Xenchain Product Development Milestone
The current methods of identity verification are likely going to get worse because none of the procedures are scalable especially with an increase in customers can have a significant downside for financial institutions and non-financial institutions. At times, complying with KYC requirements has made even opening a new account a long and complex journey. According to Thomson Reuters, the customer onboarding time increased a total of 22% in 2016 and expected to increase another 18% in 2017. As a result, it takes an average of 24 days to complete the customer onboarding process.
Xenchain Vice President of Product Development, Daniel Pacheco,
“Our research and development team has been working day-and-night to continue improving our optical character recognition (OCR) technology but most importantly the document security features such as document landmarks, font sizes, hologram verification, and data integrity; Not only we’re using the most advanced of machine learning techniques available but also experimental machine learning algorithms from the latest research.”
Since the regulators mainly focused on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) monitoring, Xenchain has actually been working closely with both industry leaders and regulators over the past six (6) months on the document security features such as document landmarks, hologram verification and data integrity.
This marks a huge milestone on its product development to ensure effective and robust AML/CFT control measures and systems for the provision of financial institutions.
For more information, please do not hesitate to contact us via firstname.lastname@example.org
For More Information, Please Contact:-
Vincent Wong | Chief Executive Officer | email@example.com
Daniel Pacheco | Vice President of Product Development | firstname.lastname@example.org