NamaChain and Shufti Pro enter into a strategic partnership to create the first-ever non-custodial identity gateway
NamaChain, an innovator in self-sovereign identity solutions, and Shufti Pro, an AI-powered KYC/AML screening global platform, have formed a strategic partnership, combining their technical expertise in digital identity verification and management. With this partnership in effect, NamaChain has collaborated with Shufti Pro to create the first-ever non-custodial identity gateway that provides users the sole authority over their data; no third party or service provider, not even NamaChain, can access or share the users’ data without their explicit consent.
NamaChain’s non-custodial KYC/AML system is a blockchain and oracle-enabled solution that verifies users within seconds and never stores their PII data. And Shufti Pro is a globally trusted identity verification platform that supports 3000+ types of ID documents in 150+ languages and is used by a clientele across 230+ countries and territories.
This collaboration focuses on making KYC/AML verifications seamless for both service providers and end-users, reducing customer onboarding time to only a few minutes. Under this partnership hood, 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 that they can re-use without having to go through the KYC processes again and again.
Giving more details about the KYC/AML solution, NamaChain’s CEO, Mayukh Gon, said, “We are delighted to collaborate with Shufti Pro as both the organizations serve the goal of redefining the digital identity paradigm. At NamaChain, we strive to empower user sovereignty and data security. Our KYC/AML solution is privacy-focused, environmentally sensitive, and socially responsible. It focuses on three things – 1) To help service providers grow their market share through the NamaChain platform, 2) To provide users complete sovereignty over their data, and 3) To enable service providers better comply with the global KYC/AML regulations, and Our solution is compliant with GDPR and global data residency laws. “
Speaking on the partnership, Victor Fredung, CEO of Shufti Pro said “We are excited to associate with NamaChain, as it is set to reform the landscape of self-sovereign identity by launching the first-ever non-custodial identity gateway, powered by blockchain. We look forward to leveraging this partnership to benefit users with rapid, automated, and secure digital identity verifications.”
Feature-wise, NamaChain’s KYC/AML solution verifies user identities and checks AML statuses within seconds; enables service providers to access and audit data for any length of time; performs monitoring of KYC and AML on an ongoing basis. NamaChain’s solution, packed with the aforementioned features, is available at half the cost of standalone competing KYC/AML solutions. To end-users, the solution provides benefits such as free usage, the user’s sole control over PII data, and prompt onboarding into web accounts.
NamaChain is a self-sovereign identity gateway provider, offering a suite of identity solutions, including KYC/AML and single sign-on. The company aims to work on the principles of trust, transparency, and decentralization, integral to the boom of Web3.0. NamaChain is committed to re-invent the paradigm of digital identities by enabling an identity gateway that is privacy-driven, environment friendly, and socially responsible.
About Shufti Pro
Shufti Pro is a global identity verification service provider catering to clients across 230 countries. Its services include all forms of KYC verifications, AML screenings, investor verifications, OCR, and more. Shufti Pro is trusted worldwide for delivering reliable fraud prevention and flawless IDV experiences across use cases like account opening, age verification, customer onboarding, investor verification, airport clearance, etc.
Originally published in Digital Journal.
Blockchain has the potential to disrupt almost every industry, redefining our relationship and reliance on technology through decentralization, improved security and better compliance.
The SSO password manager upholds one key IT security principle – the use of strong passwords. At the same time, it breaks another – relying on a single password for access creates a potential single point of failure.
Self-sovereign identity empowers the idea of decentralization in Web3 by giving users the power to exclusively own their digital identity and have absolute right over its sharing in a much more secure way.