Cryptocurrency trading platform X1 has chosen financial crime prevention specialist Resistant AI to improve its AML checks across its platform.
As part of the deal, X1 has selected Resistant AI’s Document Forensics solution to increase the efficiency and accuracy of its Source of Funds (SOF) and Proof of Address (POA) checks.
Following the implementation, the time required to carry out document authentication processes will be reduced from days to seconds, it claims.
X1 is a cryptocurrency exchange platform that supports both novice and experienced traders. The platform supports bitcoin, ethereum, litecoin, bitcoin cash and others.
Its previous SOF and POA checks created bottlenecks in customer onboarding processes. By leveraging the Document Forensics solution, X1 hopes to boost efficiency, scale more effectively and widen their ability to detect unknown fraud that can evade checks carried out by a human.
The Document Forensics technology verifies the authenticity of digital documents with machine learning. Each document is taken through a layered analysis to provide clear, substantiated verdicts in a few seconds. This will give X1 the ability to find modifications in digital documents, images and scans, and print-and-rescan modifications.
Resistant AI CEO and founder Martin Rehak said, “X1 is a highly successful and rapidly expanding leader in the cryptocurrency industry and, as such, needs to meet its AML requirements while also providing customers with a quick and efficient process.
“By implementing our Document Forensics solution, they can deliver on both those objectives while also putting them in an ideal position to scale their offering for the high levels of growth they expect to see in the years to come.”
Resistant AI recently deployed its technology into Netherlands-based B2B FinTech platform FINOM. The company, which offers financial management, invoicing and payment services, will use Resistant AI’s technology to bolster its AML measures.
Copyright © 2022 FinTech Global
Copyright © 2018 RegTech Analyst