Restore Money Foundation uses Shufti to Accelerate Customer Onboarding Process
BATH, UK – (February 25th, 2019) Shufti partners with Restore Money Foundation in order to fast track their customer registration for better service delivery and authentic regulatory compliance. TxGold, RMF’s gold backed currency, is based in Texas and available to users worldwide. To comply with U.S. federal regulations, RMF needs to collect and confirm custom identification data.
Talking about their initial struggle to find a suitable KYC service provider, Mr. Tyler Chessman, founder of RMF, said: “We struggled quite a bit to find someone that could work with our organization (a startup) and provide a flexible identity verification API.”
With both “on-site” and “off-site” verification, documentation from an end-user can be collected either directly by Shufti – or by the Shufti customer creating ease of use for the customer to perform a verification that best suits their needs. RMF uses off-site verification from Shufti that allows the company to collect and pre-process some of the identification data that is collected from its customers.
Highlighting various facets of the verification process, Mr. Tyler said “After we’ve collected an end user’s name, date of birth, and a picture of their ID or passport, we are able to send this over to Shufti to verify the authenticity of the user’s ID. The API is flexible, giving us the option to add additional verification steps as needed.”
Document verification isn’t as easy as it sounds, especially when users are allowed to upload their own photo; camera quality, lighting/glare, and photo angles present challenges to exclusively automated approaches. “We were actually turned away by a few companies – companies who specialize in document verification – after they learned about our onboarding process.”, says Tyler. “Using a combination of both Artificial and Human Intelligence, Shufti is uniquely able to meet RMF’s onboarding and identification requirements”.
Talking about the collaboration between the two companies, Mr. Victor Fredung – CEO of Shufti said “We are delighted RMF has selected us to help meet with their customer identification requirements. Shufti was more than prepared to handle the unique use case of RMF for user verification. We have been able to provide customized solutions to our various customers based in almost every part of the world.”
About Shufti
Shufti is an identity verification SaaS that offers KYC and AML solution to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti keeps accuracy results up to 99.6% high. Having verified users in over 225 countries around the world, Shufti is one of the pioneers in IDV services to cover a good number of countries in a relatively short time of two years.
You can visit Shufti here:
Shufti Pro Limited
Unit C401, Westfield Shopping Centre,
Ariel Way, London, W12 7FD
About TxGold
With near-zero transaction costs (for both sending and receiving), and settlement times of 2-4 seconds, TxGold can help bring cryptocurrency to the masses. Backed by redeemable gold, which is stored and secured in the state of Texas (and insured by Lloyd’s of London), TxGold is a viable alternative to paper currency.
TxGold represents an opportunity for existing cryptocurrency enthusiasts to acquire a more stable token; because its value is tied to gold, it isn’t prone to wild swings in value. Running on top of the Stellar platform, there are several wallets available. Using Stellar’s built-in decentralized exchange, TxGold can be acquired by trading a wide variety of tokens – including Bitcoin, Ethereum, Lumens, and more.
