Forex broker FXCM has partnered with AU10TIX, a company that provides efficient user information verification and client identity management, to improve user security.
The cooperation between the two companies has already resulted in a 29% increase in the broker's client base.
By combining their efforts, AU10TIX and FXCM have significantly increased the efficiency of identity verification for traders and investors, according to Alexablockchain.
Previously, broker FXCM conducted Know Your Customer (KYC) document verification manually, which was inefficient, time-consuming, and costly. The implementation of AU10TIX technology has significantly reduced the time to verify and process documents from hours or even days to a matter of seconds, resulting in low conversion rates.
It is in the interest of both the user and the broker to make the KYC process as simple and fast as possible. The broker notes that the long wait for verification results often leads to clients abandoning the further process of registering and depositing funds to start trading.
With the AU10TIX capabilities, FXCM has achieved automation of user verification and improved fraud detection rates. This was facilitated by a new identity verification package, a web SDK, and biometric verification solutions. As a result, verification time was reduced to a few seconds.
Theodora Mladenova, eKYC Product Manager at FXCM, commented on the success: "Partnering with AU10TIX has been a key moment in achieving our goals of improving security, client conversion, and reducing the risk of fraudulent accounts. Automating our verification processes has accelerated the onboarding process for our clients."
Approval rates have increased significantly to 80% from 62% previously, while declines have decreased and the company has increased its revenue growth opportunities.
The partnership has also allowed FXCM to focus on innovation and delivering a better user experience.
AU10TIX has been providing KYC screening automation services to brokers for over eight years. CEO Dan Yerushalmi said, "Our customized solutions address the many challenges faced by industry leaders like FXCM, ensuring robust security protocols and user experience."
Read also: ACY Securities launches Copy Trading feature on its platform
