Press Release

Shufti Pro Makes It To the RegTech Insight Awards USA 2021

Tyler Braxton
October 13, 2021
3 minutes read
300

Originally Published at PR Log

CANARY WHARF, the UK, – Oct. 1st, 2021 – In recognition of world-class technological milestones achieved by Shufti Pro in the field of RegTech, the Global market leader has been nominated in 2 different categories of upcoming RegTech Insight Awards USA 2021. Acknowledging the efforts of Shufti Pro in utilizing artificial intelligence to solve modern-day financial and regulatory challenges, Shufti Pro is nominated in the category of “Best AI Solution for Regulatory Compliance”. Nomination in the category of “Best KYC Solution for Client Onboarding” is a nod to the top-of-the-line identity verification offered by Shufti Pro that has enabled businesses belonging to multiple industries to reliably onboard authentic clientele.

Regtech awards are organized by A-Team Insights to honour the leading and upcoming players of the financial, technological, and regulatory fields that positively impact the global financial industry by providing RegTech solutions. Shufti Pro, an AI-powered KYC/AML service provider, has been catering to the IDV needs of 500+ customers worldwide since its inception in 2017. The nomination has been received based on recent achievements by the company, including a customer satisfaction rate of 92%, a streak of innovative products, and an industry-leading accuracy rate of 98.67%.

You can show your support for Shufti Pro by voting in Category 10 (Best KYC Solution for Client On-Boarding) and Category 28 (Best AI Solution for Regulatory Compliance) at the provided link. Please remember that you can cast your vote in favor of Shufti Pro until Monday 18th October 2021 at 5 pm UK, while the winners will be announced on Wednesday 17th November 2021.

Explaining his excitement at being nominated in 2 different categories, CEO of Shufti Pro Victor Fredung said: “We are delighted to be shortlisted for the RegTech Insight Awards 2021. In a world where online scams are skyrocketing and regulators are penalizing businesses for their lackluster defense against these scammers, providing automated and configurable RegTech solutions is a top priority of Shufti Pro. I would like our well-wishers and all industry professionals that admire the standards that we have maintained over the years to vote for us so that we can achieve this milestone”.

This year, Shufti Pro launched a digital COVID certificate verification solution to enable secure, accurate, and prompt verification of COVID vaccine certificates. The company also introduced an NFC-based identity verification solution in the same year for automated verification of chip-based ID documents. Last year, Shufti Pro won the Best in Biz Award for providing unmatched consumer service and a Global Excellence Award for outstanding KYC/AML products.

About Shufti Pro

AI-powered digital identity verification solution provider, Shufti Pro, offers KYC, KYB, and AML services in 230+ countries and territories. The company provides solutions built on the principles of trust, authenticity, and transparency. Given the ability to verify 3000+ documents, Shufti Pro authenticates documents in 150+ languages with an accuracy rate of 98.67%. Through its AI-driven efficient verification services, the company aims to create a secure digital marketplace devoid of identity theft and other fraudulent activities.

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
About Shufti Pro
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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5 AI-Powered Products to Boost Digital Experiences Post Covid
About Shufti Pro
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.

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Shufti Pro Makes It To the RegTech Insight Awards USA 2021

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.

Shufti Pro Makes It To the RegTech Insight Awards USA 2021

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.