Reported by Binance News

On Oct. 31, Binance announced a partnership with Amazon Web Services (AWS) to incorporate Amazon’s generative artificial intelligence (AI) technology to improve its Know Your Customer (KYC) verification process and customer service functions. The new AI-powered KYC system automates user information filling, conducts proof-of-address checks, and performs World-Check reviews to streamline Binance’s compliance and user experience.

With the AI integration, Binance reported a 95% increase in user data recognition accuracy, an 80% reduction in optical character recognition (OCR) costs, a 6% rise in proof-of-address approvals across 107 jurisdictions, and a 30% decrease in the time required to screen the World-Check database. This efficiency boost addresses long-standing KYC verification challenges, making the process more cost-effective and user-friendly.

Rohit Wad, Binance’s CTO, hinted at expanded AWS collaborations in areas such as customer service, compliance, and risk management: “We plan to extend our use of AWS’ generative AI technologies and cloud services across various domains.”

Read full report: https://www.binance.com/en/square/post/2024-11-01-binance-partners-with-amazon-web-services-to-streamline-kyc-with-ai-integration-15654430606066/