Liquid Inc, a member of the Elements Group (A Tokyo Exchange Growth Market), announced that Stonex Group Inc (Nasdaq: Snex) has adopted Liquid’s online identity verification service. The solution will be implemented by its Japanese subsidiary, Stonex Securities Co., Ltd.
Liquid Ekyc will be used to verify customers’ identity during forex.com accounts, the FX and CFD brand operated by Stonex Securities. Although Stenex Securities had previously used EKYC services, the company has now decided to go to Ekyc liquid, which is distinguished by advanced AI technology recognition, allowing more accurate identity verification.
With this transition, the company aims to prevent user decisions during the application process and expects the number of account openings will be doubled as a result.
Background
Forex.com is a global internet trading platform that offers mainly transactions (FX) and trading services to individual investors and traders. The platform is used by over one million users in 180 countries worldwide.
In Japan, Stonex Securities has already implemented EKYC procedures for electronic account openings, which include receiving identification documents and matching users to verify identity. In order to achieve more accurate identification, Stonex Securities decided to incorporate Ekyc liquid.
Overview
Liquid Ekyc is an internet authentication solution that allows the entire remote verification process to be completed either by reading ID documents, coupled with facial photos matching or using Japanese public infrastructure (JPKI) for official digital certification.
The solution is characterized by the use of biometric identity and image recognition technologies, which help reduce the rejection rate during boarding, minimizing the appearance of vague image submissions and enhance the accuracy of the automated face recognition. These features collectively improve the effectiveness and reliability of the identity verification process.
Basic advantages of application of EKYC liquid
Improved Completion rates through real -time error messages
Previously, many users have abandoned the process of implementation in the middle of the road, especially during the photo taking required to verify identity. With Liquid Ekyc, AI -powered image recognition provides detailed real -time error messages during the download process, guiding users more effectively.
Supported by over 130 million identity verifications across the group, the system utilizes advanced technology and a meticulously designed user working environment to ensure a smooth user experience. This allows users to proceed with confidence and minimal confusion, significantly improving the rate of completion of the application.
Improvement of approval rates in the review process after submission
Liquid Ekyc has a built -in review management feature that allows for a clear identification of deviations, such as mismatches between the information entered in the application form and details of the submitted recognition documents.
By integrating with Liquid Ekyc, the system can automatically notify users of specific errors and ask them to apply again with corrected information. This reduces the need for individual monitoring with users.
In addition, work such as manual verification of ID documents, which are required on the basis of Japan’s act to prevent the transfer of criminal receipts, is addressed through Liquid Ekyc (outsourcing business outsourcing) services.
This application not only enhances the effectiveness of the overall review process but also contributes to a higher approval rate.
Compliance with legal requirements
In Japan, financial institutions are required to carry out identity verification and receive mynumber (individual number) information in accordance with the law to prevent the transfer of criminal receipts when they open accounts.
Liquid EKYC not only supports legal conformity verification, but also offers end to end to end for collection, management and safe storage of mynumber data. This is especially beneficial for overseas companies, for which mynumber compliance is often a major operational challenge.
With the hospitality of Japan’s bands and the use of regulatory requirements, Liquid Ekyc helps to ensure full legal compliance while rationalizing boarding work.
Proven history in identity verification for foreigners
Liquid Ekyc has a strong history of verifying the identity of a wide range of users, both in Japan and internationally. At forex.com, identity verification is carried out not only for Japanese nationals living in Japan but also for foreign residents.
This feature ensures that the boarding process is comprehensive, compatible and effective in various users.
Dedicated Support Team for companies connected to the outside
Liquid Ekyc offers a specialized support team dedicated to external businesses. This group provides comprehensive implementation and operational support in English entirely, including guidance on navigation in the requirements of compliance with regulatory regulations in Japan.
This structure ensures a smooth and reliable boarding experience for global companies entering or operating in the Japanese market.
About forex.com
Forex.com is a global online trading platform operated by Stonex Group Inc., a company listed in NASDAQ (ticker: snex). The platform serves customers in more than 180 countries and offers access to more than 12,000 financials around the world.
In Japan, forex.com provides commercial services for 84 FX coin pairs and 26 Knock-Out selection products. The trading is available via PC (Web Platform) and Mobile Devices (iPhone and Android) and the platform also supports Metatrader 4 (MT4).
For the Ekyc liquid
The Service provides an electronic completion of the identity verification required for internet contracts, account registration and opening accounts. We offer a method that takes a photo of an identity document or reads an IC chip and fits it with themselves, as well as a method that uses a public personal identity (JPKI / Smartphone JPKI). Liquid Ekyc can also support age verification for student discounts. Privately owned AI, Biometric and OCR technologies allowed us to maintain a low rejection rate from the beginning to the end of the photo taking process. As a result, the Elements Group has achieved a cumulative set of about 130 million identity verifications, with about 600 companies adopting our services.
Liquid aims to create a seamless world, where all 8 billion people around the world can easily and safely use all services such as automatic and ubiquitous identity. We provide our own digital identity, KYC and authentication service, where users can prove their identity at any time, anywhere in the world with their smartphone or face. Expanding our service worldwide and we use the know -how accumulated in accordance with strict Japanese laws and rules. Liquid Ekyc adapts our functions and services flexible and quickly to changes in the required legal and security framework.