Shufti Pro wins the Customer Onboarding Challenge at MEFTECH KSA

Shufti Pro and Identity verification company won the “Video KYC for Customer Onboarding Challenge” of Lulu money, arranged by Fintech Galaxy at MEFTECH KSA 2020. It competed against 26 businesses and won the challenge. The company’s CEO, Victor Fredung, pitched ‘video KYC’ product to a panel of industry experts and secured the prize and the opportunity to collaborate with Lulu money.

London, UK – Mar 27, 2020 – Shufti Pro has been announced as the winner of Lulu Money Video KYC for Customer Verification Challenge, at MEFTECH 2020, the biggest FinTech and banking event in the Kingdom of Saudi Arabia. Competing against 26 businesses from all over the world, Shufti Pro bagged the winner’s title, and the opportunity to collaborate with LuLu Money by successfully presenting its latest product, Video KYC.

Shufti Pro’s CEO, Victor Fredung, provided a live demo of Video KYC, proving the brand’s ability to provide cutting edge fraud-prevention solutions to global enterprises.

The competition was arranged by Fintech-Galaxy for LuLu Money. Lulu money has 180 branches in the world, and provides global trading and fund transfer services. The entity is meticulous in handling its customers’ funds, and to do that, it holds customer due diligence (CDD) dearly.

Since video KYC (verifying customers through video interviews), is the closest substitute for in-person verification, Lulu money threw an open challenge for businesses around the globe to pitch their ideas around this concept at MEFTECH, KSA.

To participate in the challenge, the following features were required for pitching:

  • Ability to verify users of global businesses through a live video call within 5 minutes
  • Ability to perform ID document screening, face verification, and liveness detection during the live video call
  • Competence of storing video call data and documents on secure DMS
  • Ability to perform AML screening
  • To be a global SaaS product with geolocation screening ability
  • Ability to integrate with web (API) and mobile (SDK)
  • Ability to catch fraudulent customers

Since Shufti Pro checks all the boxes, it took the challenge without hesitation. The company provides the fastest identity verification service in the world. Having dealt with all kinds of industries, verifying customers on video seemed like the natural next step for the brand.

Victor Fredung pitched Shufti Pro’s ‘Video KYC’ to the panel of industry experts and higher management of Lulu money. Christos Christou, Chief Compliance Officer of Lulu money, Lewa Abukhait, Chief Investment Officer Daal Capital, and Badr Tharwat, Technology Strategy Advisor of Oracle KSA were on the judge’s panel.

‘Video KYC’ by Shufti Pro is the latest addition to its products’ list. It’s the perfect substitute for in-person verification. Once the end-user gives consent to begin, video call with a KYC interviewer is initiated. The human verification expert guides the end-user every step of the way throughout the verification process.

Document screening, face verification, liveness detection, and geolocation verifications are performed in real-time while the interviewer asks the end-user a few questions to verify the person’s identity.

Since every business has unique needs, it was only logical for Shufti Pro to offer different models of Video KYC. Click here to read about the three Video-KYC plans.

Expressing his gratitude on winning the MEFTECH competition, Victor Fredung said;

“Shufti Pro has proven again that when it comes to providing cutting edge KYC solutions, no one comes close to beating us. We’re always looking for ways to improve our services, and events such as MEFTECH help us stand out from the crowd.”

Referring to the recent inauguration of Shufti Pro’s office in Dubai, Fredung said, “After establishing our presence in Dubai last year, this competition meant more than a challenge to us; it was an opportunity to demonstrate to the businesses in the Middle East how Shufti Pro can help them with KYC verification and onboard customers faster.”

With offices across five countries now, Shufti Pro is arguably the fastest-growing entity in the identity verification industry.

About Shufti Pro

Shufti Pro is an identity verification service provider that offers KYC and AML solutions worldwide. Using a hybrid approach of Artificial Intelligence (AI) and Human Intelligence (HI), Shufti Pro delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 230 countries and territories, the company is a pioneer in IDV services.

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