Verto, the innovative cross-border payment platform catering to emerging economies, has announced a strategic partnership with Resistant AI, specialists in AI- and machine learning-powered financial crime prevention.
This collaboration is set to significantly boost Verto’s document verification processes, slashing application review times and facilitating further expansion into new territories.
The partnership between Verto and Resistant AI is primarily driven by the need to tackle the complex challenges of customer onboarding in the rapidly expanding global financial market. Verto’s operation requires the authentication of a vast array of documents from diverse formats and origins, a task made daunting by the varied legal frameworks and documentation standards across countries.
Resistant AI specializes in the detection of document fraud, offering a solution that integrates seamlessly with Verto’s existing systems. This technology enables swift and reliable document authentication, supporting Verto’s growth ambitions without increasing risk exposure. The adoption of Resistant AI’s Document Forensics has allowed Verto to authenticate documents from numerous countries in seconds, halving application review times by quickly identifying document tampering and inconsistencies that would otherwise go unnoticed.
Furthermore, collaboration with Resistant AI has empowered Verto to overhaul its approach to document verification. By developing a comprehensive compliance policy and deploying Adaptive Decisioning, Verto aligns verification outcomes with its risk appetite, ensuring a robust, compliant, and efficient onboarding process.
Anthony Oduu, Co-Founder, Chief Technology and Product Officer of Verto, remarked, “Resistant AI has enhanced the speed of our decision-making by rapidly verifying documents from numerous countries, enabling us to efficiently onboard more reliable customers and expedite transaction processing. The way the platform identifies tampered documents in seconds has dramatically accelerated our ability to establish UBO in an international setting.”
Martin Rehak, CEO and Founder of Resistant AI, also expressed enthusiasm about the partnership. He said, “The complexities of operating within the global financial market are immense, especially for a fintech company like Verto that is constantly exploring new territories. It is a pleasure to work with the team to speedily verify the process of customer onboarding, whilst identifying potential fraudulent threats. All of these efficiency gains enable Verto to expand its global footprint more rapidly without compromising on risk.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
