Binance and Amazon Web Services join forces to optimize the KYC process using artificial intelligence: data accuracy up to 95% and cost reduction by 80% 📊

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Binance announced a partnership with Amazon Web Services (AWS) to optimize the KYC verification process using artificial intelligence.

Starting October 31, the new KYC system on the Binance platform automatically fills in user data, verifies addresses, and screens against the World-Check database. Thanks to AI integration, data recognition accuracy has increased to 95%, recognition costs have decreased by 80%, and address verification approvals have increased by 6% across 107 jurisdictions. Additionally, the time for screening in the World-Check database has been reduced by 30%.

Rohit Wad, CTO of Binance, added that the company plans to expand the use of AWS technologies to improve customer service, risk management, and regulatory compliance.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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