The retail FX industry is beginning to adopt biometric and other physical recognition services for completing Know Your Customer (KYC) and other checks during account opening, making the process quicker, easier and more efficient. ATFX has announced that is has launched such a service to ensure the security and safety services to the clients. Face recognition technology will now verify customer identities when opening trading accounts online.
To achieve the necessary level of compliance and fight off increasing identity fraud, ATFX has joined forces with Electronic IDentification, providing a single solution for all things compliance and user onboarding. Clients will now be able to open the account and conduct transactions anywhere, anytime within 60 secs and without having to visit an office and creating new security standards during the digital era. The clients only need to fill in the necessary information and import the ID picture.
Afterwards, the Optical Character Recognition (OCR) system can read and identify the information of ID card and the geometry of clients‘ faces automatically, which significantly reduces the time or errors compared with the traditional way. Also, it can reach a confidence level of 98%.
We expect more brokers to implement similar solutions in 2020 as they look to automate processes and improve efficiencies, while working in countries that have specific nuances regarding identification and address verification documents, which are not always easy to verify or check.