Kyc

KYC Compliance – Strengthening Fraud Prevention Across the Globe

Know Your Customer (KYC) : The widespread availability of the internet has made our world more connected than ever. This, however, has made our information more vulnerable to fraud. The ever-climbing fraud statistics continue to trouble consumers and businesses as well as regulators across the globe. Yet traditional practices for Know Your Customer seem no longer effective. With the increasing scrutiny of regulatory bodies and global financial regulators, businesses need to come up with an effective Know Your Customer or KYC Compliance process. The KYC process involves the verification of the identity of individual customers for preventing fraud and money laundering activities.

Traditionally, banks and other businesses performed KYC manually. However, manual procedures take longer and tend to frustrate customers. For banks too, manually verifying and vetting each customer can be costly and arduous. Herein, comes the role of SaaS KYC service providers. Providers of identity verification as a service, nowadays are using machine learning, advanced biometrics and a combination of Artificial and Human Intelligence capabilities to verify end users. It is an all in one solution that is equipped to fully automate KYC procedures in companies. 

A comprehensive KYC and AML solution can effectively fulfil a business’s KYC requirements. It not only makes the implementation of compliance obligations seamless but can also improve the onboarding process. Its KYC services include document, face and address verification along with global AML background checks. 

Some of the major KYC and AML procedures that Shufti Pro offers include;

  • Document Verification
  • Face Verification
  • Address Verification
  • AML Background Checks

Document Verification

A simple and efficient way for banks, financial institutions, e-commerce stores, crypto exchanges, ICOs and a number of other businesses is to verify customers through document verification. It allows businesses to verify users through multiple documents including ID cards, passports, driver’s license, credit/debit card, utility bills and other customised documents, that a business may need verification for, for its users. 

The verification of the document(s) can be personalised for business, according to its need to verify its users. For example, an online retailer would want to verify the address of its customers to avoid shipping fraud and errors. Different features of a document that can be verified include Name, Date of Birth, Age, Date of Issue and Expiration, Document Number (MRZ code, passport number etc.), Gender, Nationality etc.

The process of document verification for a business is simple and easy. All they have to do is select the mode of verification (onsite or offsite) and document checks they want. The rest is taken care of by the verification software. The process of document verification involves;

  • The end-user or customer comes in for verification and selects the type of document he/she wants to be verified by. It is up to the company to provide multiple options for its customers for verification including ID card, passport driver’s licence or any other ID document.
  • The user then scans their document(s) or uploads a copy of it to verify their identity. 
  • The system verifies the user using hybrid AI and HI technology in 30-60 seconds.

Document Verification

Face Verification

Face verification nowadays is normally performed through a facial recognition software developed on AI-based protocols. Biometric facial authentication is usually performed by businesses that run a higher risk of attracting fraud and financial crimes like money laundering, bribery and tax evasion. This may include but is not limited to, banks, insurance providers, investment firms, crypto exchanges, ICOs and forex companies. All such businesses are highly regulated and require additional protection from fraudsters and criminals. 

Performing facial verification is simpler than document verification and only requires the end user to show their face in front of the web camera. Alternatively, they can also upload a picture to authenticate their identity. The choice to verify the user through image or video or both lies with the company availing KYC services. An end user is verified in the following way in the face verification feature;

  • The end user comes in for facial verification
  • They show a fake or photoshopped image for verification
  • The facial recognition system declines the verification since it a fake image is being used for verification.

In another case,

  • The end user comes in for verification
  • He/She will show their actual face or image for verification
  • The verification is approved as the software detects the presence of a real person, or does not detect any photoshopped elements in the image used for verification.

Online Facial Verification

Address Verification

E-commerce sites, online retail businesses and banks often require address verification of customers in order to check if the person is using legitimate credentials to gain access to services. Address verification services allow for better and more convenient authentication of users around the globe. It is the fundamental solution for businesses to eliminate identity theft. Address verification further increases the accuracy in the shipping of orders allows companies to conveniently deliver merchandise to customers. 

Address verification is performed using a number of different documents including utility bills, bank statements, tax bills, ID cards, passports etc. The system is also able to corroborate addresses using different documents. Therefore, if either of the documents is forged or stolen, the system will stop the verification. The address verification process is performed in the following way;

  • The user selects the document using which he/she wants to verify their address. It is up to the company if they want to provide their customers or users with various document options with which they want to verify their address.
  • Scan or upload the document for address verification.
  • The system will use data extraction protocols to verify the address of the user.

Address Verification

AML Screening

Banking and financial institutions are required to perform customer due diligence (CDD) for individual customers and clients. For higher-risk individuals, they are obligated to perform enhanced due diligence (EDD) to evaluate, assess and eliminate the risk they pose to the institution. For more efficient risk assessment, AML screening of each individual client is a must. 

With an AML screening system, banks can now easily screen new and existing clients through a foolproof system. The screening process flags PEPs and high-risk individuals from a vast databank. It contains data from over 1000 sanction lists and 3000+ databases. Some of the lists through which end users are scanned include OFAC, FATF, DFAT Australia, FinCEN, CIA, FINMA and numerous others. The databank is updated every 14 minutes to account for any updates in the lists. Banks and other financial institutions can choose to implement batch screening or ongoing screening for their clients. Batch screening screens individuals in bulk in one request whose basic name and DOB are already known. In ongoing screening businesses operating in a high-risk environment can issue an “on-alert” status to clients with a greater risk profile. 

AML services are generally availed with KYC verifications and checks are run in the background. 

  • The system extracts a user’s Name and DOB from their credentials as they perform their identity checks.
  • The system will scan the person from global AML watchlists (FATF, OFAC, Terrorist Financing, FinCEN, DFAT etc.)
  • If the individual is flagged in any list their verification will be declined and the company will be notified of specific individual’s flagged status.
  • If they are cleared, their verification is approved.

AML Screening

Requirements for Each KYC Procedure

The documents required from each end user for a KYC verification depends on the company availing the KYC services. Each company has its own requirements about verification of its users. However, certain standard documents are used by most businesses to verify their users. These documents include ID cards, passports, driver’s licences and credit/debit cards. The company can choose to provide different options for verification for its users or set a standard document through which the person can be verified. 

Documents for address verification include, but are not limited to, utility bills, bank statements, tax bills, rent agreement, employer letter, insurance agreement and other standard ID documents. The AML checks require the full name and date of birth of an individual that can be extracted – or entered – during the KYC process. 

It must be noted that the requirement for each verification is set by the company availing the identity verification services. They may ask for only one or multiple documents for verification from each user according to the needs of their industry and the regulations they are obligated to adhere to. 

Industries that Adhere to KYC Compliance

KYC compliance applies to a vast range of industries. Different businesses need to adhere to KYC requirements of their region as well as the region(s) they operate in. Some of the many industries and businesses that require KYC procedures include, but are not limited to;

Kyc Compliance

  • Banking, Financial Services and Insurance (BFSI) Industry
  • E-commerce businesses
  • Foreign Exchange Brokering Services
  • Cryptocurrency Exchanges or Companies dealing with or operating on cryptocurrency (ICOs, Bitcoin wallets etc.)
  • Freelancing platforms
  • Telecommunication Services
  • Travel and Hospitality Services
  • Peer-to-Peer Marketing
  • Online Gaming and Gambling 
  • Healthcare Industry
  • Real Estate Sector

Standard KYC Compliance Procedures Around the Globe

Every jurisdiction around the globe has its own set of regulations and requirements for businesses to operate safely. Different countries and regulatory authorities set their own standards according to their legislative structure. However, standard KYC requirements are fixed for most regions across the world. Most KYC Compliance Procedures are centred around: 

  • Digital Identity Verification.
  • Electronic identity Verification or e-IDV, that verifies individuals through different government or independent databases.
  • Address verification through different documents

Any specific distinction in the process of KYC exists based on;

  1. Use case – The use case for each business involves in what capacity a business might need KYC, how it would apply KYC procedures.
  2. Regulatory Requirements – regulatory requirements differ based on the type of industry, the level of risk an individual or business may pose and the region in which an enterprise operates in. For example, in a few countries including Germany, Spain, Switzerland and Austria the regulations require businesses to verify users through video conferencing 
  3. Type of Business – the risk associated with a business also comes with the industry it operates in and its nature. For instance, financial service firms are bound by more legal obligations than perhaps an online retail store.

Kyc Procedures

The identity solution from Shufti Pro offers universal language support, along with the ability to verify over 3000 documents. This allows us to verify users from over 230 countries around the world. Our AML databank includes names of Politically Exposed Persons (PEPs) from over 1000 + sanction lists and 3000 + databases. It is currently catering to a diverse set of clientele ranging from financial services to online retail businesses to crypto companies. With the ability to verify users in under a minute, Shufti Pro can fulfil a business’s KYC compliance requirements with increased efficiency.

Digital Kyc Services

Howdoo and Shufti Pro enters into partnership for Digital KYC Services

BATH, UK – (July 4, 2018) – Shufti Pro will be partnering up with Howdoo to provide Digital KYC services that will help the social media platform with efficient customer onboarding and validation of credentials provided by future users.

Shufti Pro is an Artificial & Human Intelligence based end-to-end Identity verification SaaS product. A GDPR and PCI compliant solution, Shufti Pro strives to provide flawless digital KYC services and AML Compliance to a worldwide audience. Howdoo, on the other hand, is a blockchain based social platform providing users with a unique opportunity to take control of their social media content. Howdoo envisioned to bring together a community of global users for better content, smarter communication and enhanced security of data. In order to ensure that access to their highly secure social media platform is not breached by scammers or users with fake identities, Howdoo turned to Shufti Pro.

But even before settling down with Shufti Pro, Howdoo executives made sure to conduct thorough market research. They needed to find Digital KYC services from a company that understood what it takes to secure the interests of users. A company that realises the prowess of blockchain and how it can be utilised in creating a feature-rich social platform like Howdoo. Shufti Pro’s passion to create an online marketplace without a shred of fraud and scam really hit the right note with Howdoo management.

CEO of Shufti Pro, Mr. Victor Fredung highlighted the importance of this collaboration among two tech companies in following words:

“Digital KYC services from Shufti Pro are perfect match to user-centric platform like Howdoo. Our entire team at Shufti Pro is very excited to work with a professional organization like Howdoo and we are hopeful that this will be beginning of a mutually beneficial relationship that will bring lot of opportunities for both companies to learn from each other. Our industry best time of processing an official document in 30-60 seconds will surely streamline the customer onboarding process for Howdoo”

One of the major aspects of partnership between Howdoo and Shufti Pro is the global outreach of this smart verification product, as well as the ability of Shufti Pro to verify official documents in every language of the world. It means that Howdoo will be able to register developers, content creators and advertisers from all over the globe using Digital KYC services from Shufti Pro. As a platform that has the ambition of truly going past traditional barriers of physical borders, this feature of Shufti Pro was truly exciting for Howdoo

__________

About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is 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. 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 United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Howdoo

Howdoo is a new age social media platform developed by utilising the Ethereum blockchain. Not only content creators are invited to showcase their individualistic content on Howdoo but the makers of this exciting platform have also arranged for smooth revenue stream for these creators. Innovative collaboration, secure communication and traceable content are going to be cornerstone of  Howdoo.

ride sharing kyc aml shufti pro

Ride Sharing Services and ease provided by KYC Services

Ride Sharing services might be the hottest form of transportation especially in developed countries but without utilising reliable KYC services, they tend to offer much more danger as compared to comfort to their customers. Highly popular among professionals and younger generation, Ride Sharing services have a lot to benefit from KYC services not only to cut down on losses incurred by identity thefts but they can also rid their service from any driver with a criminal past.

Ride Sharing services are quickly becoming a cost effective alternative to the traditional car services. Conventional means of transport like taxis have fallen in popularity partly because of the ease of use provided by ridesharing services to their customers as compared to regular vehicles for hire. These ride services offer instantaneous confirmation of ride requests, less-expensive rates, and typically a newer and more varied “fleet” of cars made possible by a list of drivers that are working for extra-salary or are not under regular structure of payroll from ride sharing service.

Despite having a popular appeal, ride sharing services are often criticized because of their non-regulated operations and less than casual approach towards their contracted drivers. That is why complaints of misbehavior and unprofessionalism are also heard frequently when it comes to ride sharing services. KYC services seems to have a perfect solution for these complaints.

KYC Services for Ride Sharing services

Ride Sharing services like Uber and many others with similar business model also have a lot to benefit from Digital KYC services. These services will not only help to safeguard company’s interest for customer onboarding process but the captains and drivers of the rides can also be verified against their provided credentials and documents. This will add an additional layer of security to ensure customer trust and credibility towards the ride sharing service.

Ride Sharing services can choose patented technology of Shufti Pro to authenticate driver’s licenses. As part of the verification process, Shufti Pro extracts biometric and alphanumeric data from IDs and applies Artificial Intelligence to authentic  the credential instantly. Ride sharing service will be able to also perform facial recognition match to validate users. Facial recognition feature of an authenticated product like Shufti Pro is as easy as taking a selfie and comparing it to biometric data contained in the government-issued ID. Results are given in seconds, comparing the face biometrics of a selfie to the image on the ID and include a liveness detection test to prevent fraudsters from using static images by ensuring that a live person is in front of the camera.

Why Shufti Pro?

Shufti Pro should be an ideal choice for ride sharing companies looking for a reliable KYC services provider. ID Verification services offered by Shufti Pro are available in every country of the world and can verify documents in every language of the world. It means that whether a ride sharing service has business operations spread over a specific country, region or entire globe, Shufti Pro will be of full assistance to its customers, providing flawless digital KYC services. Expansion into a new territory or region with entirely different language or design of official documents will not be an issue with Shufti Pro. ID verification services of Shufti Pro are easily integratable with pre-existing online systems, android or iOS apps and web applications. It means that no new modifications has to be done in the online system of ride sharing service that wishes to bring Shufti Pro onboard for AI powered KYC services.

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Multi Level Marketing

Marketing Firms embracing KYC Services for Better service Delivery

 

Browsing through your Facebook newsfeed and you come across one of ‘Those’ friends – “Hey People, i am a ‘footforce’ in a company, selling some overpriced and overly bragged products”.

Next you see your friend, claiming the product to be the best that there is to ever buy. In most instances, the so called ‘friend’ referred above, would be a part of an MLM- Multi Level Marketing team in a company  We have now continuously seen this happening, through social media marketing or via tv commercials. Today, the thought of coming across an MLM firm not complying to KYC/AML regulations is frightening, when legal stakes are so high. Likewise, the lack of Know Your Customer procedures opens ways for potential malpractices and scams to occur with an MLM implementing company.

Understanding MLM | Multi Level Marketing – Operations

MLM is a marketing strategy for a product or service by independent representatives who sell goods to potential customers through a direct sales approach. An MLM company also mobilizes large amount of monetary funds, in the form of bank deposits from the public in exchange for high returns and promises.   

Multi level marketing is also referred to as network marketing, which consists of a pyramid tier hierarchy level. MLM is mostly referred to as when there are two or more hierarchy branches involved. Additionally in the concept, MLM involves the privilege of each representative to recruit and train additional representative under themselves and form a hierarchical chain of command in a way – referred to as a downline.  

Representatives within a downline earn a commission from the reps sales that they recruited. Additionally, Income earned in MLM comes from the commission earned on personal sales within a downline, as well as a percentage of the sales earned by other reps recruited by a distributor(representative) directly above you.

Where MLM Exhibits Vulnerabilities

As any other company, even an MLM one is not safe from all vulnerabilities. Each company has its own shortcomings and in the case of the MLM companies, it is – Distributor/End Sales People/Recruits.

A fundamental aspect of an MLM scheme is its state of regular hiring, done by distributors and sub-distributors – depending on the stages in MLM hierarchy. This aspect of hiring individuals on a consistent basis, opens a potential vacuum of exploitation by potential fraudsters. This threat is further extended as individuals recruited by MLM companies turn out to be fraud.
There are legit MLM companies operating as well. The nature of operation in direct sales is unforgiving and financially unsatisfying for distributors and lower tier sales person – who end up leaving and running away. This causes even higher losses to a company, while continuing the hiring cycle.

What’s important to realise is that a scheme such as an MLM does not offer long term value or consistency. Making money by signing up new members, who make money by signing up new members is not a business plan that offers job security.

MLM Companies – in Light of Identity Verification

MLM schemes and companies conducting MLM are filled with complexities of their own such as integrated hierarchy structures, direct sale payments, commissions and referral percentages. MLM’s can be and are chaotic, where an Identity Verification Service Provider can mitigate most, if not all problems.    

Companies tend to miss out on a crucial aspect when implementing an MLM scheme, KYC – ‘Know Your Customer’.

An Identity Verification company can help verify an Individual’s identity in a transparent manner and establish a better and improved customer identification program for the implementing company. The likelihood of hiring done through this process can ensure individuals are hired quickly and stay on board with a company longer, through improved customer profiling.

In addition to customer profiling, a dedicated KYC provider can also provide Risk Assessment through dedicated background checks in combination with Identity Verification. This creates an added score of judgement for companies to base their hirings on and predict, which potential people are likely to commit fraud through illicit activities.

This is where a third party service provider will facilitate a large MLM company, or any other firm implementing an MLM scheme.

How MLM Companies Benefit From KYC Services

Almost all MLM’s involve excessive marketing, field work and verbal marketing. The greatest risk involved, is the risk that it exposes itself to a regular hiring process. Most of the smaller salesperson and distributors are unknown to the scheme implementing company.

In order to validate an individual’s Identity and ensure security to not only the company but also to the lower tier salesperson and distributors, Shufti Pro lends a dependable arm by being a reliable KYC and AML operator. Shufti Pro can facilitate MLM implementing companies, by providing all identity and document verification services under a greater Identity Management Suite.

For either seasoned or new MLM implementing companies, a dedicated KYC platform like Shufti Pro offers effective real-time processing for Identity verification. This helps save valuable time in the process with quicker distributor/recruiter on-boarding time. KYC services from a versatile system like Shufti Pro would be an adequate fit, providing a scalable solution with maximum usability of the internet for enhanced customer facilitation. Shufti Pro will verify identities by having the customers to face a camera and then show an ID documentation, focusing in on the Picture, DOB, Name and Proof of Address(if applicable).

The AI technology will identify any potential shortcomings in documents or facial mismatch and will display results accordingly. Thus, reducing the chances of fraud taking place inside MLM companies. 

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digital kyc services shufti pro

Nordic Banks brace for Digital KYC with centralized Database

Five major Nordic banks have formed a partnership to establish a company that will compile a centralised database for Digital KYC services. In order to ensure greater transparency and identify financial risks that can create regulatory penalties for these banks, KYC was considered to be an ideal candidate by the bank executives. A shared facility will not only provide wider data bank for banks to utilise but it is also targeted to reduce development cost and maintenance charges for each banking organisation.

The Joint venture will be known as Nordic KYC Utility and will solely be focused on development of an “efficient, common, secure and cost effective” platform for sharing confidential and personal information. The vetted data will be provided by customers for opening an account or to perform transactions and funds’ transfer.

Why Digital KYC for Nordic Region?

Nordic KYC Utility will be opening shop to provide KYC services not only to the founding banks but to large and midsize nordic corporates as well. The management of the founding banks plans to offer KYC services to third parties as well, once the entire database is fully functional and operational. KYC is the easiest method to verify the identities of future customers and sort out the bad apples before receiving a regulatory penalty for handling business of customers or enterprises that are deemed as financial risks by financial regulators. Financial watchdogs around the globe want banks and financial institutions to tighten their business practices in order to identify their users. It further helps in gathering information about why these customers are in need of banking or financial services and what kind of niche those businesses/individuals belong to. It helps regulators to find out the needles of financial criminals in the haystack of businesses and banking customers.

A Unified Platform for Digital KYC

The approach adopted by Nordic banks, i.e. a unified database for KYC compliance, is also being seen as an efficient alternative to the otherwise time consuming and multi-format KYC services available at different banks. As the founding members of Nordic KYC Utility are already one of the largest banks of the region, customers will be facilitated to perform KYC and get their credentials verified in a robust and uniform manner.

The formation of company is yet to be verified by the European Commission under the Merger Regulations of the European behemoth. It is expected that operations of the company and foundational activities will be charted out once an approval is received from authorities that is expected by the end of Q2, 2018.

When we talk about Digital KYC services, there is a strong case made by an up and coming SaaS product – Shufti Pro. It is an end to end verification service that is perfect for any banking or financial institution, which is looking to adopt KYC services in any part of the world. Powered by Artificial intelligence and machine learning algorithms, Shufti Pro can verify identity of every person in the world and validate credentials of a person within industry best time of 30-60 seconds. KYC services by Shufti Pro can verify identity documents in any language, belonging to any country of the world. Shufti Pro can also integrate easily with the pre-existing systems through its flawless API and SDK integrations. AML Compliance and Customer Due Diligence are added features of Shufti Pro for banks and financial institutions that want to completely rid their operations from any financial crime risk.

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Kyc For Rental Car Business

How Car Rentals can safeguard their interest with Digital KYC?

Car rentals stand to benefit a great deal from Digital KYC as it will enable them to verify the credentials of their users, before renting out their expensive vehicles. It will not only lead to greater transparency but the valuable assets of car rentals will be secured from any stealing. Danger of Identity thefts and use of fake IDs can be minimised as well at car rentals, further streamlining the business operations. Shufti Pro provides perfect Identity Verification services that can help car rental companies regardless of their country or the official language used on that country’s identity documents. A smart SaaS product backed by Artificial Intelligence, Shufti Pro is fully equipped to verify the provided identity of a customer within 30-60 seconds so that a car rental business can secure its interest without making any sacrifice on customer service.

Why Car Rentals need Digital KYC?

Every year thousands of cases are registered across the globe for cars gone missing that were rented out to customers. Even the identity documents provided by the customers for renting out a car are of not much use. In majority of the stolen or missing car cases, identity documents of customer are found either fake or to be owned by an entirely different person. Cash backs on credit cards and huge costs of stolen vehicles add additional burden to an already competitive market, thanks to ride-sharing services like Uber. Insurance might cover the cost of a stolen car but that is just again an additional business overhead that car rental companies have to bear, in the absence of a Digital KYC service provider.

Sometimes, cars rented out on fake IDs are even used by criminals to commit different kind of crimes that can lead to criminal proceedings against car rental companies due to their lack of vigilance at the time of renting out automobiles. We cannot stress enough the damage such incidents can do to the reputation and business of a car rental company. Sometimes, the criminal elements don’t even bother to steal the entire vehicle and are just interested in expensive spare parts. They butcher the entire car for most useful and expensive spare parts and ditch it for law enforcement companies to find the vehicle. Car Rental companies are left with the headache of replacing the spare parts or getting the car sold as a scrap.

In modern times, where technology is overtaking every sphere of life and car rental companies are offering remote services like delivering a car at the doorstep of customer and remotely verifying the identity of customers, Digital KYC presents itself as an ideal solution to reduce risks and maximize profitability. Imagine a business environment for car rentals, where identities of potential clients are actually ensured before handing them the expensive and only true assets of the company. All the risks are properly assessed and background checks are performed to rid the company of any potential legal proceedings. Shufti Pro can give the much needed peace of mind to car rental companies where they can operate their businesses without worrying about unnecessary business overheads by reducing cases of stolen cars or cars rented out using fraudulent documents.

Benefits of Digital KYC for Ride Sharing Services

Ride Sharing services like Uber and many others with similar business model have a lot to benefit from Digital KYC services. These services will not only help to safeguard company’s interest for customer on-boarding process but the captains and drivers of the rides can also be verified against their provided credentials and documents. This will add an additional layer of security to ensure customer trust and credibility towards the ride sharing service.

Why Shufti Pro?

Shufti Pro is an ideal choice for car rental companies for multiple reasons. Services offered by Shufti Pro are available in every country of the world and can verify documents in every language of the world. It means that regional or global car rental services can use the flawless services of Shufti Pro without having to worry about the coverage area or concerning about the language used in different countries of the world. Shufti Pro is easily integratable with pre-existing online systems, android or iOS apps and web applications.

Choose Shufti Pro now to provide Digital KYC for your car rental business and witness an unprecedented growth in your business without spending a fortune.

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shufti-pro cryptology partnership

Cryptology partners with Shufti Pro For KYC Services

BATH, UK – (June 20, 2018) – Cryptology is an online crypto exchange that has joined hands with Shufti Pro to utilise cutting edge KYC services provided by Shufti Pro to verify the identity and financial details of its members.

Cryptology is one of its kind start-up company that envisions to make exchange of cryptocurrency hassle free for its users. Currently operating through its web and mobile apps, Cryptology plans to extend its business operations to touch new horizons, in near future. With easy to use interface that supports multiple wallets, Cryptology presents a virtual stock exchange for crypto enthusiasts. Working for a reliable crypto future, Cryptology is looking to resolve issues like complexity of fiat transactions, high commissions and sluggish customer support.

Partnership for KYC Services

To ensure secure transfers and in order to eliminate the risks of fraudulent activities or fake users on their newly launched crypto exchange, Shufti Pro was chosen by Cryptology. Shufti Pro will be providing PCI compliant KYC Services on their web app platform, via its RESTful API. The distinctive features of KYC services from Shufti Pro will allow Cryptology to verify credentials of its users from all around the globe. Shufti Pro also provides universal language support, further enabling the outreach of Cryptology as a cryptocurrency exchange.

Fraud prevention and risk mitigation are not the only features that Shufti Pro brings to this partnership. The Artificial & Human Intelligence Hybrid system of Shufti Pro also provides real time verification so that the users of cryptology don’t have to wait for hours before their identity and financial credentials can be verified. Flawless API integration of Shufti Pro with Cryptology’s web app will create a hassle free UI/UX for the members.

Talking about the partnership with Cryptology, CEO of Shufti Pro, Mr. Victor Fredung said that, “We are proud to have partnered with an upcoming venture like Cryptology. Their business model was in need of a reliable identity verification system that also provided a seamless integration with their system. Shufti Pro ticked all those boxes. Not only that, but the scope of our worldwide services and universal language support means that any person sitting in any part of the globe, having credentials in any language, will be able to buy and sell cryptocurrency on Cryptology app. Now that is what we call a giant leap towards a crypto future.”

On the other hand, COO Cryptology, Mr. Anton Kalinin has this to say about the partnership: “Cryptology.com is a next generation cryptocurrency exchange that makes fiat and cryptocurrency trading easy and secure. Our user friendly web platform provides attractive conditions for professionals and offers an option of a mobile app for those wanting to trade on the go.

Guys from Shufti Pro did exactly what we expected them to do, automating KYC and letting us grow faster. They were the first to respond to our cooperation request! We are totally happy to have chosen them and definitely look forward to continuing our highly productive cooperation.

Implementation of KYC services for a cryptocurrency exchange is a bright sign for people who want to benefit from huge potential of cryptocurrency without risking their investment capital or identity credentials. PCI and GDPR compliant identity verification services from Shufti Pro will also ensure that the data shared by Cryptology customers and members for verification will be fully secure and cannot be breached by any brute force.

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About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is 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. 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 United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Cryptology

Cryptology is a team of crypto enthusiasts looking for ways to offer mass access to the crypto market through a marketplace that would cater to all needs at once.Company’s main goal is to simplify the digital & fiat currency exchange transactions for all users. Cryptology strives to create a single platform bringing together fiat transactions and a variety of tokens. Complex procedures will become a thing of the past, as users will be able to buy tokens with fiat currencies. Everything you need will be available on a single platform. You won’t have to deal with high commissions on fiat transactions, difficult KYC procedures and slow support.The key advantage of Cryptology is its own payment system that allows them to manage fiat transactions and offer users, a competitive service fees.

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