AU10TIX, a global provider of identity verification and management, and Stratos Group of companies (collectively, the ‘Stratos Group’ or ‘FXCM’), a provider of online 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.
The partnership has increased ID document approval rates by 29% and impacted 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.”
