Binance partners with Amazon Web Services to enhance user experience
Current Know Your Customer verification procedures are often cumbersome, costly, and time-consuming for industry service providers.
On Oct. 31, Binance revealed a partnership with Amazon Web Services (AWS) to leverage Amazon’s generative artificial intelligence to streamline the Know Your Customer (KYC) verification process and handle service requests on the Binance platform.
According to the announcement, the new KYC system auto-fills user information, performs proof-of-address checks, and makes screening against World-Check reviews more efficient.
Binance claims the new AI integration increased recognition rates for user data to 95%, reduced the costs for optical character recognition by 80%, increased proof-of-address approval rates across 107 jurisdictions by 6%, and decreased the time spent to screen against the World-Check KYC database by 30%.
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Author: Vince Quill
