Airwallex enhances onboarding with generative AI

Thursday 7 December 2023 11:45 CET | News

Global payments and financial platform for businesses Airwallex has implemented generative artificial intelligence (AI) to improve customer onboarding. 

Airwallex shared data on the capabilities of its new generative AI tool that improves the speed and efficiency of the company’s Know Your Customer (KYC) and onboarding processes. As per the information detailed in the press release, the solution minimises false positives by 50% on average, while increasing the number of customers that pass through the onboarding process without human interference by 20%.

Global payments and financial platform for businesses Airwallex has implemented generative artificial intelligence (AI) to improve customer onboarding.

According to Airwallex’s officials, by leveraging generative AI, the company enables its KYC tools to have increased accuracy and context awareness. The company intends to make the process of operating its services easier for its customers, while also enhancing its ability to detect and prevent fraud on its platform. The augmentations directly affect its customers as they can benefit from Airwallex’s platform immediately and accelerate their global expansion.

The generative AI tool’s capabilities

Airwallex’s solution is accustomed to the nuances and sensitivities of various languages and cultures, a feature suitable for the global distribution of the company. As Airwallex collaborates with businesses from diverse industries and cultural settings, the intelligence AI co-pilot was trained on vast amounts of linguistic data to help the company navigate complexities more efficiently. Considering that KYC represents a significant step in the company’s relationship with customers, Airwallex leverages a combination of intelligent technologies and human expertise to establish new customers’ identity, as well as their truthfulness regarding the nature of their business and that their products or services are legal and in line with use policies.

Previously, Airwallex leveraged rules-based analytics and Natural Language Processing (NLP) to scan new customers’ websites. Even if those tools were effective in identifying high-risk keywords, they tended to generate a considerable volume of false-positive alerts, which can interfere with the KYC process. By introducing generative AI, the company’s models become more sensitive to the context and meaning of keywords. Representatives stated that, when scanning a customer’s website, the model can now distinguish between a retailer selling a military-style jacket and a merchant selling prohibited military goods or other cases in which previous tools would generate a false-positive alert.

Airwallex’s development strategy

As per official’s statements, Airwallex intends to develop a series of features that improve user experience through generative AI and NLP. The company took into consideration the demand for customised services, immediate assistance, and intuitive access to their information. By leveraging generative AI and NPL, Airwallex plans to support its customers in receiving answers conveniently and efficiently for different requirements, including searching for a specific transaction in their history and developing a detailed payout workflow with an automated chat function. The company projects the launch of additional AI-enabled functionalities in 2024.

More information about Airwallex

As a global financial platform for businesses, Airwallex offers solutions that help enterprises manage payments, treasury, and Embedded Finance. With its proprietary infrastructure, the company aims to simplify global payments and financial operations, enabling businesses of all sizes to benefit from new opportunities and expand beyond their borders. Currently, Airwallex helps over 100,000 businesses worldwide, with its services being used by brands such as Brex, Rippling, Navan, Qantas, and SHEIN, among others. 

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Keywords: artificial intelligence, generative AI, fraud management, digital onboarding, KYC, machine learning
Categories: Fraud & Financial Crime
Companies: Airwallex
Countries: World
This article is part of category

Fraud & Financial Crime


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