Opal is teaming up with Shufti Pro to mitigate the threat of fraud for its clients. The company provides businesses with a slew of financial and payment services, and will now be adding Shufti Pro’s identity verification (IDV) technology to its portfolio to enable a fast and secure customer onboarding procedure.
Shufti Pro’s platform uses face and document recognition to match someone’s face to the image on a photo ID. Thanks to the new partnership, businesses that use Opal’s service will be able to register new customers remotely, through a simple process that asks people to take a selfie and picture of their ID. The Shufti Pro solution is compliant with various Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which in turn helps guard against identity theft and prevent terrorist financing and other financial crimes.
Opal’s platform is geared primarily toward businesses that operate internationally. Its portfolio of financial services includes everything from cross-border payments and multicurrency accounts to a suite of financing and credit solutions.
“International businesses bring complexity when it comes to KYC,” said Opal CEO and Co-founder Lim Ming Wang. “Shufti Pro helps us ensure our customers experience a fuss-free experience at the onboarding stage. It set us up to provide our customers with additional positive experiences when they perform transactions with us.”
“Businesses like Opal that are committed to assisting SMEs in expediting business growth need IDV solutions to fulfill their business goals,” added Shufti Pro CEO Victor Fredung. “Our automated solution will enable Opal to mitigate identity frauds that often occur with fast-growing businesses.”
The news extends Shufti Pro’s string of success in the past few months. The company has signed five new clients in November alone, with Opal joining a list that already includes Vengo, Birka, Morpho Labs, and 99Starz. The company also formed a reseller arrangement with Open Systems Technologies at the tail end of October.