Vespia: A legion of superheroes on a mission to demystify AML and ​KYB​

Estonian startup is enabling users to verify and onboard any business customer or partner in a matter of seconds.

Vespia founders: Julia Ront and Anton Vedešin

Vespia is an Estonian startup, co-founded in 2020 by Julia Ront and Anton Vedešin. We talked with the founders about their unique offering in the fields of AML and KYB/KYC, and about the usage of AI tools in improving their platforms.

When and how did you decide to co-found Vespia? 

Anton: Our paths first crossed in 2017, when Julia was an integral part of the KYC (Know Your Customer) powerhouse Veriff and I was fueling the advancements at Agrello, a trailblazing digital signature and document management platform. Our common passion for RegTech and an idiosyncratic love for superheroes sparked an idea. In the eye of the Covid-19 storm in 2021, we made the decision to join forces and grapple with the challenge of KYB (Know Your Business), giving birth to Vespia.  

Prior to Vespia, the process of business verification or KYB was traditionally slow, cumbersome, and largely ​​​​guided by intuition. Vespia revolutionizes this, enabling users to verify and onboard any business customer or partner in a matter of seconds and ensuring seamless AML (Anti-Money Laundering) compliance 24×7. At Vespia, we envision ourselves as a legion of superheroes on a mission to demystify AML and make it universally accessible. 

What are the services you offer, and how did they develop since you started? 

Julia: From the very start, Vespia has grown and developed its services to answer the growing need for advanced AI in the AML compliance and KYB field. 

We started with the Vespia Dashboard, a user-friendly environment where you can check any company in the world with ease. It’s as simple as using Google search; just type in the company name and get a KYB report in seconds. The report covers checks on commercial registers, business databases, PEPs (Politically Exposed Persons), SIPs (Special Interest Persons), sanctions lists, adverse media reporting, ID checks, and social media content. In total, we tap into more than 5000 sources globally.  

We also have Vespia API to automate data gathering and risk analysis. The Vespia Onboarding Flow, on the other hand, simplifies customer onboarding by replacing outdated AML questionnaires. You can pick and choose these features as you need. 

As the demand for effective compliance solutions grew, we saw the potential of AI to enhance our services. Julia AI is an AI Compliance officer that can analyze thousands of data points, highlight risks, provide personalized AML advice, and even summarize AML compliance cases. Our AI Risk Assessment gives you a risk score and label and tells you what you need to collect or add to the KYB onboarding case. 

Lastly, we’ve added rule-based and AI transaction monitoring to spot suspicious activities. 

On your website you say that your platform is the “world’s first all-in-one KYB/AML compliance platform”. How is your platform different from other existing solutions? 

Anton: Vespia is dubbed as the “world’s first all-in-one KYB/AML compliance platform” because it integrates a diverse range of features, employs cutting-edge AI technology, and provides comprehensive solutions for Know Your Business (KYB) and Anti-Money Laundering (AML) compliance. 

And here’s what makes us different from other options out there: Vespia uniquely leverages advanced AI and machine learning technologies like Julia AI and AI Transaction Monitoring to offer specialized and effective KYB and AML compliance solutions. This results in better fraud detection, risk assessment, and transaction monitoring capabilities compared to more traditional solutions. Our solutions automate the tedious compliance process, reduce the need for manual reviews, and streamline the onboarding of users and merchants. This, combined with our strong focus on AI and machine learning, allows for unmatched efficiency and automation. 

Our solution is a complete KYB solution, and not just a tool: customers with less compliance experience appreciate Vespia’s integrated solution approach, which helps them navigate the KYB process and make informed decisions, all while maintaining a seamless onboarding experience for their customers. Unlike competitors who merely provide tools, we offer a comprehensive KYB template that adheres to AML regulations, setting a new standard of trust in the industry. 

Customers love our easy-to-use, user-friendly and intuitive dashboard that simplifies data management tasks. Unlike other providers, Vespia offers more than just API documentation, providing a one-stop interface for a complete overview of KYB/AML compliance. 

Additionally, our comprehensive global coverage and superior data quality set us apart from competitors. We offer the freshest and highest-quality data for KYB/AML compliance. 

How do you precisely utilize AI in your products? 

Julia: Vespia’s AI-powered approach in the fintech space​ automates every aspect of operations from data integration and cleaning to risk assessment and AML monitoring​,​​​ ​and​ this not only guarantees accuracy and efficiency but also significantly reduces the risk of human error, positioning Vespia as a distinctive and innovative leader in the field. 

Our Julia AI acts as a virtual AML compliance officer, automating KYB and AML compliance processes for businesses. It leverages advanced AI algorithms to analyze data, detect patterns, and provide insights for risk management and regulatory compliance.  

We also use AI for transaction monitoring to help businesses detect suspicious activities and potential AML risks in real-time. The AI technology enables accurate and efficient monitoring of financial transactions. Additionally, we use AI for our AML Risk Assessments, helping businesses evaluate potential risks related to AML compliance. The AI-driven analysis provides valuable insights to support informed decision-making and risk management. 

What are the main reasons financial institutions should use Vespia? 

Anton: Financial institutions should consider using Vespia for several key reasons, which can be boiled down to superior compliance solutions, cutting-edge AI technology, efficient data handling, enhanced risk management, adaptability for growth, quick market responsiveness, and trusted industry expertise.  

Vespia’s platform brings together all the tools necessary for complete KYB and AML compliance, including business verification, transaction monitoring, and risk assessment. It’s a comprehensive, easy-to-use solution that ensures institutions remain within regulatory boundaries. This makes Vespia a one-stop compliance solution that reduces the time needed for customer onboarding, verification, and monitoring. This allows for quicker roll-out of new services and products, providing a competitive edge in the marketplace. 

We also use a​ Vespia​ Unified Data Format ​to standardize data from various sources, making integration and processing simpler. This ensures financial institutions have access to rich, comprehensive insights from multiple jurisdictions and databases, aiding informed decision-making and helping financial institutions identify and manage potential risks effectively. With proactive monitoring of transactions and suspicious activities, institutions can ward off financial crimes and fraud. 

In the end, Vespia’s team brings together expertise in AI, compliance, and financial technology. Our deep understanding of industry challenges and regulatory landscapes ensures that financial institutions receive reliable, innovative solutions tailored to their needs. Vespia’s platform is designed with scalability in mind, easily adaptable to evolving regulatory changes and business needs. This means institutions can stay compliant now and be prepared for future developments. 

How do you see Vespia developing further in the future? What are your plans? 

Julia and Anton: Looking forward, Vespia is constantly evolving and growing, and we’ve got some big plans for the future. We’re committed to ongoing advancements in artificial intelligence technology, with the intention to enrich our platform’s capabilities even more. This means integrating increasingly advanced AI models, capitalizing on breakthroughs in natural language processing (NLP), and staying at the forefront of emerging technologies to enhance the precision and efficiency of our compliance procedures. 

Another major aspect of our roadmap is broadening our regulatory compliance coverage. The world of global AML regulations always changes, and at Vespia, we’re committed to keeping our platform updated with these shifts. By tracking and implementing changes in regulatory standards in a machine-readable format, we ensure that our platform always keeps pace with local and international rules, offering businesses a reliable tool for navigating complex compliance landscapes. 

But it’s not just about software updates. We’re also set on extending our global reach. As Vespia continues to serve a broader range of financial institutions and businesses, we plan to expand our presence worldwide. While we’ve already made headway in the EU, Asian, and Middle East markets, we’re keen on entering new regions. This expansion allows us to cater to an array of compliance requirements, establish strategic partnerships, and continue making compliance simpler and more accessible for businesses around the world.