ID verification solution provider Shufti Pro has partnered with Aconomy to offer users a secure real-world asset-backed DEX. Through this collaboration, both companies aim to improve asset trading on-chain by dematerialising pre-owned real-world assets as asset-backed NFTs.

Shufti Pro’s IDV services will be integrated into Aconomy’s platform to conform with Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Moreover, the integration aims to provide a secure customer onboarding experience, verifying users almost instantly with a high level of accuracy. The partnership’s objective The new project aims to increase the asset trade economy in parallel to the traditional economy, where assets are actively utilised, traded, invested, and reinvested.

Shufti Pro’s identity verification solutions offer KYC and AML authentication, a service that helps businesses fight ID fraud and provide a secure user onboarding experience. The company’s solution merges human actions with machine learning to deliver increased accuracy. According to Aconomy’s officials, by integrating Shufti Pro into their systems, the company can streamline the KYC and Know Your Business (KYB) for both asset owners and validators. Shufti Pro’s KYC solution ensures that only individuals who have completed their KYC are onboarded, with the incorporation simplifying the onboarding process and adding an extra layer of security.

The benefits of Shufti Pro’s solutions for Aconomy Currently, many users are adopting and accessing blockchain technology. However, this results in an increase in fraudulent activities and hacking. Comparitech’s report shows that 0.2% of total transactions in the NFT economy are fraud attempts, which are increasing at the rate of 19%. Considering the above-mentioned figures, businesses require an ID verification solution that safeguards their customers’ data.

Shufti Pro aims to assist blockchain businesses in reinforcing their effort against ID frauds, and the collaboration with Aconomy represents a step toward this regard. Moreover, the partnership allows Aconomy to authenticate customers from several registries, including AML, risk assessment, PEPs, OCR, and sanction lists, to verify if the clients are risk-free to work with. Shufti Pro’s solution also prompts the user for biometric verification for liveness, deep-fake test, and document verification for tampering validation. Shufti Pro’s recent developments Recently, Shufti Pro entered multiple partnerships, including one with Mascap.

The collaboration allows Mascap to integrate Shufti Pro’s KYC and AML solutions into its platform, helping the company authenticate its clients through a variety of checks. This aims to enable Mascap to align with global compliance regulations and increase its trust among investors. Moreover, Shufti Pro partnered with Newton Global to enhance the latter’s online security and KYC compliance. The company acts as a KYC and AML authenticator for Newton Global to ensure security in the fintech industry sector and provide a sage user onboarding solution.

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