Paydoo Secures its Operations with KYC Services from Shufti

London, UK (September 2019) Paydoo, a licensed electronic money institution, and payment provider, has partnered with Shufti for securing its merchant onboarding process with customer identification, verification process and AML screening solution. 

With a proud client portfolio that includes leading crypto exchange platforms and FX companies from the United States and EU, Paydoo has established itself as a payment service provider that puts the security of processed payments ahead of anything else. Its RESTful open API architecture allows its customers to start processing payments with swift onboarding and seamless integration. With a business model that supports payments in 180 currencies for checkouts, secure cross border payments and latest transaction functionality with 2048-bit SSL data encryption, Paydoo is a force to reckon with the online payment processing industry. 

As a responsible business entity that did not want to let its platform be used by scammers, fraudsters or merchants with significant financial risk, Paydoo looked out for an identity verification service that can support their global payment operations and that is when Shufti entered the picture. The Founder of Paydoo Sam Kohli explains the choice of Shufti as their KYC service provider in the following words.

“Thanks to its flexible modular structure, Shufti’s features are at the core of our state-of-the-art, proprietary, single-access merchant boarding system. It allows Paydoo to maintain full regulatory compliance by frictionlessly identifying and screening our merchants, ensuring seamless and rapid onboarding.”

Paydoo uses KYC services from Shufti at merchant sign-up to verify the claimed identity of business owners. Not only that, but financial risk attached to a merchant’s identity is also assessed before the registration process via AML screening solution of Shufti. 

Victor Fredung, CEO Shufti, commented on the collaboration between the two companies; 

“Shufti and Paydoo have a philosophical consensus as both of our companies aspire to create an online marketplace free of online frauds and eliminate payment related scams. Both our companies even took the same technical route of a RESTful API architecture to make the integration process entirely flawless for our customers. This made working with Paydoo a real treat as we strengthened their payment processing operations by keeping out merchants with fake identities or with significant financial risk through our AI based verification services. ”

Paydoo uses Facial Verification & Document verification from Shufti to verify the true identity of merchants that want to utilize their services for processing online transactions. With a turnaround time of less than one minute and a hybrid of Artificial & Human Intelligence, Shufti is able to verify the identity of a merchant with relative ease. Global approach of Shufti also served the business model of Paydoo. The online payment portal will be leveraging verification services from UK based KYC service provider, to verify the identity of users from 240+ countries and territories, with identity documents printed in more than 150 languages. Shufti doesn’t just verify the identity of a merchant with the help of an ID card but also supports Passports & Driving Licenses for identity verification. For AML screening, Paydoo merchants are vetted against 1000+ sanction lists and 3000+ financial risk databases.

The two companies look forward to a mutually beneficial relationship for years to come and plan to play a pivotal role in making online transactions secure and risk-free on a global scale. 

About Shufti

Shufti is an emerging name in ID verification services. It aims to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence to provide ID verification services. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in the United Kingdom with its global office in Sweden.

35 Little Russell Street, 

London WCIA 2HH

United Kingdom

About Paydoo

Paydoo Payments UAB is a European licensed Electronic Money Institution and an innovative, Channel Partner focussed, Payment Service Provider. In operation since 2013, with offices in Riga, Vilnius, New York & Connecticut (United States) and more than 40 employees, Paydoo offers its partners tailored, cross-border processing solutions. 

Paydoo is a member of the E-Money Association (EMA), PCI DSS Certified Service Provider, a VISA and Mastercard registered Payment Facilitator, and holds direct Acquiring BINs in Europe and North America.