Confirmation of identity is one of the core processes for most organizations. The firms always interact with verified entities of clients or other business networks. The anonymous elements always lead to several risks of fraud and scams. Most competent industries have complied with the KYC (Know Your Customer) regulations to prevent crimes. The implementation of KYC verification services in organizational processes assists in reducing illicit activities, like money laundering and terrorist financing. Most corporations utilize KYC solutions during the customer onboarding phases.
The Significance Of KYC Verification
Money laundering and terrorist financing are prevailing issues in most regions of the world. The digital platforms are also experiencing major losses in terms of illicit transfers by unverified entities. According to Statista, the NFT market received $1377410 of trades performed from illegal addresses in the last quarter of 2021. The data reveals the negative impact on any industry due to anonymous transactions.
KYC verification services play an integral role in preventing theft within the network. It evaluates the customers and all associated entities and verifies their identities through a number of checks. Effective KYC solutions can act as the guarding shields for most firms in protecting their assets and revenues.
KYC Verification Provider
The KYC verification provider is a firm that aims to supply effective identity verification solutions to its clients. They offer identification services in compliance with major laws and directives including KYC, AML, and CFT.
There are several identity verification service providers in the market that offer corporations easy identification solutions for their customers. Shufti Pro services are considered one of the best in the market because of easy and intelligent verification solutions. Their real-time identity verification processes let businesses verify their clients from anywhere in the world.
Shufti Pro Solutions
Shufti Pro is widely known for providing the best-in-class, AI-driven KYC verification services for businesses. It has various verification solutions that include customer identification service as well as the corporate verification solution generally known as KYB (Know Your Business). It is considered one of the leading SaaS providers which operates in more than 200 countries and territories around the world.
KYC Identity Verification With Shufti Pro
In this digital world, businesses face multiple threats in terms of cyber attacks. These attempts cause theft of identity, data breaches, and even business takeovers. Shufti Pro services provide an effective solution to all these problems. It uses advanced AI algorithms in evaluating customers’ identities. With an API-based verification service, businesses can increase conversions and approve real clients that reduce chargebacks and deter the attempts of fraud.
Biometric Secured Verification
Shufti Pro uses biometric technologies to ensure the correctness of its customers. The KYC solution provider has incorporated face recognition technology that provides the identity information of the client on the go. With the biometric identification method, businesses can verify their consumers without any risk of unauthorized bypasses. The facial verification solution performs live identification checks on the clients with 3D depth analysis to ensure correctness.
Wide Range Of Document Support
The document verification technique is a necessary part of KYC compliance as the legal paperwork provides proof of identity. Using the Shufti Pro document verification service, businesses can confirm the data of their clients with over 98% accuracy. Shufti Pro utilizes OCR technology for effective reading and extraction of information from the official documents of the client. It also supports up to 3000+ different document formats.
Shufti Pro utilizes the latest technologies to ensure the complete verification of their client with guaranteed outcomes. The service provides multiple e-KYC solutions to effectively verify the client at a competitive price. It is also the first of the companies that also offer a free trial to their customer before buying the complete service.
The Founder of Shufti Pro, Shahid Hanif States: “Established on the principles of authenticity, trust, and transparency, Shufti Pro became the first company to offer free trials in the identity verification industry and kept its pricing public.”
The Future Of Identity Verification
Identity verification is evolving as most businesses are creating their online appearances. The process is getting more and more advanced with the involvement of newer approaches. Shufti Pro is also striving to provide the best market-leading KYC verification services to its customers. The company also has achieved a number of awards in the field of verification including the “Global Business Excellence Award” in 2020. It was also nominated for the “KYC Solution of the Year” at Sigma Americas Awards 2022.
The CEO of Shufti Pro, Victor Fredung stated: “The nomination at the upcoming Sigma Americas Awards validates our efforts in providing unique and adaptable KYC solutions for the gaming sector,”.
The Bottom Line
KYC verification services are important for every business to safeguard its resources. Money laundering and terrorist financing are rising issues of the time that impact the organizational networks badly. For the assistance of the businesses, there are various KYC service providers that aim to verify clients. Firms should opt for reliable providers that use new technologies to effectively determine the identity of the customers, without compromising the data and organizational resources.