Shufti Pro and Ontology have signed a Memorandum of Understanding about KYC/AML systems integration. The two companies decided to work together to offer digital identity services and utilize the trust ecosystem of Ontology.
Digital idenitity is the main service from Ontology’s system. The system utilizes ONT ID as a full distributed identity framework that supports identity verifications and helps authenticate clients’ objects, assets and affairs. The company’s distributed identity framework is designed to enable users create their personal multi-factor identity images that they can certify, authenticate and utilize.
We have seen that Ontology utilizes distributed trust network that lays focus on digital identity, data transfer as well as other trust systems scenarios. Shufti Pro on the other hand is KYC/AML SaaS service provide that clients can customize to their liking and comes with a fully automated infrastructure. It supports worldwide comprehensive verifications solutions. Shufti Pro and Ontology share a common ground and aim for the same objective of promoting user-friendly and novel tools for identification to promote user experience based up to date technologies.
The main purpose of bring the two systems together is to create a compliance ready KYC/AML infrastructure working on Ontology blockchain network. This partnership will improve accessibility to more markets and help try out new methods that can assist in bringing on board clients from highly regulated firms.
Among the key cooperation areas include:
- Ontology seeks to offer technical knowledge and information on Distributed Ledger Technologies.
- The two parties will work together to develop KYC/AML solutions based on the distributed blockchain network system of Ontology.
- The two will join hands in Public Relations and marketing of products and services
The chief executive officer (CEO) of Shufti Pro Victor Fredung said in a statement that they are pleased to have initiated this partnership with Ontology. He noted that they have been following Ontology’s progress and growth for some time and now was the right time to make a positive move. He continued saying that he believes that the collaborative use of the new blockchain technology with the novel ID verification system is a powerful method for global business operations.
In his part, Andy Ji, Ontology’s Co-Founder said that the emergence of the blockchain technology brings about ways to discover wonderful and powerful solutions. He is happy that Ontology and Shufti Pro have collaborated to utilize the power of the blockchain with identity verification services that has given rise to a KYC/AML services based on the same technology.
About Shufti Pro
Shufti Pro system allows screening and verification of anyone, anywhere and all the time. It has an industry record verification time of about 30 seconds. It is fully automated and can be customized. With an HI component, this system’s KYC and AML SaaS can meet the most recent industry standards and compliance needs. Shufti Pro clients can verify any mobile browser all over the world.