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by aimazon
670 days ago
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If Revolut is handling tens of thousands of manual business reviews per day, and only 40% of applications require review, that's upwards of 10 million new businesses joining Revolut per year. Revolut does not yet have one million business customers, let alone 10 million. Are you conflating KYC with KYB? Verifying articles of incorporation is a poor example. Verifying business incorporation is very straightforward, it does not require AI, a simple rules-based system will capture most cases because there is a single authority in every jurisdiction. Revolut's business onboarding process has direct integration with Companies House in the UK. AiPrise offers that as a product. I do not understand where AI fits into a world driven by rules and authoritative information. The success of existing platforms demonstrates this. I hope that I am wrong and that you succeed. |
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Each review doesn't count as a single business entity, there are several checks within a business case which each require manual review. Plus often there is a lot of back and forth with customers, which is a multiplier.
UK is a poor example as yes indeed companies house is a central registry. In the UK the manual review is generally proving operating address and operations in general.
A good example for incorporation is Delaware in the US which has no information on the status of a company, so it could in-fact be inactive/dissolved. In this situation an additional proof of operations or good standing certificate is needed to verify the entity is active. In other jurisdictions the registry data is not even present so a certificate is needed. In most US states registries take a while to update so a brand new business would need a certificate.
AI is needed to evaluate proof documents, websites, web presence, social profiles. The list goes on.
I wish it were as easy as just using data + rules! If it were, you wouldn't have fintechs with teams of 10s or even 100s of compliance analysts doing this stuff!