NamaChain’s KYC/AML solution will run identity verifications using Shufti Pro’s global ID database. The output will enable vendors to provide their users with a verified digital identity they can re-use without having to go through the KYC processes repeatedly. No third party or service provider, including either NamaChain or Shufti Pro, will be able to access or share user data without explicit consent, according to the news release.
Leaders for both companies suggested that the partnership represents a step forward in digital identity verification.
“We are delighted to collaborate with Shufti Pro as both the organizations serve the goal of redefining the digital identity paradigm,” NamaChain CEO Mayukh Gon said in the news release.
Shufti Pro CEO Victor Fredung echoed those sentiments.
“We look forward to leveraging this partnership to benefit users with rapid, automated and secure digital identity verifications,” Fredung said in the release.
NamaChain’s KYC/AML system is a blockchain- and oracle-enabled solution that verifies users quickly and never stores their personally identifiable information (PII). Shufti Pro’s verification platform supports 3,000-plus types of ID documents in more than 150 languages.