Shiftal, a globally-renowned, fast, and safe P2P cryptocurrency trading exchange, has partnered with Yoti, a London-based digital ID and credential management company, to digitally automate and accelerate the KYC process on the Shiftal’s exchange.
Yoti’s technology uses artificial intelligence to verify users’ identities swiftly and securely while preventing fraud, enabling Shiftal to onboard users in less than 5 minutes while meeting KYC regulations.
To ensure users’ safety and compliance, Shiftal places significant importance on KYC verification. With complete automation of the KYC process, the company can now onboard customers faster without compromising on security. In India, a normal KYC onboarding procedure typically takes 5 days, whereas Shiftal has been maintaining a 24-hour timeline for its KYC verification. Through Yoti, the company will further curtail its current KYC timeline from 24 hours to just 5 minutes.
“Our users are at the core of every decision we make at Shiftal and streamlined user experience is very important to us. By integrating Yoti’s technology, we can not only simplify the KYC experience for users but also give our users peace of mind by providing the highest level of fraud protection. Yoti’s cutting-edge and next-generation technology will enhance Shiftal’s compliance, safety, security, and performance, as it has with so many other companies in the past.”, said Rishabh, Founder and CEO of Shiftal.
Adding to that, Abishek, Co-founder of Shiftal, said, “Cryptocurrency traders or investors would no longer have to compromise on user experience, privacy, conversions, or security. We aim to make Shiftal the safest and fastest platform to buy and sell Bitcoin & Ethereum globally.”
The use of YOTI for KYC verification on the Shiftal exchange will resolve the inefficiencies connected with the conventional KYC process, enabling fast, cost-efficient, and improved KYC verification. Users can be onboarded quickly and easily using the Yoti app and Yoti Doc Scan, using which customers can scan documents directly into the Shiftal experience. By using the app, users can instantly share their verified identity attributes at the click button or scan a QR code- completing ID+V in seconds. This dwindles those long frustrated KYC checks someone has faced in the traditional KYC process. Once the users have created their YOTI Digital ID, they can use that numerous times in the future, across any industry, to prove their identity in an easy, simple, and secure way.
Shiftal can now offer a quick, safe, and compliant onboarding to all its new customers, thus accelerating their journey to owning their first crypto. Through this partnership, the company also aims to make financial services more accessible to the Indian market, while increasing security and reducing the cost and time required in due-diligence.
Shiftal is a leading P2P cryptocurrency trading platform offering its promising services in 220 countries. The platform offers over 70 payment options to buy and sell BTC or ETH. The exchange offers a bidding system feature for all users, along with a callback request feature to assist platform users with any escalated disputes for a quick resolution. The company plans to expand its services and soon it will introduce a centralized spot trading exchange with a margin trading platform, with an aim to offer a comprehensive crypto exchange.
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Yoti is a global digital identity-checking platform that allows organizations to verify the identities of people. Yoti’s products include document e-signing, identity verification, biometric authentication, age verification, and access management.
Yoti accepts government-approved identity documents from over 200 countries that are verified using leading technology and trained security personnel.