A KYC (Know Your Customer) and AML (Anti Money Laundering) service provider, Shufti Pro and a distributed trust collaboration platform, Ontology has recently signed a Memorandum of Understanding (MOU) to provide digital identity services that will use trust ecosystem provided by Ontology.
The purpose of signing MOU
Ontology is a virtual identity firm that has figured a blockchain based distributed identity network. Ontology’s ONT IDs bolster people, organizations, resources, things, and issues to validate and confirm themselves in this computerized era.
The distributed personality proof enables its clients to make multifaceted recognizable proof representations that can be demonstrated, affirmed and utilized for ID confirmation on more than one platforms.
Moreover, Shufti Pro aims to verify the digital identity of the person utilizing a combination of Artificial and Human Intelligence. It gives constant confirmation results to a substantial number of solutions and administrations provided for digital identity verification.
Shufti Pro and Ontology may likewise work collectively to create and process digital identity proof gears that will empower organizations for online fraudulence avoidance and identity robbery security.
The MOU determines that the two organizations, Ontology, and Shufti Pro will work to give compliance equipped solutions for KYC and AML exclusively dependent on Ontology blockchain solution. This joint cooperation will likewise center on enhancing the general openness of computerized identity proof administrations in various markets around the world.
Andy Ji, Co-Founder of Ontology, clarified the significance of this joint cooperation in the accompanying words:
“The emergence of blockchain technology creates opportunities to discover potential and promising solutions. Ontology is pleased to begin this journey with Shufti Pro, combining blockchain technology with identity verification services, providing a blockchain-based end-solution for KYC/AML services”.
CEO of Shufti Pro, Victor Fredung talked about the collaboration of both companies. He said,
“We are pleased to be starting our partnership with Ontology. We believe that the combined use of new and innovative blockchain technology with cutting-edge ID and identity verification technology is a powerful combination for global business operations.”
The MOU adheres to the below principal routes of joint coordinated effort between the two organizations for future:
- The ontology will give technical aptitude and information on Distributed Ledger Technologies.
- Both gatherings will work together for KYC and AML solutions improvements on the framework of distributed blockchain network provided by Ontology
- Both organizations will work together for the marketing promotion and Public Relation advertising of services and products.
This joint association between the two tech organizations will introduce another period of mechanical progression in the subject of digital identity verification administrations. With a point of making the online commercial center secure against identity frauds, frequent money-back requests and clients with phony budgetary data, Shufti Pro has made strides for unrivaled customer service and A-1 records protection.
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