Press Release

Isiklar Holding Partners with Shufti Pro to verify the customers of their new venture Isiklar Coin

Jacob Connor
January 17, 2020
4 minutes read
3992

London, UK – (17 January 2020) Shufti Pro partnered with Isiklar Holding to provide them with swift document verification for onboarding customers of their new venture Isiklar Coin.

Isiklar Holding company has started a new venture namely, Isiklar Coin. They wanted to secure their legacy from bad actors so onboarding a legitimate clientele is crucial. Their goal is to identify each onboarding identity to make sure that no fraudulent individual is facilitated through their business or can be harmful. To deter the risks associated with bad actors, the company realized the need for identity verification against official identity documents. And Shufti Pro helped them in identifying and verifying their consumers through online document verification.

A seamless and robust process of identity verification through documents will help the company allow only honest customer traffic to become part of their systems while ensuring a smooth customer experience. As document verification with Shufti Pro doesn’t take more than 60 seconds and the user can easily go through the verification process.

Isiklar Holding is an innovative business that aims at achieving potential business growth by making honest customers part of their system. A clean customer base helps businesses grow at an exponential rate. The company needed a cost-effective and quick document verification service to prevent fraud the industry could be prone to. Shufti Pro provides the company with KYC screening services for customers. At the time of online registration, customers can verify their identity using several government-issued identity documents. Shufti Pro can verify more than 3000 identity documents and supports more than 150 languages performing verifications in seconds. Shufti Pro, with its seamless verification services, has made the KYC risk management process easy for Isiklar Coin.

The company’s CEO, D-r Nikolay Momchilov expressed his feelings after the partnership with Shufti Pro in these words:

“Whenever our Isiklar Holding company starts a new venture, it is very important for us to find the right partners. We were faced with the dilemma of finding one to store our customers’ personal information. After a deep study of the market, we came across Shuftipro, and I can safely say that we made the right choice and are now calm about our customers’ data because they are in the hands of professionals.”

Shufti Pro is excited about collaborating with a company that holds a legacy. Talking about this collaboration, Shufti Pro’s CEO, Mr. Victor Fredung said,

“Shufti Pro is excited to have a partnership with Isiklar Holding and looks forward to maintaining it for a long time. Shufti Pro will provide its globally acclaimed identity verification services to Isiklar Holding for proactive fraud prevention. Such collaborations help us move even closer to achieving our longterm goals”

About Isiklar Holding

Isiklar Holding, a company with deep traditions and a long history of doing business, has decided to create Isiklar Coin (ISIKC). The coin is meant to serve the numerous suppliers and long-term partners of the ISIKC Platform. The idea of ISIKC is to implement a customer loyalty program, using the most innovative and disruptive technology available today – blockchain technology. This will allow the users of ISIKC to be part of a secure, cheap and transparent ecosystem. The private sale will start on January the 13th, 2020.

About Shufti Pro

Shufti Pro 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 Pro delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 232 countries, Shufti Pro is a pioneer in IDV services to cover a large number of countries.

Contact sales@shuftipro.com to get on board!

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

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Bank of Spain Issues New Cryptocurrency Regulations
Virtual asset service providers, banks, and other financial institutions are now required to register through the AML registry of the Bank of Spain

The Central Bank of Spain initially announced the registration process back in June, and on October 19, guidelines were published for financial institutions to follow. In August, an initiative to legalize cryptocurrency for insurance and mortgage was backed by Spanish lawmakers.

The registration process is aimed at preventing money laundering by requiring institutions to report their anti-money laundering measures, as well as reporting illicit activities like terror financing or crimes involving the personal information of their customers. According to the guidelines, all institutions dealing with money or providing assets in any form are obliged to submit registration details.

According to the Bank of Spain, these guidelines apply to “all individuals and institutions providing virtual currency exchange services” including trading and custody. The proposed obligations are applicable even to the banking institutions that have customers located outside Spain.

The Spanish Bank also stated that virtual asset providers are required to register “regardless of whether they are also registered in other administrative records in the Bank of Spain or other related authorities.” Although individuals can request registration via mail, they are advised to follow the electronic registry form.

Based on the statement from the Bank of Spain, institutional data will be analyzed for risk analysis while considering the types of clients and the countries in which their services are being provided. Moreover, the purpose of their corporate relationships must be defined along with products and operating volumes.

Additional requirements include documentation with the identification details of those in charge of the respective institution’s compliance regimes. Penalties of up to $11.6 million will be imposed on the individuals and firms that continue providing services without registration with the Bank of Spain.

Suggested read: AML Program Risks Highlighted by the Pandora Papers Scandal

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If there’s one thing financial institutions understood within the first year of global shutdowns amid the COVID-19 pandemic, it is that legacy technologies and manual processes no longer suffice. Where investing in customer-oriented digital experiences was an afterthought prior to the pandemic, it has become a necessity for survival today. In fact, 65% of American experts report that the customer’s digital experience has become more important to their organization because of COVID-19. While the definition of digital experience varies from business to business, it typically involves a combination of secure, rapid services and frictionless interactions between a platform and its consumers, particularly through mobile devices.

What does a Good Digital Experience Mean?

Digital experience refers to the interaction between a business and its customer that takes place via digital technologies. A good digital experience implies that a certain organization is catering to its customers in a secure, responsive, convenient and rapid manner.

Five Technologies to Embrace For a Customer-focused Digital Experience

To meet customer demands and comply with stringent regulatory requirements in one go, financial institutions are increasingly deploying Regulatory Technologies (RegTech). Typically, banks, investment firms, brokerage companies, stock exchanges, and cryptocurrency providers among others are mandated to comply with stringent Know Your Customer (KYC) obligations to eliminate identity frauds and resulting financial crimes. However, since the KYC process takes place during the initial stage of onboarding, it needs to be seamless and rapid. Listed below are the five technologies that organizations can deploy to impart frictionless and streamlined digital experiences.

1- OCR Technology

Financial institutions process huge amounts of customer data on a daily basis. For instance, clients are required to provide Personally Identifiable Information (PII) during the initial stage of account opening in banks for the purpose of ID verification. This, in turn, leads to ever-increasing piles of documents, errors in data collection, and a time-consuming ID verification process for the customers and businesses alike.

Alternatively, an OCR software powered by Artificial Intelligence provides a streamlined solution for data collection. With the help of this technology, end-users are provided with the ability to bypass the manual data entry process. Instead, they are simply required to display their ID document to a webcam or mobile screen to have their data collected through an automated process. Shufti Pro’s OCR software completes data extraction and processing within seconds while providing an accuracy rate of 98.67%. Additionally, it provides global coverage for 150+ languages and 3000+ ID document types.

2- NFC Verification

Smartphone penetration is at its peak. With 3.4 million smartphones in use today, nearly 2 billion are NFC-enabled by default. This number highlights how users are more inclined towards the adoption of self-verification services – a trend that financial institutions can use to their advantage for rendering enhanced digital experiences.

To stay up-to-date with changing trends, build better rapport with customers, and enhance security mechanisms, NFC ID verification proves to be a viable solution. Apart from its tendency to make contactless payments convenient for both businesses and consumers, NFC technology assists in verifying identities in seconds with the highest level of accuracy. From the customer’s side, all that’s required is to scan their identity documents, which are embedded with a microchip, against an NFC-enabled device such as their smartphone. The chip contains authentic PII of the document holder. Within a few seconds, the end-user is verified and can continue their operations in a friction-free manner.

3- Video Interview KYC

Another strategy of streamlining the online KYC process for customers is through the video-based KYC method. This video-based customer identification process is simply the digital version of the traditional KYC with added speed and convenience.

This is because in the video-based KYC process, the customer is provided with the assistance of a KYC expert during a live video call. Within this video call, the ID document of the customer is verified in real-time with instant delivery of results. From ID verification to customer onboarding, the entire KYC process is accomplished remotely in a rapid and streamlined manner.

4- Digital COVID Certificate Verification

Given the current state of the global health crisis, nearly all businesses have been mandated by governments to verify the Covid vaccine status of customers. While this step is necessary for the safe renewal of business operations, the process needs to be streamlined for customer ease.

The Digital COVID Certificate Verification solution by Shufti Pro provides businesses with the chance to ramp up customer experience by automating the manual Covid certificate verification process. The digital COVID certificate verification solution is designed to kick-start automated COVID-19 vaccine certificate verification at airports, cinemas, shopping malls or public transport terminals, making it easy for customers to avoid long queues with minimal human intervention.

5- Facial Biometric Authentication

You might already be aware that biometric data is unique to each person and hence cannot be replicated. But, besides its ability to eliminate ID fraud, biometric technology is also used to simplify online and offline processes such as transaction authentication and AML/KYC verification. Facial Biometric Authentication service allows customers the ease of getting verified in real-time through a simple selfie scan. By enhancing the sign-in process through selfie login, customers can be onboarded within seconds from the comforts of their home. Additionally, it also eliminates the need for customers to memorize passwords, hence leading to a smooth online experience.

Summing it Up

The COVID-19 pandemic highlighted the importance of digital services for businesses. In order to bridge the gap between customer experiences online and regulatory compliance, businesses need to invest in RegTech solutions. These solutions are not only cost-effective for organizations, but also streamline processes for customers, including ID verification and remote onboarding. Owing to automation, digital services can be readily facilitated according to the needs of each customer.

Ready to enhance your customer’s experience online? Try our 7-day free trial or talk to experts right away!

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Isiklar Holding Partners with Shufti Pro to verify the customers of their new venture Isiklar Coin

About Isiklar Holding

About Shufti Pro

Five Technologies to Embrace For a Customer-focused Digital Experience

1- OCR Technology

2- NFC Verification

3- Video Interview KYC

4- Digital COVID Certificate Verification

5- Facial Biometric Authentication

Summing it Up

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

Isiklar Holding Partners with Shufti Pro to verify the customers of their new venture Isiklar Coin

About Isiklar Holding

About Shufti Pro

What does a Good Digital Experience Mean?

Five Technologies to Embrace For a Customer-focused Digital Experience

1- OCR Technology

2- NFC Verification

3- Video Interview KYC

4- Digital COVID Certificate Verification

5- Facial Biometric Authentication

Summing it Up

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.