Identity verification provider ADVANCE.AI has announced the launch of a Know Your Business (KYB) business intelligence service to further optimise its capabilities in Singapore and Malaysia. Acquired in 2022 by ADVANCE.AI, JewelPaymentech is set to operate under ADVANCE.BizQ and provide advanced features to its credit bureau solutions.

By merging it with Know Your Transaction (KYT) monitoring to identify illegal and fraudulent transactions, ADVANCE.BizQ aims to simplify and optimise business due diligence and compliance, specifically for financial institutions and small and medium-sized enterprises (SMEs) managing counter-party risk, credit exposure, and increased compliance and Anti-Money Laundering (AML) regulations. Moreover, the newly launched KYB solution, operating under ADVANCE.BizQ is set to include a range of data verification services, such as business registration, company profiles, ownership structures, credit history and watchlist reports. According to the company’s officials, the decision to introduce the improved KYB solution can be attributed to the current financial landscape, where organisations face several difficulties when it comes to compliance, risk management, and AML.

Also, ADVANCE.AI’s solution aims to address the increasing need for business and financial security against counter-party credit and risk exposure. Other solutions from ADVANCE.AI As an AI firm, ADVANCE.AI delivers digital transformation, fraud prevention, and process automation solutions for enterprise clients. Currently, the company serves more than 500 customers across several industries, including banking, financial services, fintech, payment, retail, and ecommerce.

ADVANCE.AI’s product offering delivers solutions that aim to meet the needs and requirements of its clients, with the firm’s OneStop Platform being developed to minimise manual reviews, resources, and costs when onboarding new customers or expanding across different markets. On the other hand, ADVANCE.AI’s digital identity verification services work towards improving the components of authorisation, including ID document verification, liveness detection, face comparison, and biometric anti-fraud technologies. Clients operating in the ecommerce, sharing economy, smart IoT, banking, tourist travel, online payment, and medical service can leverage the solution to improve the security of their processes and prevent fraud. .