Vespia Joins The NayaOne Marketplace

Vespia Joins The NayaOne Marketplace
Picture of Amrit Satpathy

Amrit Satpathy

Ecosystem Manager

Vespia, an AI-powered business verification service provider, has joined the NayaOne Tech Marketplace. It’s a comprehensive platform specialising in anti-money laundering (AML) and business verification (KYB). Driven by cutting-edge AI technology, Vespia is capable of verifying and analysing companies worldwide within seconds.
Established in 2020 in Tallinn, Estonia, by a seasoned team of KYC and AI specialists, Vespia brings a new level of efficiency and accuracy to global business operations. It tackles major business AML compliance and reputational challenges:
  • Addressing diverse global data across various jurisdictions.
  • Replacing inefficient manual data analysis like Excel with advanced AI automation.
  • Enhancing traditional one-time checks with continuous monitoring for ongoing compliance and risk assessment.
Vespia streamlines customer onboarding processes and offers advanced transaction monitoring, combining rule-based approaches with AI-driven data analysis and risk scoring. Its extensive coverage encompasses over 5000 sources, including business data, PEPs, sanctions, adverse media, and identity verification.
Thus, the robust platform is a one-stop solution, designed to meet the diverse compliance needs of businesses in today’s fast-paced, globalised economy.

Cutting-Edge Solutions to Address Common Banking Challenges

Vespia provides a sophisticated solution designed for businesses to verify the integrity and compliance of their potential partners through:
  • KYB Verification: Vespia provides global access to over 5000+ commercial registers, PEP, sanctions lists, adverse media, and KYC data.
  • Risk Scoring and Risk Assessment: With advanced AI technology, Vespia saves time for AML compliance specialists by highlighting the risks and providing jurisdiction-based compliance templates.
  • Streamlined Customer Onboarding: With Vespia Onboarding Flow SDK, clients can white label, customise, and seamlessly integrate an AML flow into their customer onboarding.
  • Rule-based and AI Transaction Monitoring
  • Global Compliance: The platform is designed to meet global compliance standards, ensuring that businesses adhere to international AML and KYB regulations.
  • Easy Integration: The Vespia team provides their clients with full onboarding support during the integration phase.
Vespia has already established strong relationships with banking partners across Europe and Asia, focusing primarily on new customer onboarding and transaction monitoring.
Banks have a growing interest and need to accelerate customer onboarding while ensuring compliance with stringent AML regulations to avoid penalties. In addition, their existing monitoring rules quickly become outdated or incorrect due to global events, such as new sanctions or countries being deemed high-risk due to conflicts. These changes can significantly impact AML rules, especially in transaction monitoring systems that may have accumulated tens of thousands of rules over the years.
Vespia’s AI solution, Vespia Tx, is particularly favoured for transaction monitoring and excels at tracking dynamic changes. Its AI not only monitors but also suggests efficient rule modifications, ensuring the bank’s system remains robust and compliant.
Vespia’s adaptability is crucial in a rapidly changing global landscape, where compliance requirements can shift unexpectedly. By leveraging Vespia’s AI capabilities, banks can maintain a high level of compliance agility, responding promptly to international developments without overburdening their systems.

Case Study: Decreasing AML Compliance Costs by 93%

Vespia’s customer base includes various prominent European and Asian banks, Tele2, Keyrails, Ellex Raidla, Kemit Kingdom, and Icebreaker VC. With it, businesses can:
  • Onboard their business customers 90% faster, reducing the average onboarding time from days and weeks to just minutes.
  • Decrease the AML compliance costs by 93%, allowing customers to onboard more customers faster and cheaper.
By partnering with NayaOne, Vespia expects to significantly advance the fintech landscape. This collaboration allows it to harness NayaOne’s innovative Sandbox-as-a-Service platform and fintech marketplace, already trusted by top banking institutions, to modernise and enhance banking experiences.
Vespia is combining its AI-driven AML and KYB capabilities with NayaOne’s prowess in driving digital transformation, aiming to set new benchmarks in compliance technology. This union is not just about expanding Vespia’s market reach and product offerings; it’s about reshaping the future of banking and compliance, making these essential processes more efficient, user-friendly, and integrated into the digital infrastructure of global business operations.
Through this partnership, Vespia is committed to keeping its clients ahead of the curve in the rapidly evolving fintech sector.
We're thrilled to team up with NayaOne – it's a game-changer in the fintech world. Imagine combining Vespia's AI smarts in AML and KYB with the digital wizardry of NayaOne's platform. We're talking about a major leap forward in how banks and financial institutions can stay ahead of the curve. This isn't just a partnership; it's a fusion of innovation set to shake up the industry. We're ready to roll out some truly cool stuff that'll redefine the digital finance landscape.
Julia Ront
CEO and Co-Founder, Vespia
We're excited to welcome Vespia to the NayaOne Tech Marketplace. Vespia's AI-driven AML and KYB capabilities help to continuously revolutionise compliance technology in the fintech sector and provide banks and financial institutions with competitive solutions to stay ahead of the curve in the rapidly evolving fintech landscape.
Oli platt
Oli Platt
Product and Marketplace Manager, NayaOne
About Vespia
Vespia is an all-in-one platform that focuses on Anti-Money Laundering (AML) and Know Your Business (KYB) verification, powered by advanced AI technology. With the ability to swiftly verify and analyse companies across the globe within seconds, Vespia simplifies customer onboarding processes. It provides sophisticated transaction monitoring by integrating rule-based methodologies with AI-driven data analysis and risk scoring. Vespia’s resilient platform serves as a comprehensive solution, addressing the varied compliance requirements of businesses in the contemporary, fast-paced, and globalised economy.

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