Shufti Pro Celebrates 4 Years Of Global Leadership In KYC/AML Tools

The year 2021 is special for Shufti Pro as it celebrates four years of offering AI-based tools to its clients for KYC and AML compliance. Shufti Pro has a world-recognized team of industry leaders who are at the helm of developing new products and improving on previous iterations. The consumer base kept on rising in the succeeding years of its inception with over 100% growth recorded in the last year. It was all because of Shufti Pro’s focus on providing convenience, accurate results, and control to its clients to ensure swift identity verification, fraud prevention, and regulatory compliance.

COVID-19 marked a new turn in the history of business practices with a majority of operations going digital. This led to new sets of challenges for companies; to comply with regulatory guidelines without compromising on user experience. Shufti Pro preempted and embraced the new normal and developed innovative solutions with regional offices at five locations including Ukraine, UAE, Cyprus, and the UK.

Annual Recap

Shufti Pro touched numerous landmarks in a single year, churning out multiple innovative products to ensure a seamless experience for both businesses and end-users. It is hard to discuss it all in detail, so here is a recap in focus.

Initiated Digital COVID Pass Verification

COVID-19 hit businesses hard around the world with whole industries shutting down to contain the spread of the virus, resulting in a global economic crisis. The vaccination drive made it feasible for industries to reopen but fake COVID-19 vaccination certificates and passports were ubiquitous. Malicious actors employed multiple channels including popular communication apps and social media to forge false COVID-19 related documents.

Shufti Pro stepped up and introduced a safe and convenient way to verify COVID-19 vaccine certificates through AI-based tools. These helped in convenient verification of certificates at airports, malls, corporate offices, for safe onboarding. With real-time results, concerned actors were in a better position to separate real documents from fake ones.

NFC Verification Service — It Takes A Little Tap

In its attempt to make identity and document verification more streamlined, Shufti Pro introduced the NFC verification service. It takes a little tap on an NFC-enabled device from the identity document with an NFC chip. The reach of NFC technology has seen over 80% growth from 2018 to 2020, with its market value predicted to be around $47 Billion in 2024. Shufti Pro’s smart solutions take a couple of seconds to onboard a client or authenticate transactions in a touchless fashion.

“We constantly observe the needs of our clients and carry out research to add value to our services. The adoption of NFC-based identity verification tools will further strengthen our position as a trailblazer in providing KYC and AML compliance tools.”

Shahid Hanif, CTO Shufti Pro

New Kyiv Office — Cementing Regional Stronghold

Shufti Pro inaugurated a new location for its regional office in June 2021, this time in Kyiv, Ukraine. The development was in line to provide swift and dependable compliance tools to Ukrainian entities for active protection against identity theft, fraudulent activities, and money laundering. The company already had an impressive presence in the key regions including UAE, Sweden, and the UK.

Shufti Pro is planning further expansion in the regions that are promising immense growth potential.

Making It Into CyberTech100 Companies

Shufti Pro secured a place in Cybertech100 companies last year. Cybertech companies that develop innovative solutions to resolve an industry issue or to streamline operations through smart systems are awarded a place in this revered list. Shufti Pro was recognized by over 1000 industry leaders and analysts for its contributions toward developing and improving KYC and AML tools for enhanced security and regulatory compliance.

“With a can-do attitude and not taking any days off, we have established a leading identity verification company to help businesses in client onboarding and verification around the globe. It is a testament to our relentless endeavors that Shufti Pro secured a place in CyberTech100 Company list, three years since its inception.”

Victor Fredung, CEO Shufti Pro

Bagging Coveted Industry Accolades

One of the things that make Shufti Pro stand out from the competition is the use of both Artificial Intelligence and Human Intelligence for identity authentication and verification. This allows more operational freedom and fewer roadblocks as false positives and red flags are reviewed seamlessly. Although the system requires little to no human intervention to work, clients are always at ease knowing there is a synergy of human and machine overseeing the whole process. It takes around 30 seconds and a couple of taps on a smart device for onboarding a new client to the system.

Shufti Pro was rewarded with a string of highly coveted industry awards for developing innovative systems to verify client identity and documents remotely.

Here is the rundown of some of the most prominent awards:

• Shufti Pro headlined the two Crozdesk Award ceremonies and presented with the “Product Leader 2020 Award” and “Happiest Customers 2021 Awards”
• Received Gold Stevie Award for the “Company of the Year” as well as Bronze Stevie Award for “Financial Services — Small”, at the 2021 International Business Awards
• Bagged “Best Digital KYC/Onboarding Application Europe 2021” at Global Banking & Finance Award 2021

Industry Leading Client Satisfaction Rate

When it comes to problem-solving related to KYC and AML compliance, Shufti Pro has got all the bases covered with automated systems. With intuitive UX and hassle-free onboarding process, the number of customers and their satisfaction indices are booming, touching a new high. The current client satisfaction rate for Shufti Pro stands at a staggering 92% high.

Here are the testaments from some of the Shufti Pro’s clients that are enjoying a seamless user experience with comprehensive regulatory checks in place.

• Paydoo is an omnichannel payments provider with a global client base. The company was having a hard time with client onboarding and KYC compliance. This is where Shufti Pro came into the picture to handle the identity verification system. Here is what the founder of Paydoo has to say about Shufti Pro:

“We were delighted to have a modular structure for our proprietary merchant onboarding interface. It has helped us a lot in smooth client verification and due diligence while observing compliance regulations.”

• BitTiger is an online education service that needed a comprehensive identity verification protocol to stave off money launderers as well as students from high-risk jurisdictions. BitTiger turned to Shufti Pro for rigorous, yet frictionless, client verification and onboarding. This is what a review from BitTiger looks like:

“From course enrolment to regulating the access of copyrighted material, Shufti Pro has helped BitTiger in processing a large volume of requests without placing bottlenecks in the system. We are seeing tremendous growth thanks to smooth KYC process and client onboarding.”

Shufti Pro — Eyeing New Summits To Conquer

Shufti Pro is spearheading the movement of digital KYC and AML tools for businesses for client onboarding through identity and document verification through smart systems. The company has an exceptional record in processing and verifying documents sifting credentials through over 1700 watchlists. Shufti Pro solutions have over 97.6% accuracy and can read over 150 native languages across 200+ regions. In the coming days, the leading ID verification service aims to cut down processing time from seconds to milliseconds while further reducing costs and friction in the current system.

Feeling overwhelmed with regulatory guidelines and manual KYC regimen, try our 7-day free trial and get a glimpse of the future!