Ontology has signed a Memorandum of Understanding with Shufti Pro, a provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) identity screening.

Shufti Pro’s remote Software-as-a-Service (SaaS) business model offers identity verification and screening services worldwide, via desktop and mobile platforms. Shufti Pro claims an average verification time of 30 seconds. Ontology’s blockchain is built around digital identity; its ONT ID “distributed identity framework” allows its users to create multi-factor identities that can be certified and authenticated.

The Ontology-Shufti Pro partnership will seek to bring “compliance-ready KYC/AML solutions” to Ontology’s blockchain.

Memorandum of Understanding

Ontology is expected to provide the blockchain to be developed on top of, as well as the technical expertise to integrate a KYC/AML solution on its ledger.

Shufti Pro and Ontology are expected to “collaborate in the development of KYC/AML solutions” on the Ontology blockchain.

Both parties will participate in joint public relations and marketing efforts.

Executive Comments

Shufti Pro CEO, Victor Fredung, commented, “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”.

Ontology’s co-founder, Andy Ji, added that the partnership of “blockchain technology with identity verification services” would provide “a blockchain-based end-solution for KYC/AML services.”

The full announcement from Ontology is available at the following link: https://medium.com/ontologynetwork/ontology-and-shufti-pro-sign-mou-concerning-technology-4607a1f9a768

More information on the Ontology blockchain can be found through the links below.