Changelog

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 🇬🇧

We’re excited to introduce our new cutting-edge AI-powered tools, set to transform compliance efficiency in heavily regulated industries such as financial services. Our solutions address key AML compliance needs—including KYC, risk management, transaction monitoring, and accurate reporting—within a single, unified platform.

Here’s what’s new:

• AI Agent: Available 24/7, delivering immediate and precise responses to compliance queries.
• AI Copilot: Providing real-time support for compliance officers, enhancing efficiency and accuracy.
• AI Analyst: Offering AI-generated insights and strategic recommendations for proactive compliance management.

This is still in BETA and will be published when completely done. Get in touch if you want to give it a spin.

We are happy to announce that we are live with full KYB (Know Your Business) coverage on the Finnish market.

Our smart workflow builder ensures lightning-fast onboarding, allowing you to focus on what truly matters - growing your business.

Upload a document that you want your customers to read and sign with eID.

Theming lets you configure the onboarding experience to fit your brand like a glove. Add your logotype, your custom fonts, design the page layout, configure the styling details of all inputs and much more.