relevant information on businesses, including:

  • Adverse media
  • Publicly available credit reports
  • Business verification and Ultimate Business Owners (UBOs)
  • Customer reviews
  • Industry analysis
  • Social media presence
  • Website and contact information

By automating the data collection process, KYB Agent eliminates the need for manual research across multiple platforms, ensuring a comprehensive and efficient KYB process.

KYB Agent - Business Profile

Benefits for FIs and Fintechs:
Drastically reduce the hours spent on manual business research. Our AI-powered solution gathers and organizes the necessary information quickly and efficiently, allowing your team to focus on more strategic tasks. KYB Agent minimizes these risks by automating the data collection process, ensuring accurate and reliable information. KYB Agent provides thorough and consistent background checks, helping you maintain compliance and effectively manage risk.

The introduction of KYB Agent has been met with positive feedback from users, particularly highlighting its comprehensive data aggregation capabilities, which replicate the manual search process with greater speed and accuracy.

Beta Customer Testimonial:
“KYB Agent provides all the information we usually had to search for online, saving us countless hours and increasing our team’s productivity.”

How to use the KYB Agent:
Simply add the KYB Agent tile to any KYB risk workflow. After receiving the business application data, our KYB Agent will run and the results will be automatically populated on the case review page.

Planned Updates:
Building on the success of our initial launch, plans are underway to enhance the robustness of the KYB Agent. The future roadmap includes:

  • Development of Specialized Agents: Introducing different agents, each tailored for specific verification tasks to provide more targeted and nuanced data analysis.
  • Integration Enhancements: We will further integrate with additional data sources and refine the algorithms to improve the breadth and accuracy of the data collected.

At Effectiv, we are committed to providing our customers with tools to combat fraud and manage risk effectively. With the introduction of KYB Agent, we are taking a significant step forward in streamlining the KYB process for FIs and fintechs. By automating business verification and data collection, KYB Agent saves you time, increases accuracy, and enhances compliance, allowing you to make decisions rather than manually collect data from across the internet.

To learn more about KYB Agent and how it can benefit your organization, request a demo or learn more about our Business Onboarding Solution for financial institutions and fintechs.

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