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FinanceMagnets
Published on 2024-04-03 | 8 months ago
FXCM Enhances KYC Efficiency by 29% through AU10TIX Collaboration
In an era
where digital security threats are rising, online trading platforms are constantly seeking ways to enhance user security without compromising the
onboarding experience.Aiming to
facilitate this process in the retail trading industry, the FX/CFD broker FXCM
has partnered with the identity verification and management company AU10TIX.
Thanks to the collaboration, they achieved an increase of 29% in ID document
approval rates.AU10TIX and FXCM Join
Forces to Boost Identity Verification in Online TradingPrior to
integrating AU10TIX's technology, FXCM relied on manual Know-Your-Customer
(KYC) document verification, which proved to be time-consuming and
resource-intensive. This led to lengthy processing times, with user
verification services taking hours or even days, resulting in low conversion
rates.Users want
the KYC process to be as smooth and quick as possible. When they have to wait
too long for it to complete, they often give up on continuing the account
creation process or depositing funds.By
leveraging AU10TIX's Identity Verification Suite, Web SDK, and biometric
solutions, FXCM has successfully automated its user verification and fraud
detection processes. This integration has visibly reduced onboarding time from
hours or days to mere seconds."Partnering
with AU10TIX has been instrumental in surpassing our objectives for customer
conversion, security enhancement, and reducing fraudulent accounts,” said Teodora
Mladenova, the eKYC Product Manager at FXCM. “By automating our validation
processes, we've not only enhanced security but also improved the onboarding
experience for our customers."It led to a
significant improvement in document approval rates from 62% to 80%. This swift
onboarding has not only reduced abandonment rates but also expanded
opportunities for revenue growth.Additionally, the
partnership has allowed FXCM's operations team to focus on innovation and
enhancing the user experience, as AU10TIX's technology has taken over the
burden of manual verification processes. For AU10TIX, this is not the first collaboration with an FX/CFD broker on automating onboarding and ID verification processes. In fact, the company has been assisting firms in the industry for at least eight years."Our
tailored identity verification solutions address the distinct challenges faced
by industry leaders such as FXCM, guaranteeing not just robust security
protocols but also a frictionless user journey," concluded Dan Yerushalmi,
the CEO of AU10TIX.The most recent financial report of Stratos Markets Limited, the British company responsible for the FXCM brand's operations, shows that in 2022, the company earned $759,159 on ordinary activities before taxation.FXCM Presents TraduBrendan
Callan, the CEO of the online brokerage firm FXCM, unveiled a new multi-asset
retail trading platform called Tradu during the Finance Magnates London Summit
(FMLS:23) that took place in November. Tradu is part of the Stratos Group
International, owned by Jefferies Financial Group, which operates the FXCM
brand.In an
interview with Finance Magnates at FMLS:23, Callan revealed that the
decision to launch Tradu was driven by client demand and market analysis. The
platform aims to fill gaps in the current multi-asset trading options
available.FXCM has further appointed Maryke Faulkner as Tradu's Group Chief Finance Officer (CFO).
Faulkner previously served as the Group CFO at FXCM for five months. According
to her LinkedIn profile, earlier she was the Finance Director for Europe at FXCM for more than nine years. Before that, she held the position
of Finance Director at FXCM Securities for just over three and a half years.In
December, Tradu selected Crossover Markets Group as its primary digital asset
execution partner. According to an announcement on Thursday, the crypto flow on
Tradu will be routed to Crossover's CROSSx electronic communication network.The launch
of Tradu marks FXCM's entry into the multi-asset retail trading space, aiming
to provide traders with a comprehensive and seamless trading experience by
addressing gaps in the current market offerings.
This article was written by Damian Chmiel at www.financemagnates.com.
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