#Japan #Tokyo #LIQUID #StoneX Group #FOREX.com

StoneX Group and Liquid Team Up for Enhanced Account Verification

In a strategic move to streamline the account opening process, the NASDAQ-listed StoneX Group Inc. has integrated the advanced verification service "LIQUID eKYC" provided by Tokyo-based Liquid. This collaboration is set to enhance the customer experience for users opening accounts with StoneX Securities, particularly benefiting the FOREX.com trading platform where foreign currency margin trading (FX) and CFD transactions are prominent.

The implementation of Liquid's eKYC service marks a significant upgrade to the existing verification methods previously employed by StoneX Securities. By utilizing image recognition AI technology, this new system is designed to not only improve the accuracy of identity verification but also to expedite the process by reducing the incidence of user drop-offs during account registration.

Background of StoneX and FOREX.com

FOREX.com is a globally recognized online trading platform offering services related to FX trading, CFDs, and options to individual investors and traders across 180 countries. Currently, the platform boasts over 1 million users. Historically, identity verification was conducted using conventional eKYC methods which involved capturing and verifying personal identification documents against a selfie photo. The integration of LIQUID eKYC represents an evolution towards a more streamlined, efficient, and user-friendly verification approach.

Features of LIQUID eKYC

What's innovative about LIQUID eKYC is its dual approach to identity verification. Users can either take a photo of their identification documents or read data from IC chips, which is then matched against their selfie. Additionally, the service utilizes public personal authentication (JPKI) to secure the verification process online. Key features of LIQUID eKYC include:

• - Real-time Error Messaging: By providing real-time, detailed feedback on errors during image capture, users can resolve any issues immediately, thus enhancing the application completion rate.
• - Increased Approval Rates: LIQUID eKYC's integrated management features identify discrepancies between the input data and the provided identification documents, automatically notifying users of errors. This leads to improved re-application rates by simplifying the correction process.
• - Compliance with Legal Standards: The platform effectively addresses compliance requirements in Japan, including those set by the Act on Prevention of Transfer of Criminal Proceeds, which mandates rigorous identity verification for new accounts.
• - Support for International Users: The service is capable of verifying not only Japanese nationals but also foreign residents, showcasing its adaptability to diverse clientele.
• - Dedicated Support for Foreign Companies: A specialized team dedicated to working with foreign firms provides comprehensive support in English, ensuring compliance with relevant regulations seamlessly.

The Significance of Enhanced Verification

The enhancements introduced by LIQUID eKYC are largely expected to nearly double account opening numbers. The current drop-off rates during the verification process can be detrimental to potential growth, and Liquid's advanced technology aims to keep users engaged, reducing frustration during account setup.

StoneX Securities has previously recognized the immense value of eKYC services and is now committing to state-of-the-art verification technologies with LIQUID eKYC. This strategic direction is anticipated to bolster user trust and enhance the overall customer experience in a highly competitive marketplace.

The collaboration not only emphasizes the importance of robust identity verification processes but also illustrates the need for efficiency and accuracy in digital transactions, a core expectation for today's online financial services.

About LIQUID eKYC

LIQUID eKYC has asserted its leadership in the identity verification market, boasting a six-year streak as the number one provider as per ITR Market View. The service focuses on providing seamless identity checks for contracts and account registrations, utilizing advanced technologies such as biometric verification and OCR innovations. With over 130 million verifications completed, LIQUID's reputation as a trusted identity service provider is firmly established.

In conclusion, the partnership between StoneX Group and Liquid heralds a new era of enhanced verification processes aimed at improving customer acquisition and satisfaction, setting a high standard for the industry moving forward.