[HN Gopher] Launch HN: Arva AI (YC S24) - AI agents for instant ...
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       Launch HN: Arva AI (YC S24) - AI agents for instant global KYB
       onboarding
        
       Hi HN! We're Rhim and Oli, and we're building Arva AI
       (https://arva-ai.com). Arva uses an AI agent to automate the manual
       verification that every banking/fintech does when they get a new
       business customer. This is called "Know Your Business" compliance
       (KYB for short) and it's a royal pain.  There's a demo video here:
       https://www.arva-ai.com/loom , and if you're curious to try it out
       for yourself, you can onboard onto 'Arva Bank' and see what happens
       when you upload some fake documents: https://platform.arva-
       ai.com/demo (but please don't upload any sensitive documents!)
       What's all this about? When a business onboards onto a bank or
       fintech (i.e. applies to be a customer), a human analyst has to
       conduct extensive manual verification a lot of the time. This
       causes long onboarding times, and there are huge costs in
       maintaining compliance teams and in fixing mistakes--because human
       analysts often deviate from procedure.  I (Rhim) formerly led the
       FinCrime product team at Revolut Business. There were hundreds (!)
       of KYB analysts conducting tens of thousands of manual reviews per
       day! Turns out this is the same across pretty much all fintechs in
       all jurisdictions around the world, and it's a problem that can now
       largely be solved by a combination of AI, data and business logic.
       Most of the manual verification work falls into three categories:
       document verification (e.g. articles of incorporation); figuring
       out the business activities (e.g. does the business do things that
       are allowed); and communication with the customer (to make sure
       they provide the correct pieces of information).  Handling all of
       this for a customer is time consuming. It leads to huge compliance
       overheads from having a manual team, which can also often make
       scaling very difficult. Days of back-and-forth over email with
       customers creates a terrible experience, leading to drop off and
       hence revenue loss. In fact, in the US, slow customer onboarding
       costs fintechs $10B annually in lost revenue (Finergo's annual
       report, see bottom)!  The interesting thing is that this domain is
       so highly structured and formalized that it turns out to be a good
       match for the current generation of AI tools.  Enter Arva AI. We've
       built a highly compliant AI agent that instantly handles all
       low/medium risk manual KYB work in real-time as a customer is
       onboarding, cutting reviews to seconds and ops spend by 80%. Arva
       AI's agent can operate globally and can either be used as
       standalone KYB agent, or layered into already implemented
       compliance stacks. We focus on reviewing documentation, websites
       and social profiles in realtime and then communicating with the
       customer so that they can rectify bad information whilst they're in
       the onboarding flow.  Check out (https://www.arva-ai.com/loom) for
       an overview and try it out yourself if you want, at
       https://platform.arva-ai.com/demo.  We'd love your feedback,
       especially if you're connected to the fintech space, and we look
       forward to everyone's comments!
       https://resources.fenergo.com/newsroom/poor-customer-experie...
        
       Author : rhimshah
       Score  : 11 points
       Date   : 2024-08-22 16:28 UTC (31 minutes ago)
        
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       (page generated 2024-08-22 17:00 UTC)