FXCM improves customer onboarding by 29% with AU10TIX integration.

FXCM, a provider of online foreign exchange (FX) trading and related services, has formed a successful partnership with AU10TIX, a global leader in identity verification and management, to enhance user security and streamline the onboarding process.

The collaboration, announced today, has delivered remarkable results, significantly impacting revenue growth and strengthening user trust, the company said in a statement.

Historically, FXCM’s resource-intensive manual KYC document verification process resulted in long onboarding times and delays in user verification services. This bottleneck not only hindered customer acquisition but also lowered conversion rates, forcing FXCM to look for an innovative solution.

The integration of AU10TIX’s Identity Verification (IDV) suite, web SDK and biometric solutions into the FXCM platform was a turning point. Integration of advanced algorithms and extensive security databases automates user verification and fraud detection processes, reducing onboarding times from hours or days to just seconds.

The benefits of this partnership are clear. FXCM saw a significant increase in document approval rates from 62% to 80%. An accelerated onboarding process laid the foundation for lower abandonment rates and expanded revenue opportunities.

“At FXCM, ensuring a seamless and secure onboarding experience for our customers is our top priority,” said Teodora Mladenova, eKYC Product Manager at FXCM, emphasizing the importance of seamless and secure onboarding.

Mladenova further emphasized the pivotal role AU10TIX plays in achieving the goals of converting customers, enhancing security and reducing fraud.

Dan Yerushalmi, CEO of AU10TIX, emphasized the customizable nature of the identity verification solution while addressing the distinct challenges faced by industry leaders like FXCM.

Read: Blockchain and Identity Verification: A New Era of Security and Transparency