Identity – enables an individual’s active engagement in social, political, and economic life. A person cannot execute a variety of human rights without an identification, according to legislation and international treaties. Approximately one billion people on the planet do not have an identifiable identity. These persons are from underdeveloped countries with limited identifying systems. This is a major concern, not only for governments but also for people who are unregistered and have to prove their identities. Financial services and assistance given by major government sectors and other banking firms are not available to such people. That’s when the KYC solution plays its role.
Importance of Know Your Customer (KYC) Solution
Shufti Pro services offer identification techniques. On the other hand, it heavily relies on KYC verification policies and Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) legislation. Unfortunately, financial organizations that are unable to verify potential consumers are fostering financial exclusion. Financial exclusion, in the end, poses a danger to the integrity of financial systems. AML/CFT methods and processes have been acknowledged by authorities such as the Financial Action Task Force (FATF) and many others. Issues should be addressed by matching the identifying procedures to suit the goal of financial inclusion.
By guaranteeing CDD processes that span both KYC services and AML approaches, the FinTech industry is speeding financial inclusion. Shufti pro solution provides verification methods that are more convenient for organizations and customers. These procedures are following legal restrictions, such as limiting the value of online transactions or comparing identity verification to electronic document verification. Furthermore, utilizing technology to streamline KYC solutions and AML procedures, data technology to evaluate customer behaviour across the customer lifecycle, and blockchain technology to empower consumers with a virtual identity. All of these advancements contribute to the security of financial services and products, hence promoting financial inclusion.
The Role of e-KYC Solution Provider
Residents and ex-pats in Malaysia can now make abroad payments safely and regularly thanks to InstaReM. It is a Singapore-based company that has launched digitized Know Your Customer Services. This zero-margin transfer service will make onboarding a breeze and give cost-effective solutions.
Malaysia’s finance authority introduced an e-KYC framework for remittance providers in 2017. InstaReM has been a leader in digital cross-border remittance FinTech since then. Customers previously had difficulty complying with KYC verification requirements using traditional ways. In the past, lengthy and time-consuming procedures have resulted in significant drop-off rates.
They can now simply log in to their account and upload relevant documents and images to conduct transfers. They can make transactions to over 60 locations, thanks to the automation of identity verification. With the help of a simple smart gadget, they may accomplish it from the comfort and privacy businesses. As a result, the enhanced customer process gets simple and clear. To substantiate and validate consumers with quick onboarding solutions, financial institutions must use such solutions on a broad scale. This will increase risk assessment and ensure that people are following KYC and AML laws. Tackling money laundering and terrorist financing are important long-term objectives.
InstaReM proclaims to be the only firm in the world that offers low-cost e-KYC services to banking firms, SMEs, and people. This endeavour is part of their overall attempt to increase financial service delivery efficiency and provide supplementary services to traditional banking.
Moving Towards Success
Shufti Pro got selected for the “KYC Solution of the Year” at the linked website, you can cast your vote for Shufti Pro. The voting lines are available until June 1, 2022. Sigma Gaming Toronto declare its winners on June 8, 2022.
“The nomination at the upcoming Sigma Americas Awards validates our efforts in providing unique and adaptable KYC solutions for the gaming sector,” Shufti Pro CEO Victor Fredung gave his remarks about the nomination of Shufti Pro services. Such accolades motivate us to work even harder to provide cutting-edge IDV solutions to the industry.”
According to Shufti Pro’s Founder and CTO, Shahid Hanif, the company already serves hundreds of its clients globally. “The funding round was all about choosing a strategic ally with the right experience and skills, which we believe we’ve got.” We can now create more exciting products and address global onboarding and compliance challenges.
The Bottom Line
Know your Customer (KYC) technologies show promise in terms of achieving financial inclusion and transparency. Effective KYC Compliance and verification providers can contribute to the creation of a digital environment free of financial fraud and activity. So, creating a decentralized database to protect customers’ data and to identify consumers using facial identification is laying the groundwork for a secure FinTech business. Furthermore, regulatory compliance is attained without jeopardizing the client’s experience or security.