Shufti Complies with New Guidelines for SEPA Instant Credit Transfer Scheme

London, UK – Nov 30, 2022 – Shufti, the leading provider of AI-powered end-to-end identity verification, eKYC, KYT, and AML solutions, recently complied with new guidelines by the SEPA Credit Transfer Scheme. The company has taken this initiative in order to ensure seamless, secure, and fraud-free instant credit transfers across 36 countries in Europe. 

SEPA Instant Credit Transfer Scheme (SCT Inst) was first rolled out in 2017 by the European Payment Council (EPC). The European Union is a vast financial market consisting of 36 countries. Authorities have established a trade-free zone ‘SEPA’ across all these member states to guarantee the seamless flow of trading goods. Available 24/7 throughout the year, the EPC Payment scheme allows the transfer of up to €100,000 to other accounts in less than 10 seconds. Reportedly, the proposal aims to make instant payments in euros affordable, secure, and processed without hindrance across the EU. 

Shufti, a globally acclaimed identity verification service provider, offers fully automated and highly configurable KYC and AML solutions to businesses in the finance and banking, eCommerce, cryptocurrency, healthcare, and education sectors, to name a few. The high accuracy rate and global configurability of its solutions have fueled demand for the company’s services, and it has onboarded businesses across a wide range of industries. Shufti’s KYC solution verifies customer identities in real-time, helping businesses prevent identity theft, money laundering, and terrorist financing all while staying compliant with global KYC & AML regulations.

For businesses operating in multiple countries, banks making payments across borders, or consumers sending money abroad, instant payment solutions with globally interoperable standards could help facilitate faster, more transparent, and affordable cross-border payments. Despite being highly secured, it is still susceptible to crimes, particularly identity theft and money laundering. It is important for businesses to put procedures and technology in place to safeguard themselves and their consumers from fraud. 

Shufti’s reliable KYC solution is the ideal option for all digital platforms opting for the Instant Credit Payment scheme. By incorporating advanced forensics screening, particularly biometric authentication of users and document verification using Optical Character Recognition (OCR) technology, companies can securely onboard customers and keep a record of financial transactions. The AML screening solution by Shufti has access to 1700+ sanctions lists by global financial watchdogs and screens users’ data against them while generating results in a matter of seconds with 99% accuracy.

“Instant payments enable people to transfer money at any time of any day within ten seconds, making them much faster compared to traditional credit transfers, which are received by payment service providers only during business hours and arrive at the payee’s account only by the following business day, which could take up to three calendar days,” says Victor Fredung, the CEO of Shufti. “However, being highly fast and providing services to 36 European countries makes the SCT Inst scheme highly susceptible to financial crimes. Henceforth, businesses availing this platform need to incorporate KYT and AML services in order to stay ahead of criminals and their activities.”

About Shufti

Shufti is a leading identity verification service provider offering KYC, KYB, KYI, AML, and OCR solutions that are accelerating trust worldwide. The UK-headquartered company has six international offices and has launched a suite of 17 complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 9000 ID documents in more than 150 languages, Shufti proudly serves customers in 230 countries and territories. 

For more information, please contact:

Graeme Rowe
CMO | Shufti
[email protected]
+44 7909 447255