UK-based Shufti Pro, an innovator in identity verification solutions, today announced that it has entered into a strategic partnership with the leading Algerian mobile bank, Banxy, to provide a frictionless and secure onboarding experience for new and existing clients.
Banxy, the first and leading digital bank in Algeria was launched in 2018. It is part of a large European banking group established in Algeria since 1999. In 2016 the Algerian subsidiary made the strategic decision to expand into retail banking through a mobile-only bank.
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 bandwith requirements. Shufti Pro’s fully automated and configurable solution enabled Banxy to vastly improve the customer experience and meet local regulations with an onprem installation. Banxy can now prevent, in seconds, threats of financial crimes by performing robust 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 helps businesses to avoid identity theft, money laundering, terrorist financing, and other financial fraud.
The company works with over 600 clients across the globe, helping customers to securely verify and process tens, if not hundreds of thousands of sensitive documents each day. The solution is fully configurable, enabling clients to build a solution perfect for their requirements, and which meets all regulatory standards.
Commenting on the partnership, Julien Jolivet, Head of Banxy Bank stated that, “By partnering with Shufti Pro, we seriously upgraded our onboarding customer experience, confirming our commitment towards our clients to provide innovative and high-quality services. Shufti Pro’s AI-powered identity verification solutions enable us to verify and identify in a matter of seconds with the utmost levels of accuracy and security.”
Speaking on the partnership, Victor Fredung, CEO of Shufti Pro said, “Organisations like Banxy that offer digital banking services to customers need fast, accurate and compliant IDV solutions to achieve their business goals. We take pride in assisting Banxy to enhance its KYC process. Our automated solution will enable Banxy to onboard legitimate customers and mitigate identity scams that often occur with fast-growing businesses.”