Profit4Life integrates ShareRing’s KYC Solution
Profit4Life is a leading Forex and Crypto Academy in Latin America and Spain
that offers a wide range of educational resources, libraries, marketplaces,
and peer-to-peer trading opportunities. Their KYC is now digitized with ShareRing's digital identity technology.
Profit4Life about ShareRing
Our collaboration with ShareRing will undoubtedly elevate the user experience on our platform. By integrating ShareRing's identity solution, we can enhance the security of our ecosystem and provide our users with an unmatched level of trust and reliability. This also showcases new use cases of blockchain technology, and ultimately better positions Profit4Life and ShareRing to open new markets through digital identities.
Emile Machado, CEO of Profit4Life
Profit4Life’s Challenges
Profit4Life’s Academy places great importance on maintaining compliance with regulation, and thus verifying the identities of its students. To do so, they needed to perform KYC identity checks on all their students.
To meet the needs of KYC, Profit4Life conducted KYC manually, which consumed exorbitant amounts of time and manpower. Aside from resourcing challenges, Profit4Life also had to manage paperwork and KYC ID management, which was prone to human error and excessively reliant on document filing.
Fake IDs were also becoming more prominent, and with the rapid growth in students at Profit4Life, there was a critical need for verifying whether IDs were likely fraudulent.
Excessive Costs
Relying on conventional processes means high costs and fees associated with ID verification and data management.
Identity Fraud
Relying on conventional processes means high costs and fees associated with ID verification and data management.
Extremely time consuming
With the sheer amount of KYC paperwork, a tremendous amount of time has to be dedicated by their staff, which could otherwise be focused on other, more important aspects of their business.
ShareRing's Solutions
Challenges can be solved by
How it helped Profit4Life
Greatly
reduced cost
Profit4Life only pays for the verified information they require during KYC, which are a verified name, and photo from their students.
Time Efficiency
Automating the KYC process allows Profit4Life’s staff (or staffs) to focus on other more important aspects of your their business.
Enhanced Security
Students that pass KYC are verified through institutional grade verification technology, meaning Profit4Life operations team can confidently rely on the information for ID verification. This greatly enhanced their security and compliance measures, as there was less of a likelihood that fraudulent identities would be accepted through their KYC.
Compliance with regulation
The technology in which Profit4Life uses for KYC verification ensures that they are at all times in compliance with regulatory standards, and maintain a reasonable reason for accepting or denying KYC applications.
How it can be applied
Step 1
Set up a QR code using the VQL Platform in order to collect the student's full name and photo.
Step 2
Request students to download Identifi Me and set up their account by providing their full name, address, place of birth, and national identification number.
Step 3
Email the QR code or put it up on the platform and have students scan it.
*All the student's information are held and controlled inside their own app and will never be stored in any database. Without their permission, no one can gain access to their information.
Contact us
Schedule a demo with our team
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