Net Element reveals AI-powered underwriting solution Blade

Tuesday 4 June 2019 00:52 CET | News

Net Element has launched Blade, its proprietary, fully-automated, AI-powered underwriting solution with predictive scoring.

Blade is a software built for underwriting and onboarding of new merchants, which aims to reduce potential risks and decision-making time, while facilitating the customer experience. The system compiles and analyses data points that are automatically evaluated in accordance with the pre-set and dynamic parameters using proprietary algorithms.

Moreover, Blade’s AI-based scoring engine provides a fast, accurate assessment of risk during the on-boarding process, at less cost, and accounts for a wider variety of factors. The continuous updates from the system facilitates the AI-powered decision-making process. This information can then be used in predicting outcomes to offer customer support, risk management, client retention, and collections.

Also, an average account review takes 15 minutes in a semi-automated environment, including KYC, AML, OFAC, and other requirements designed for full regulatory compliance. However, the new solution completes this review in less than a minute. If the account fails, it provides a detailed description of the problem and suggested solutions.

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Keywords: Net Element, launch, Blade, artificial intelligence, Predictive Scoring, Predictive Scoring, onboarding, merchants, risk reduction, KYC, AML, compliance, regulations
Countries: World

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