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AU10TIX Boosts FXCM ID Document Approval Rates by 29%, Enabling Revenue Growth
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PR Newswire
TEL AVIV, Israel and LONDON, April 3, 2024
Automated Identity Verification Solution Provides Seamless and Secure Onboarding Experience for Exchange Trading Platform
TEL AVIV, Israel and LONDON, April 3, 2024 /PRNewswire/ -- AU10TIX, a global technology leader in identity verification and management, and Stratos Group of companies (collectively, the 'Stratos Group' or 'FXCM'), a leading provider of online foreign exchange (FX) trading, stocks and other CFD trading and related services, today announced a successful partnership that has bolstered user security and optimized the onboarding process on the FXCM platform, increasing ID document approval rates by 29% and impacting revenue growth.
FXCM operates globally and processes numerous customer account applications daily. The platform historically relied on manual KYC document verification, but this involved resource-intensive processes that hindered customer onboarding with lengthy processing times and user verification services taking hours to days. The resulting low conversion rate prompted the company to seek an innovative solution to streamline processes and provide a smoother customer onboarding experience.
FXCM solved this business challenge by integrating AU10TIX's Identity Verification (IDV) Suite, Web SDK and biometric solutions into the FXCM platform. This enabled FXCM to automate the user verification and fraud detection processes, significantly reducing onboarding time from hours or days to seconds.
AU10TIX's advanced algorithms and extensive security databases streamlined FXCM's validation processes, resulting in a significant improvement in document approval rates from 62% to 80%. The swifter onboarding resulted in lower abandonment rates and thus expanded the opportunity for revenue growth.
"At FXCM, ensuring a seamless and secure onboarding experience for our customers is a top priority," said Teodora Mladenova, eKYC Product manager at FXCM. "Partnering with AU10TIX has been instrumental in surpassing our objectives for customer conversion, security enhancement, and reducing fraudulent accounts. By automating our validation processes, we've not only enhanced security but also improved the onboarding experience for our customers."
AU10TIX's technology has also freed FXCM's operations team to focus on innovation and enhancing the user experience.
"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," said Dan Yerushalmi, CEO of AU10TIX. "We're proud to support FXCM in its mission to enhance security, streamline processes, and drive sustained success in the global FX trading market."
For more information about AU10TIX and its identity verification solutions, visit www.au10tix.com.
About AU10TIX
AU10TIX plays a pivotal role in establishing trust between individuals/companies and digital systems. Founded in 2002, it is the global leader in identity verification and management, protecting the world's largest brands against advanced fraud. The company's future-proof product portfolio helps businesses provide frictionless customer onboarding and verification in 4-8 seconds while staying ahead of emerging threats and evolving regulatory requirements. AU10TIX offers the world's only 100% automated global identity management system, as well as the industry's only solution that can detect organized mass attacks by analyzing traffic patterns and cross-checking data in a consortium of more than 60 major companies. With its deep roots in airport security, AU10TIX has authenticated billions of identities. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). Connect with AU10TIX @AU10TIXLimited on X and on LinkedIn. For more information, visit AU10TIX.com.
About FXCM:
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards, and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.
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SOURCE AU10TIX LIMITED
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