Airwallex leverages GenAI to halve KYC false positives, enhancing efficiency in customer onboarding.

Airwallex, a renowned player in the payments sphere, has recently embraced GenAI technology, significantly transforming its customer onboarding process. This shift, focusing on the ‘Know Your Customer’ (KYC) protocol, integrates large language models (LLMs) to elevate the effectiveness of their system.

The firm reports a striking 50% reduction in false-positive alerts during the KYC diligence phase since implementing this GenAI tool. This advancement marks a pivotal change from their previous methods, which largely depended on rules-based analytics and Natural Language Processing (NLP). While these techniques were adept at identifying high-risk keywords, they often generated numerous false alerts, hindering efficiency.

The crux of this GenAI innovation lies in its nuanced understanding of various languages and cultural contexts. Trained on extensive linguistic data, the tool demonstrates an enhanced ability to differentiate between benign and potentially concerning content. This nuanced interpretation significantly bolsters the accuracy of KYC assessments.

Jacob Dai, Co-founder and CTO of Airwallex, emphasizes the transformative impact of GenAI. The technology not only expedites customer integration – often within minutes – but also fortifies the platform’s fraud detection capabilities. Looking forward, Airwallex plans to further integrate GenAI and NLP features into its operations. The aim is to offer more personalized services, immediate assistance, and simplified access to customer data, with additional AI-powered functions slated for launch in 2024.