Shufti has launched Fast ID, a portable digital identity solution that combines selfie biometrics with reusable identity verification. This tool simplifies authentication for future transactions, enhancing user experience while ensuring compliance with KYC and AML regulations. Fast ID replaces traditional passwords and OTPs, securely storing verified documents in the cloud and allowing quick biometric accesses. The system reduces user friction and abandonment rates and plans future expansion into consortium uses.
Shufti is rolling out a new portable digital identity solution, known as Fast ID, which leverages face biometrics to enhance the speed and efficiency of compliant authentication processes. This innovative tool enables users to capture their biometric identity through a selfie, allowing them to reuse their credentials securely in future transactions across various services that utilize Shufti’s Know Your Customer (KYC) identity verification system. Fast ID simplifies the authentication experience, making it possible for users to complete future identity verifications—like onboarding, session authentication, or additional security measures—seamlessly and efficiently while ensuring compliance with KYC and Anti-Money Laundering (AML) requirements. This solution aims to replace traditional passwords and One-Time Passwords (OTPs), presenting a more secure and user-friendly alternative. The Fast ID system operates by securely storing previously verified documents in a cloud environment, which can be accessed through digital wallets. Users can authorize their identity by consenting and capturing their facial biometrics, typically on a client’s application or website. Shufti’s CEO, Patrick Cox, highlighted that this system allows for controlled interactions under the client’s governance, enhancing user privacy while maintaining a robust security framework. Cox also emphasized that while maximum security often translates to user inconvenience, Fast ID achieves high security without compromising user experience. Once a user’s facial biometrics are authenticated against their government-issued identification, they can quickly authenticate in future transactions without further hassle, significantly reducing friction and abandonment rates during sign-in processes. Currently, the Fast ID solution operates within the ecosystems of Shufti’s clients, being portable among their subsidiaries and affiliates. Looking forward, Shufti plans to broaden Fast ID’s usability through consortiums, facilitating a more interoperable approach to identity verification that aligns with consumer permissions and client needs. Fast ID extends Shufti’s suite of offerings, which also includes various Know Your Business (KYB) and Know Your Intermediary (KYI) solutions, and broadens their identity verification applications to domains such as .music.
The introduction of digital identity solutions reflects the growing need for secure, efficient methods for identity verification in an increasingly digital world. Traditional methods, such as passwords and OTPs, have become less effective due to the rise of cyber threats and user frustration with multiple authentication steps. Digital identities, particularly those that utilize biometrics, offer a more secure and streamlined alternative by tying identity verification to unique biological traits, such as facial recognition. Shufti’s Fast ID capitalizes on these innovations, aiming to enhance consumer confidence, reduce abandonment rates, and ensure compliance with regulatory requirements. Moreover, the evolution towards reusable digital identities signifies a shift towards convenience without sacrificing security, addressing the demands of both businesses and consumers in the digital environment. Companies that adopt solutions like Fast ID can benefit from increased efficiency, customer satisfaction, and ultimately, a competitive advantage in their respective markets.
Shufti’s Fast ID represents a significant advancement in secure digital identity solutions, utilizing face biometrics to facilitate faster and more efficient authentication processes. By allowing users to reuse previously verified identities, it alleviates the common frustrations associated with traditional authentication methods. As Shufti looks to expand its partnerships and consortium capabilities, the Fast ID solution could transform how identity verification is approached across various industries, reinforcing compliance and user trust while enhancing overall user experience.
Original Source: www.biometricupdate.com
