How is AI Changing KYC? A Deep Dive into AI's Role in Merchant Onboarding

Posted By: Brian Reddoch APP Dispatch,

In the ever-evolving world of risk and compliance payments, professionals and organizations eagerly anticipate the annual conference of the Association of Payment Professionals (APP), "Level Up" in March 2024. This year, one of the 22 sessions will explore a groundbreaking subject at the forefront of industry transformation: artificial intelligence. Matthew Parker from KYC SitScan will host, "How is AI Changing KYC?".

The Power of GenAI: A Glimpse into the Future

Generative Artificial Intelligence (GenAI)  is astonishingly versatile. From document review, suggesting recipes, writing songs, generating computer code, designing images, to summarizing vast collections of online information, GenAI has found its place in various facets of our lives.

Current State and Future Potential of GenAI

In this enlightening session, we'll explore the potential and current state of the latest AI technologies. Our primary focus is on the application of GenAI in merchant onboarding and KYC risk analysis. We aim to tackle the critical questions: Can GenAI enhance the effectiveness of merchant underwriters during the initial onboarding review and KYC due diligence processes? Can it be trusted?

The KYC Landscape: A Challenging Terrain

Know Your Customer (KYC) is a vital component of risk management, especially in the payments industry. The traditional KYC process is often time-consuming and labor-intensive, leaving room for human error. GenAI promises to revolutionize the KYC landscape.

GenAI and KYC: A Promising Partnership or False Flags?

Imagine GenAI swiftly and accurately reviewing merchant documentation, cross-referencing data, and highlighting red flags. GenAI has the potential to transform the way KYC is conducted. But, there is the possibility that GenAI can miss items or provide false flags. A human knows that an apple can be a fruit or a computer but the same can’t always be said of AI. How do you make sure your AI tools are more help than hindrance? Our session will look at real-world examples of both. 

Why Risk Professionals Should Attend

For risk professionals, this session is a must-attend. It provides an in-depth exploration of a transformative technology that can streamline KYC processes and enhance accuracy and the cautions to take..

Secure Your Spot at Level Up 24

The cost to attend Level Up 24 is a small investment for knowledge, insights, and networking opportunities. Don't miss this chance to explore the transformative potential of GenAI in KYC and to connect with industry experts and peers. Member passes are currently $795 until December 15th.

[Click for Registration Link] - Secure your spot today and prepare your teams for the power of GenAI in KYC.