What Is Shufti Pro?
Shufti Pro is a globally acclaimed identity verification service provider, that offers award- winning KYC and AML solutions to businesses in the finance and banking, e-commerce, cryptocurrency, healthcare, and education sectors to name but a few. Shufti Pro’s KYC solution verifies the identity of customers in real time, helping businesses to prevent identity theft, money laundering, and terrorist financing while staying compliant with global KYC and AML regulations.
The high accuracy rate and global configurability of its solutions have fueled demand for the company’s services and it has onboarded businesses across a wide range of industries. Shufti Pro’s top 5 competitors are Jumio, Trulioo, Sumsub, Onfido, Socure.
Company Birth Story
It all started when CTO Shahid Hanif, an AI expert was working as a developer for a financial service provider back in 2012. He was asked to integrate a KYC system for a financial organization. Unfortunately, it was a fairly inconvenient experience so he and his team reverted to manual KYC. He experienced another similar experience in a bank in 2017.
That was when he thought to himself
“The modern technological world must be able to come up with solutions that not only help businesses have a cost-effective, and convenient KYC solution but they should not need to verify thousands of customer transactions manually.”
This hit him hard and thus began developing an AI-based KYC and AML solution.
The Solution
Shahid Hanif and his team have built a product for the B2B market providing ID verification services (among others) to banks, investment firms, FinTech companies, eLearning platforms, payment services, cryptocurrencies, and almost any business that needed to verify and protect their users’ identities.
Shufti Pro was crowned “Best Client Onboarding Solution” at the Ultimate Fintech Awards 2022 for its AI-powered IDV solutions. Tracxn, an international platform for tracking innovative organizations, has also declared Shufti Pro the winner of “Top RegTech Startups” under the category of “Emerging Startups 2022.”
Other awards that Shufti Pro earned in its name are listed below:
● “Best Digital KYC/Onboarding Application UAE 2022” and “Best Digital KYC/Onboarding Application Europe 2022” at Global Business Reviews Magazine Awards
● “Business Technology” and “Banking and Finance Technology” at the Global Banking and Finance Awards 2021
● "Best Solution – KYC and Onboarding Awards" at the Regulation Asia Awards for Excellence 2021
● Gold and Bronze awards for “Company of the Year” at the 2021 International Business Awards
● “Best Consumer Service of the Year” in Best in Biz Awards 2020 International ● "Outstanding Product/Service Award" at the Global Business Excellence Award 2020
Just like many IDV service providers, one must think Shufti Pro is similar. Nevertheless, what makes Shufti Pro different from its competitors is that its AI-powered solutions achieve 98.67% accuracy, and self-trained AI models can validate more than 150 document types in 3000+ languages making it a robust verification service provider. Furthermore, its solutions are swift, taking only a few seconds to complete.
Shahid’s vision behind Shufti Pro was to make identity verification seamless and 100% accurate while making regulatory compliance cost-effective and accessible to all businesses whether big or small. Although there were a lot of challenges at the start, Shahid and his team were able to overcome them.
Finally, they have an infusion of some great products that can help businesses improve their security. CTO Shahid Hanif and CEO Victor Fredung believe that what customers want is an all-in-one service for all of their business needs, and Shufti Pro is a one-stop verification solution.
Check out more: https://shuftipro.com/
Social media links:
LinkedIn: https://www.linkedin.com/in/shahidhanif/