AI-enabled digital identity verification provider ADVANCE.AI has announced the launch of AdvanGuard, a unified KYC platform designed for the crypto and Web3 industry.
Considering the global crypto market, where exchanges and Web3 platforms face several difficulties, including but not limited to having to onboard users instantly, navigating ever-evolving regulatory requirements across jurisdictions, and mitigating fraud and financial crime risks, ADVANCE.AI aims to support them in their expansion and enable them to address these challenges.
To achieve this, the company rolled out AdvanGuard, which focuses on consolidating ID document verification, biometric authentication, and liveness detection into a single, scalable framework. In addition to these capabilities, the company plans to soon add Anti-Money Laundering (AML) watchlist screening and the FATF travel rule as part of its offering.
How does AdvanGuard compare to traditional KYC systems?
According to ADVANCE.AI, the difference between AdvanGuard and traditional KYC systems lies in:
- Increased flexibility, allowing users to expand into new markets with configurable KYC checks for each jurisdiction;
- Scaled onboarding transparency, with them having the ability to segregate and adjust for various customer segments within a single platform;
- More operational efficiency, as AdvanGuard centres on saving time, resources, and accuracy from working with multiple KYC providers per jurisdiction;
- Optimal security and compliance, enabling a holistic risk evaluation and comprehensive analysis of transactions and user behaviour;
- Improved user experience.
By using AdvanGuard, exchanges and Web3 platforms are set to be able to accelerate user onboarding with real-time document verification, facial biometrics, and increased detection accuracy. At the same time, they can meet global compliance requirements and expand securely into more markets. Representatives from ADVANCE.AI highlighted their company’s commitment to helping crypto exchanges, DeFi platforms, NFT marketplaces, and blockchain businesses onboard users efficiently, detect and halt deepfakes, and develop stronger security and compliance frameworks to grow their footprint more confidently.
