AU10TIX, a global provider of identity verification and management, and the Stratos Group of Companies (collectively, the “Stratos Group” or “FXCM”), a provider of online foreign exchange, equity and other CFD trading and related services, today announced a successful partnership that has strengthened user security and streamlined the onboarding process to the FXCM platform.
The partnership increased ID approval rates by 29% and impacted revenue growth.
FXCM operates worldwide and processes many client account applications daily. The platform historically relied on manual KYC document verification, but this involved resource-intensive processes that hindered customer onboarding with long processing times and user verification services that took hours to days. The resulting low conversion rate prompted the company to look for 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 allowed FXCM to automate user verification and fraud detection processes, significantly reducing onboarding time from hours or days to seconds.
AU10TIX’s advanced algorithms and extensive security databases improved FXCM’s validation processes, resulting in a significant improvement in document approval rates from 62% to 80%. Faster onboarding resulted in lower churn rates and thus expanded the opportunity for revenue growth.
“At FXCM, ensuring a seamless and secure onboarding experience for our clients is a top priority,” said Teodora Mladenova, director of eKYC products at FXCM. “Working with AU10TIX has been instrumental in exceeding our goals of converting customers, improving security and reducing fraudulent accounts. By automating the validation processes, we not only improved security but also improved the onboarding experience for our customers.”
AU10TIX’s technology has also freed up FXCM’s operations team to focus on innovation and improving the user experience.
“Our customized identity verification solutions address the unique challenges faced by industry leaders like FXCM, ensuring not only strong security protocols but also a frictionless journey for users,” said Dan Yerushalmi, CEO of AU10TIX. “We are proud to support FXCM in its mission to enhance security, streamline processes and achieve consistent success in the global FX trading market.”