Import Financing Company Transigo Joins Hands with Shufti to Verify its Clients

London, (May 2020), Transigo, an import financing company that provides a unique payment mechanism for U.S. importers, will now be using Shufti to enhance its client onboarding process. Shufti will empower Transigo by providing it with its document verification, biometric authentication, and two-factor authentication services.

Shufti is an AI-based identity verification service that helps businesses screen the identity of their customers from any corner of the world. Its KYC screening solutions can verify the identity of a person within seconds, while its KYB screening solution can instantly provide detailed insights on businesses ranging from identification and filings to financial statements. 

These solutions help businesses practice effective fraud prevention and create a seamless user onboarding experience—businesses no longer need to bear the  KYC/AML compliance burden themselves. Now, with Shufti at its side, Transigo will be able to manage its fraud risk by screening the identities of its importer clients.

Transigo provides a novel payment mechanism to U.S importers which source from China, allowing them favourable payment terms of up to 120 credit days. Its business model thus requires that before offering its clients such attractive payment terms, they are thoroughly screened to minimize fraud risks such as importer and identity fraud, which can lead to defaults. Strict fraud prevention protocols are necessary, especially with fraud continuing to be a prevalent risk in the trade and financial industries. 

To that end, Transigo was searching for a reliable and efficient KYC screening partner that could ensure accurate client information and—given its cross-border nature—assist with regulatory compliance. It found the right partner in Shufti.

Transigo chose Shufti because of the speed, accuracy, and cost-effectiveness of its services. Transigo’s plan with Shufti comprises facial and document verification as well as two-factor authentication. With these verifications in place, Transigo will now be able to protect itself by performing strict security screening on its clients without compromising on delivering a seamless onboarding experience.

Expressing his confidence towards this new partnership, Nir Tal, CEO of Transigo, said: 

“As a fast-paced import financing company that provides unparalleled credit terms to importers, we needed a seamless and foolproof KYC method to verify the identity of our clients. With Shufti, we got all that plus excellent customer service—the cherry on top.” 

Shufti is also excited to onboard more diverse clientele. Victor Fredung, CEO of Shufti, said:

“We at Shufti are very happy to onboard yet another great customer. We aim to maintain this partnership for the long term by always providing them with the highest quality of services. Working with diverse businesses such as Transigo is always a great experience and shows just how adaptable our solutions are to a variety of industries.”

About Transigo

Transigo is an innovative import financing company that has developed a unique payment mechanism that allows U.S. businesses importing from China and Hong Kong to import now and pay later. Clients make one easy lump sum repayment after as long as 120 credit days, with zero impact on their credit score. 

About Shufti

Shufti is an identity verification service provider that offers KYC and AML solutions to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 232 countries, Shufti is a pioneer in IDV services and covers a large number of countries.

Contact [email protected] to get on board!

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Import Financing Company Transigo Joins Hands with Shufti to Verify its Clients