StoneX
Group Inc.’s Japanese subsidiary has implemented an artificial
intelligence-powered identity verification system for its FOREX.com trading
platform, with the company projecting the change will approximately double new
account openings.
Will such a
seemingly simple change really be able to significantly boost the number of
successfully completed registrations?
FOREX.com Bets Big on AI
to Double New Customers
StoneX
Securities Co., Ltd. replaced its existing electronic know-your-customer (eKYC)
service with LIQUID eKYC, developed by Liquid Inc., a member of the ELEMENTS
Group. The new system uses advanced image recognition technology to verify
customer identities during the account opening process for FOREX.com, which
offers FX and CFDs trading services.
The
NASDAQ-listed StoneX Group made the transition to address high user abandonment
rates during the application process, particularly during the photo capture
stage required for identity verification. The new AI-powered system provides
real-time error messaging to guide users through document submission, aiming to
significantly reduce drop-off rates.
“With this
transition, the company aims to prevent user drop-offs during the application
process and anticipates that the number of account openings will approximately
double as a result,” the company commented in today’s (Wednesday’s) press
release.
What others are reading: Forex.com Owner’s Q2 FY25 FX and CFDs Trading Volumes Rise, but Revenue Fails to Keep Up
Addressing Onboarding
Challenges
FOREX.com
serves over one million users across 180 countries, making efficient onboarding
critical for business growth. The platform’s Japanese operations previously
used eKYC procedures that required customers to capture images of
identification documents and match them with selfies for verification.
The
upgraded LIQUID eKYC system incorporates biometric authentication and enhanced
image recognition capabilities designed to minimize unclear image submissions
and improve automated facial recognition accuracy. The technology leverages
data from over 130 million identity verifications performed across the ELEMENTS
Group.
Beyond
improving user experience, the new system addresses Japan’s complex regulatory
requirements, including compliance with the Act on Prevention of Transfer of
Criminal Proceeds and mandatory collection of MyNumber (Individual Number)
information for financial institutions.
You may also like: Forex.com Expands APAC Presence: Launches in Singapore
Operational Improvements
Expected
The
implementation includes automated error detection that can identify
discrepancies between application form information and submitted identification
documents. When issues are detected, the system automatically notifies users
and prompts them to resubmit corrected information, reducing manual follow-up
requirements.
LIQUID eKYC
also provides business process outsourcing services for manual verification
tasks required under Japanese anti-money laundering regulations. The service
includes specialized support for foreign-affiliated companies, offering
implementation and operational assistance in English.
The system
supports identity verification for both Japanese nationals and foreign
residents, addressing FOREX.com’s diverse customer base in Japan. StoneX
Securities offers trading services for 84 foreign exchange currency pairs and
26 knock-out option products through web and mobile platforms, including
MetaTrader 4 support.
StoneX
Group Inc.’s Japanese subsidiary has implemented an artificial
intelligence-powered identity verification system for its FOREX.com trading
platform, with the company projecting the change will approximately double new
account openings.
Will such a
seemingly simple change really be able to significantly boost the number of
successfully completed registrations?
FOREX.com Bets Big on AI
to Double New Customers
StoneX
Securities Co., Ltd. replaced its existing electronic know-your-customer (eKYC)
service with LIQUID eKYC, developed by Liquid Inc., a member of the ELEMENTS
Group. The new system uses advanced image recognition technology to verify
customer identities during the account opening process for FOREX.com, which
offers FX and CFDs trading services.
The
NASDAQ-listed StoneX Group made the transition to address high user abandonment
rates during the application process, particularly during the photo capture
stage required for identity verification. The new AI-powered system provides
real-time error messaging to guide users through document submission, aiming to
significantly reduce drop-off rates.
“With this
transition, the company aims to prevent user drop-offs during the application
process and anticipates that the number of account openings will approximately
double as a result,” the company commented in today’s (Wednesday’s) press
release.
What others are reading: Forex.com Owner’s Q2 FY25 FX and CFDs Trading Volumes Rise, but Revenue Fails to Keep Up
Addressing Onboarding
Challenges
FOREX.com
serves over one million users across 180 countries, making efficient onboarding
critical for business growth. The platform’s Japanese operations previously
used eKYC procedures that required customers to capture images of
identification documents and match them with selfies for verification.
The
upgraded LIQUID eKYC system incorporates biometric authentication and enhanced
image recognition capabilities designed to minimize unclear image submissions
and improve automated facial recognition accuracy. The technology leverages
data from over 130 million identity verifications performed across the ELEMENTS
Group.
Beyond
improving user experience, the new system addresses Japan’s complex regulatory
requirements, including compliance with the Act on Prevention of Transfer of
Criminal Proceeds and mandatory collection of MyNumber (Individual Number)
information for financial institutions.
You may also like: Forex.com Expands APAC Presence: Launches in Singapore
Operational Improvements
Expected
The
implementation includes automated error detection that can identify
discrepancies between application form information and submitted identification
documents. When issues are detected, the system automatically notifies users
and prompts them to resubmit corrected information, reducing manual follow-up
requirements.
LIQUID eKYC
also provides business process outsourcing services for manual verification
tasks required under Japanese anti-money laundering regulations. The service
includes specialized support for foreign-affiliated companies, offering
implementation and operational assistance in English.
The system
supports identity verification for both Japanese nationals and foreign
residents, addressing FOREX.com’s diverse customer base in Japan. StoneX
Securities offers trading services for 84 foreign exchange currency pairs and
26 knock-out option products through web and mobile platforms, including
MetaTrader 4 support.
This post is originally published on FINANCEMAGNATES.
