Press Release

Sopra Banking Software Chooses Shufti Pro’s Groundbreaking Identity Verification Solution for Swift and Reliable KYC

Richard Marley
July 01, 2021
3 minutes read
4810

July 1 2021, London UK – Shufti Pro, an AI-powered identity verification services provider today announces that it has joined hands with Sopra Banking Software, a global leader in financial technologies, to provide robust identity verification services to its users. Businesses and financial institutions can now integrate Shufti Pro’s services through the Sopra Banking Software platforms to enhance their business operations tremendously.

Shufti Pro offers award-winning KYC, AML, and KYB solutions to banks and various other enterprises from across the world. With the high accuracy rate of its robust identity verification services, Shufti Pro caters to the regulatory needs of many businesses. By patterning with Sopra Banking Software, Shufti Pro has opened doors for its customers and other partners to choose Shufti Pro’s efficient services for credible fraud prevention and swift customer onboarding.

Sopra Banking Software builds its solutions based on the latest technologies to support more than 1500 financial institutions across the globe, and help them in their digital transformation. This partnership with Shufti Pro further accelerates digital transformation for their customers and ensures integrity in their business operations. Financial industry partners of Sopra Banking Software can now utilize the state of the art services of Shufti Pro.

“With the combined effort of Sopra Banking Software and Shufti Pro’s top-notch identity verification solution, our clients and partners will accomplish streamlining digital customer onboarding, while complying with regulatory requirements. In the long run, it will enable them to drive operational costs down by a large scale with the avoidance of fraudulent access.” commented Guillaume Blot, Chief Digital & Innovation Officer – Senior Vice-President at Sopra Banking Software.

CEO of Shufti Pro, Victor Fredung, speaking about this partnership, “We are proud to join hands with yet another partner. Working with diverse businesses like Sopra Banking Software has always been a great experience. We aim to maintain this partnership by providing reliable and high-quality identity verification and KYC services to various financial institutions present on Sopra Banking Software’s platform for secure and smooth digital transformation”.

About Sopra Banking Software

Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide.

The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion.

Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees.

Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 46,000 employees, the Sopra Steria Group generated a turnover of €4.3 billion in 2020.

For more information, follow us on LinkedIn, Twitter & Instagram or visit www.soprabanking.com

About Shufti Pro

Shufti Pro is a global identity verification services provider. It offers digital KYC, KYB, AML and face verification services globally. It uses both human intelligence and artificial intelligence in its technology to provide highly effective and accurate services. Shufti Pro verifies identities within 30-60 seconds on average with 98.67% accuracy. It has verified users in 232 countries and territories. Shufti Pro has been the first of its kind to provide identity verification services that cover a large number of countries.

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.

Latest News

News
FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools
About Sopra Banking Software
About Shufti Pro
Two federal regulators – the FinCEN and FDIC have called for a ‘tech sprint’ to assess the effectiveness of digital identity verification tools.

Considering the challenges faced by the financial services industry including the proliferation of online scams, data breaches, and synthetic identity frauds, the two federal regulators are gearing up for a ‘tech sprint’.

The Financial Crimes Enforcement Network (FinCEN) and the Federal Deposit Insurance Corporation (FDIC) have joined hands to hold the tech sprint aimed at analyzing the effectiveness of digital identity verification systems.

In the announcement published on Wednesday, 12 January, digital identity verification was referred to as the process of collecting, validating, and verifying information about an individual. This information is usually used by financial institutions to get proof of identity when customers attempt to gain access to online services.

With the financial services sector increasingly shifting to online platforms, scammers and fraudsters are inventing new techniques to commit financial crimes.

According to the two federal regulators FinCEN and FDIC, data breaches and hacks involving personally identifiable information (PII), as well as the increasing “synthetic identities” (a type of scam where someone creates a new identity from a combination of real and fake information) have made it increasingly difficult to establish real identities.

Although the tech sprint doesn’t have a specific start date, it is said that it will require participants to come up with a “scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e., not in person) present themselves for financial activities are who they claim to be.”

Both the FDIC and FinCEN have a common goal of increasing security in the online financial services industry by reducing identity theft and fraud and combatting money laundering/terrorism financing. The regulators aim to restore customer confidence in the financial sector.

Suggested read: FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations

Recent Posts

Blog
Securing Online Marketplace Through Identity Verification System
About Sopra Banking Software
About Shufti Pro
Since the Covid-19 outburst, technological advancements and emerging innovations have digitized the online marketplace globally. Due to the pandemic restrictions, eCommerce sales increased as people began to shop for essentials, groceries, food, and other services for the first time. Thus, the online retailing market is growing at a fast pace and is expected to touch worldwide sales of $6,542 billion by 2023.

Undoubtedly, the industry has come a long way, but the journey was not easy. Ecommerce has gone through various challenges, like identity fraud, regulatory sanctions, and much more. In addition to this, the ever-growing competition and keeping up with evolving customer needs has also impacted this sector. However, continued efforts are being made by businesses, Fintech, and law enforcement authorities to make the digital landscape secure.

This blog will discuss the effective role of identity verification systems in the online marketplace, along with the 2022 expectations and global regulatory framework.

COVID-19 and Online Marketplace: 2022 Expectations

Whenever the new year approaches, market and business experts come up with several expectations regarding the industry’s trends and new innovations. However, the one sector that is all set to touch new skies and consistent growth patterns is the online marketplaces. So, here are some predictions for the digital market industry;

#1 Social Commerce

There has been a significant increase in the usage of social media as smartphones have taken over the world in no time. Due to this, a great opportunity for online retailers has opened. As millions and billions of people are present on different social media platforms it makes it easy for businesses to market their products and services. This will pave the gates for international buyers, resulting in an increase in sales. Despite the facts, the power of social media as an online marketplace can not be neglected. It’s expected that in 2022, it will be important for the e-market to test and learn from social media sites. However, brands and online retailers will swiftly direct towards such platforms to serve flooding customers over the internet.

#2 Technology to Become Even More Prevalent

Artificial intelligence, big data, machine learning, and other emerging technologies have already revolutionized the idea of the online marketplace and the use of tech-driven tools will become more common this year. Undoubtedly, the businesses that understood the potential of AI and adopted it have been able to provide personalized service, just according to their clients’ requirements. AI made the conventional means of marketing products into a whole new experience by visualizing products. Similarly, AI-based chatbots and recommendation systems are also becoming common to provide customers with a seamless experience. However, in this year, the AI role to transform the online marketplace will become more significant, through complex algorithms businesses will be able to analyze the market as well as customers’ needs. This will allow them to come up with products and services as their customers are in search of.

#3 Brands expanding through D2C

The concept of direct to consumer (D2C) is all set to assist businesses in achieving their goals and objectives in 2022. Many online retailers and brands that initiated their services on Amazon fostering their D2C channels will build up their separate brands. Billions of dollars have been invested into Amazon each year by businesses that carry no brand equity on the channel. Thus, the owners of such online brands will create their own D2C channels and social presence to attract mass audiences other than Amazon.

#4 Live Stream Shopping

The business experts expect that this year businesses will see a significant spike in global live-streaming shopping. This will be a great opportunity for the online marketplace industry as Tiktok, Facebook and Amazon are considering making live streams their mainstreams. Live stream shopping will provide businesses to provide their services to customers around the globe. According to Statista, there were around 80 million social buyers in the US in 2020 that was 30% more than in 2019. Since then, the awareness and user acceptance have increased, hence the number of online buyers also skyrocketed.

#5 More Tools for Brands

The channel manager and director of eBay, this year’s platform will come up with more tools for brands to market themself in a more professional manner through self-service promotional tools. After Amazon, eBay has become a trustworthy online marketplace, by providing customers robust services. However, keeping in mind social distancing norms, the new acronym “Q-commerce” will also become mainstream, through which the business will deliver the orders and goods within hours and minutes, not days. In addition to this complete new tech-driven fulfillment options will also emerge, that will aid online retailers to achieve speedy and frictionless deliveries.

European Regulation for Online Marketplace

EU Payment Services Directive (PSD2)

The European Union Directive, PSD2 is legislated to set requirements and standards for the businesses that provide payment services, and will significantly affect financial institutions, e-money exchanges, and online marketplaces. PSD2 aims to enhance customer data protection, making online payments secure and lower down the cost of payments. In addition to this, more services will be brought within the FCA’s scope PSD2. This includes account aggregation services that aim to help businesses to manage their finances, allow customers to make online payments in different ways without using a credit card. The other major development in PSD2 is new security standards known as Strong Customer Authentication (SCA). This involves the use of 2FA( two-factor authentication) for banks and the online payment industry.

Electronic Commerce (EC Directive) Regulations

EU Electronic Commerce Directive 2002, implements the European Union Electronic Commerce Directive into UK’s law. This directive was legislated to streamline the rules of online marketplaces across the EU Member states with the aim of enhancing customer experience. The regulation refers to “information society services”. This means “any service normally provided for remuneration at a distance, by means of electronic equipment for the processing (including digital compression) and storage of data, at the individual request of a recipient of the service. The requirement for an information society service to be ‘normally provided for remuneration’ does not restrict its scope to services giving rise to buying and selling online. It also covers services (insofar as they represent an economic activity) that are not directly remunerated by those who receive them, such as those offering online information or commercial communications (e.g. adverts) or providing tools allowing for search, access and retrieval of data”.

How Shufti Pro Helps

Shufti Pro’s robust identity verification solution is an ideal option for the online marketplace and e-commerce businesses as it allows them to determine the true identities of their customers and can verify their transactions before getting them on board or making payment. AI-powered ID verification systems along with AML screening make the perfect combo to make customers risk assessments and categorize clients according to the threat level. Generating results with 98.67 accuracy in less than a second, Shufti Pro is crucial for your business.

Want to know more about identity verification services for the online marketplace?

Talk to experts

Sopra Banking Software Chooses Shufti Pro’s Groundbreaking Identity Verification Solution for Swift and Reliable KYC

About Sopra Banking Software

About Shufti Pro

COVID-19 and Online Marketplace: 2022 Expectations

#1 Social Commerce

#2 Technology to Become Even More Prevalent

#3 Brands expanding through D2C

#4 Live Stream Shopping

#5 More Tools for Brands

European Regulation for Online Marketplace

EU Payment Services Directive (PSD2)

Electronic Commerce (EC Directive) Regulations

How Shufti Pro Helps

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.