myTU has partnered with Intrepid Fox in order to automate business banking onboarding across the European Economic Area.
Following this announcement, the collaboration integrates Intrepid Fox's AI-driven KYB technology into myTU's onboarding processes, replacing manual verification workflows with automated document validation, ultimate beneficial owner analysis, and risk assessment. In addition, the partnership was designed to reduce onboarding times for small and medium-sized enterprises and fintechs whilst maintaining regulatory compliance standards required for electronic money institutions operating in the EEA as well.
Moreover, as manual business verification processes have historically created delays in account activation, they also often required multiple document submissions and extended compliance reviews. With this in mind, the integration is expected to enable myTU to process applications from submission to operational accounts within minutes, according to the companies, whilst preserving oversight for compliance teams on final approval decisions as well.
Technology and regulatory framework
According to the official press release, Intrepid Fox's platform uses generative and contextual AI to collect, extract, and verify corporate documents automatically. The system was developed in order to engage business owners to resolve missing or unclear information and cross-references data against more than 250 official company registers and public data sources globally. At the same time, this approach is intended to reduce the volume of manual follow-ups and allow compliance teams to focus on risk evaluation rather than administrative document checks.
As a fully licensed Electronic Money Institution, myTU operates under strict regulatory requirements across the EEA. The partnership is expected to allow the bank to scale business client acquisition without proportionally increasing compliance workload, while also addressing one of the operational constraints faced by regulated financial institutions expanding their business banking services.
myTU has expanded its business banking offering in recent years, as its business services include instant payments, card issuing and acquiring, and Business Cards as a Service managed through application programming interfaces. The integration with Intrepid Fox is set to form part of myTU's strategy to develop a programmable banking platform where onboarding, payments, card services, and compliance function as an integrated automated system.
In addition, the collaboration is positioned by both companies as a step towards establishing faster and more transparent business onboarding standards in European digital banking. The partnership also reflects broader industry movement towards AI-enabled compliance automation as regulated institutions seek to balance customer experience with regulatory obligations.
