myTU has collaborated with Intrepid Fox to streamline business banking onboarding across the European Economic Area.

This partnership involves integrating Intrepid Fox’s AI-driven KYB (Know Your Business) technology into myTU’s onboarding procedures, replacing traditional manual verification processes with automated document validation and risk assessment tools. The collaboration aims to expedite onboarding for small and medium-sized enterprises and fintech companies while adhering to the regulatory standards mandated by electronic money institutions within the EEA.

Traditionally, manual business verification has led to delays in account activation due to multiple document submissions and lengthy compliance reviews. This partnership is anticipated to enable myTU to transition applications from submission to operational accounts swiftly, while still allowing oversight for final approval decisions by compliance teams.

AI Technology and Regulatory Compliance

Intrepid Fox’s platform leverages generative and contextual AI to automatically collect, extract, and verify corporate documents. The system is designed to engage business owners in resolving any missing or ambiguous information while cross-referencing data against over 250 official company registries and global public databases. This approach aims to minimize manual follow-ups, enabling compliance teams to concentrate on risk evaluation.

As a licensed Electronic Money Institution, myTU must comply with stringent regulatory requirements in the EEA. The partnership is expected to help myTU scale its business client acquisition without proportionally increasing its compliance workload, thus addressing an operational challenge faced by regulated financial institutions expanding their business banking services.

myTU has expanded its business banking offerings recently, including instant payments, card issuing and acquiring, and Business Cards as a Service through APIs. The integration with Intrepid Fox will be part of myTU’s strategy to create an integrated automated system for onboarding, payments, card services, and compliance.

This collaboration is seen by both companies as a move towards establishing more rapid and transparent business onboarding standards in European digital banking. It also signifies the industry trend toward AI-enabled compliance automation as institutions strive to balance customer experience with regulatory obligations.