In early 2021, Banxy collaborated with Shufti Pro following an experience with another IDV provider that resulted in 75% of digital onboarding attempts failing, due to inadequate bandwidth requirements, according to Banxy.
Shufti Pro’s fully automated and configurable solution enabled Banxy to augment the customer experience and meet local regulations with an on-premise installation. The bank can now prevent threats of financial crimes by performing identity verification of customers.
Shufti Pro provides fully automated KYC and AML services to banks and other financial institutions worldwide. Shufti Pro’s KYC solution verifies the identity of customers in real-time during onboarding which facilitates businesses to avoid identity theft, money laundering, terrorist financing, and other financial fraud.
Commenting on the partnership, Banxy officials stated that by partnering with Shufti Pro, they upgraded their onboarding customer experience, confirming their commitment towards clients to provide innovative services. Shufti Pro’s AI-powered identity verification solutions enable them to verify and identify customers quickly.
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