Following this announcement, the solution is expected to provide customers who have enrolled on a client site via Shufti’s KYC-compliant Identity Verification the possibility to easily save their credentials with Fast ID. This process will enable them to benefit from secure and efficient biometric authentication in future sessions.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Throughout this launch, the product is expected to provide a smooth and secure identity customer experience across identity verification at onboarding, session authentication, as well as step-up authentications. Fast ID will also extend KYC and AML-compliant verifications into authentication, while addressing online accessibility challenges where passwords and OTP are prohibitive as well.
At the same time, Fast ID’s portable identity verification will allow organisations to reuse a client’s previously verified documents that the user voluntarily saved within the Shufti ecosystem. Currently, partner ecosystems and e-wallets will have the capability to verify a consumer identity on one partner site, as well as authenticate on all participating partner sites. This streamlined approach, which requires only a new face scan in order to locate and verify a document, reduces consumer friction and abandonment rates.
The experience is expected to also increase transaction volumes, as well as improve the overall customer experience. Once their face is authenticated to their government-issued ID using the device’s camera, future interactions of clients with the product will be biometrically secure, allowing them to quickly authenticate and get the service they need.
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