Changelog

We've made some upgrades to our risk agent experience recently. We're rolling out the updates this week and wanted to share our progress with you. The new, updated and enhanced experience has:

• A new, smoother way of working with multiple tasks at once. You now will get every PEP match (and similar workstreams) in a tab structure. 3 PEP matches will create three tabs that you can toggle through with keybind shortcuts like a native browser experience.

• The information has been tidied up to show the most important data at a glance, with the identity details side-by-side with the PEP match data and the current status of said match attached to the card.

• Is there related Cases that might have an impact of this Case? We'll automatically load them and will include them in the right hand side bar where you can browse and gather more information before making your decision. This will i.e. help a lot when reviewing an Application: you'll get possible PEP matches and other relevant hits to the application in this view.

• The decision section is always stickied in the bottom, no matter the type of Case (PEP match, Application, Sanction match, you name it), making it easier and faster to go through many Cases, faster.

Those are just some of the updates. They all have a common goal: to reduce the manual work time to complete tasks and making accurate decisions faster than before.

We've been keeping busy, as usual. These past weeks, we've shipped a major new feature: Risk score. It allows you to configure a granular risk model that suits your business down to the detail so nothing will be missed.

Want to set a specific risk score for a business that operates within a certain country, in a certain industry (down to the Industry Code)? Do it all in our new Risk score section. This will calculate an exact risk score on each individual or organization you connect.

Configure a model for each market that you operate in to make it even more granular. Add rules for individuals and organizations, add weights to the factors that you deem more important and MUCH more with our new risk score feature.

Read more on our AML Risk score page here: https://www.bits.bi/use-cases/risk-score

We've updated the dashboard navigation. There's been new items added, as well as some interface and interaction improvements all around.

• New icons for Risk score and Theming to be more clear about what they are. Also more graphically synchronized with the other icons in the navigation.

• Font updated to better line-height as well as the font size being reduced slightly to make the area more compact.

• Applications and Entities now have arrows next to them. If you hover, you'll see the pages underneath these, which allows you to go to any sub-page directly (previously, you'd had to click Entities, and then click i.e. "Organizations" to reach it, while now, you'll hover and instantly click "Organization".

• As shown in the image below, you can now reach a sub-page with smoother cursor movement; there's an area where we’ve made sure the cursor will still keep the unfolded navigation open. Makes it easier to go straight to “Individuals” in this case.

• Logo area changed, logo updated, logo rezised.

Conducting Know Your Business (KYB) checks in Italy presents several challenges, from navigating a complex regulatory environment to dealing with fragmented data sources and language barriers. At Bits Technology, we understand these obstacles and have developed an automated onboarding platform that makes KYB and compliance easier, faster, and more efficient for businesses operating in Italy.

• Simplifying Regulatory Compliance
  Our platform is designed to stay up-to-date with both Italian and EU regulations, including AML directives. With real-time updates and automated processes, you no longer need to worry about missing compliance changes. We ensure your business remains aligned with the latest legal requirements, so that you can focus on growth without the compliance headaches.

• Unified Access to Business Data
  Bits Technology integrates multiple business registries and data sources across Italy into a single platform. This provides you with instant access to accurate, comprehensive, and up-to-date business information. Eliminating the need to manually search through fragmented sources and ensuring a user-friendly onboarding.

• Overcoming Language and Documentation Barriers
  Our platform handles the complexities of local Italian documentation, automatically processing and verifying documents in Italian and converting them into usable data. This significantly reduces the time spent on manual document reviews and ensures compliance even when dealing with complex ownership structures.

With Bits Technology’s automated KYB and compliance platform, businesses in Italy can enjoy a seamless onboarding experience, reducing risk, saving time, and staying fully compliant with both local and international regulations.

Reach out to our Commercial team, Fredrik, Oscar or Erland to get a demo.

An entity is a distinct object or instance, such as a person or organization, that has been modeled and stored within a database. An entity includes all relevant data and relationships associated with that person or organization.

Any person or organization that is related to your business will now get an automatically created profile in the database. This allows your business to see all data on each person or organization and all related activities in one place. It's also a single-source-of-truth for any monitored updates that we might find to this person or organization.

We've now released Monitoring in public BETA. This will allow you to have ongoing due-diligence on all your customers and related entities.

Keep track of every business or personal entity that's involved with your business. Some features that are released now, and some that are being released in a near future:
• Fresh data, updated daily
• Monitor what you want, when you want it
• Create granular monitoring rules to get only what you need

With the regulatory landscape and modus operandi of criminals constantly changing, it requires businesses not only to have robust Know Your Business (KYB) procedures in place but also to have the flexibility to change a procedure if new risks are identified to ensure compliance, work proactively, and build trusted relationships with customers and supervisors. At Bits Technology, we’re proud to announce the integration of multi-checks for KYB within our onboarding procedures.

What does this mean for our customers and partners? It means a profound due diligence procedure through multiple layers of verification, ensuring that every business we onboard undergoes thorough scrutiny, aligning with global regulatory standards. This not only safeguards our customers' fight against financial crime but also fosters transparency and trust in all our relationships.

Key benefits of our multi-checks KYB approach include:

• Enhanced Risk Management: Identifying potential risks associated with customers’ businesses early in the onboarding process.

• Compliance Assurance: Adhering to regulatory requirements across jurisdictions with comprehensive due diligence.

• Efficiency Gains: Streamlining onboarding without compromising thoroughness, reducing turnaround times.

Add a step to your workflow where you request the user's bank account information. Currently, it's a manual input where the user will be able to insert either a Swedish bank account (clearing + account number) or an international IBAN account.

The user's answer will either populate in a new tab in your Applications, under "Bank account information" or get it through our API.

Link to our API reference for this new step: https://docs.bits.bi/api-reference/endpoints#list-bank-accounts-on-an-application

We've been designing, building, and testing a new feature: User Journey. This lets you see a breakdown of an application and how it was executed. It allows you to see detailed information if it was successful, and if not, what went wrong and where.

Creating a workflow is all great and fun, but seeing a detailed report of how a user clicked through that workflow is extremely satisfying. This lets you get a detailed understanding of what the user did, and how it went. Maybe all users make a stop on one of your specific steps? Then you'll know. Getting an error when uploading a document? Now you'll know which and where.

Seeing when, where, and why users might drop off lets you alter and improve your workflow. If you see any errors, you have a detailed understanding of that and can get support to improve and solve it.

We've released it, and it's up to you now to follow all your user journeys. Take a seat, grab the popcorn, and enjoy seeing the flows of your users.

Bits Technology is excited to announce its expansion into the United Kingdom with the launch of its Know Your Business (KYB) product. As the most powerful tool in our suite, the KYB product represents a key step in our strategy to extend automated compliance solutions to a broader audience.

In addition, identity verification for passports and ID documents, PEP and Sanction screening, KYC/B Questionnaire, bank account verification, and document upload features are all available as of today in the UK market 🇬🇧