KYC Software - Artificial Intelligence KYC

Our award-winning KYC software applies highly advanced artificial intelligence to solve the most pressing challenges facing automated KYC and background checking teams:

Federated search connects to and harmonises all relevant sources: both structured and unstructured. They include public sources available via generic and language-specific search engines, professional subscription sources and private data. This ensures all due diligence bases are covered – open web media archives, corporate director and shareholder databases, records of legal judgements, biographical data, national company registers and internal blacklists. Sources can be added on demand.

At smartKYC our culturally-sensitive approach to name-handling of both individuals and legal entities, particularly as applied to watchlist screening, has been independently verified as being best- in-class.

Multilingual natural language processing means our automated KYC software machine-reads documents and articles as a human would to extract factual intelligence from them with a high degree of precision, rather than return them as thousands of potential hits. Using advanced artificial intelligence KYC, we do all the heavy lifting upfront – assess each one, deduplicate, discard many as irrelevant, surface risk-relevant or contextually insightful excerpts, collate them and organize them in a logical form.

Once a factual baseline is established at onboarding, smartKYC’s automated platform can be set to client monitoring mode to generate alerts only when genuinely new, relevant and material information is found, not repeats of what has been seen already.

Built-in workflow ensures teams can work collaboratively and in a consistent manner. Due to its API-first by design approach, all smartKYC software outputs can be injected into other tools such as client lifecycle management systems.

Multilingual Natural Language Processing & Fact Extraction

Documents like news articles can contain rich information about a person or a company, some of it suggestive of risk, much more of it contextually useful to know. Identifying and organising adverse media in English, let alone in a foreign language is a demanding task. That’s where our industry- leading multilingual NLP (natural language processing) comes in.

Our advanced adverse media screening tool uses multilingual NLP technology to identify all textual elements in a piece of text, regardless of source language, alphabet or script. It reviews findings in native language first to avoid any loss of meaning pre-translation and then produces an English version for review.
The system then has the ability to score findings on relevance to the searched ‘subject’ – so identity screening in media content, not just mere name screening.
Once smartKYC’s artificial intelligence ‘understands’ the content, useful intelligence is extracted according to sophisticated rules. These rules apply conditionality to increase precision and result in a score for every single piece of intelligence gathered.
Post-processing, the content is then synthesised into facts, so that the first thing that hits your alerting system, or CLM system, or the human eye is not a bunch of documents but accurate, need-to-know intelligence.

Federated Search

There is no single source of KYC automation truth for financial crime teams.

In most cases, teams build a bespoke mix of sources that accords with their risk policy, geographic operations, lines of business or in some cases brand preference. Such sources will be structured (e.g. directors and shareholders database), semi-structured (e.g. watchlist) or unstructured (e.g. web news). Means of access might differ (API, scraping, data dump). Some will be free, some not.

smartKYC’s automated KYC solutions harmonize all desired public, professional and private sources in a unified search, content analysis and workflow tool. There are obvious efficiencies with this approach but also synergistic benefits too, including profile enrichment, identity disambiguation, corroboration and co-mingling of results.

By combining all client-defined sources and applying sophisticated search and content analysis approaches like natural language processing, smartKYC delivers a precise, dynamic and holistic perspective of client risk.

Identity Matching

Arguably the most challenging aspect of automated KYC screening and due diligence is hit confidence – “am I sure that this finding is about my client” coupled with “I hope I didn’t miss anything”.

Hit confidence scoring is at the heart of our KYC software and not just those found in a watchlist. smartKYC’s automation tools score all hits for accuracy, including those found in news items, based on all available identifying attributes, not just a name.

And to ensure nothing is missed, smartKYC’s automation has designed a sophisticated approach to handling entity and individual name variants (transliterative, orthographic, homophonic etc.). This, combined with multi-attribute hit scoring delivers the perfect balance between precision and recall.

And by overlaying these technological approaches with deep language and cultural sensitivity, smartKYC empowers the KYC professional to conduct their multilingual checks with renewed confidence.

Workflow & Deployment

At smartKYC we understand that out-of-the-box can translate as take it or leave it. We recognise that organisations want proven capability, rapid deployment and high levels of customisation in their automated KYC software. So, while smartKYC is available out of the box, we can also satisfy a whole range of client preferences including:

On premise or cloud deployment
Commercial or open source technology stack
Configuration options (e.g. risk typologies, result score thresholds, name handling, country and industry exposure risk)
Authentication and authorisation
Internal and external content sources
Multiple output options (e.g. dossiers, alerts, results injected into other workflow tools such as a CLM system)
Roles, teams, grants
Backup and disaster recovery
Data integration architecture
Multitenancy (multiple instances in a common environment)
Audit trail and reporting

In addition, smartKYC comes with its own workflow features such as case commentary, delegation and tasking so that teams can collaborate to best effect.

Discover smartKYC

smartKYC is the world’s most advanced enterprise solution for KYC due diligence automation.

Technology to drive faster, better and more cost-effective KYC at every stage of the relationship – liberating human effort to focus on decision-making rather than laborious research.

If you’re interested in learning more about how smartKYC’s automated KYC solution can transform the efficiency and effectiveness of your KYC operations, book your demo today.