XEMarkets, the trading name and registered trademark of Trading Point Financial Instruments Ltd., which is a prominent global currency brokerage active in many countries, successfully incorporated the real-time ID Verification service of SafeCharge into its Know Your Customer (KYC) practice, a set of regulatory compliance measures carried out during Trader On-boarding process to ascertain trader identity and minimize fraud.
Using Image Recognition Technology, ID Verification instantly detects forgeries on scanned identity documents uploaded from anywhere in the world. With this smart service added to its KYC practices portfolio, XEMarkets has now digitalized all ID checks and brought them to real-time.
“We completed the incorporation of ID Verification with success and are already very satisfied with the results. ID Verification allowed us to really speed up the trader onboarding process and save big on operational costs. We are now even able to spot well-crafted forgeries invisible to the naked eye right away,” says Andy Draniewicz, Head of Operations at XEMarkets. “ID Verification became a significant filter in our risk management platform; its effective mitigation of risk helps us tremendously in our efforts to comply with KYC regulations.”
ID Verification was designed to lead companies’ risk and compliance departments to work more efficiently and assertively, preventing financial losses stemming from undetected fraud. Hence, it promises to be a big time-and-money-saver for brokers.
“Our partners at XEMarkets have proved to be visionaries by their early adoption of this new compli-ance and risk technology. We believe it’s our years serving Forex and Binary Options brokers and our deep expertise in their payment processing that led XEMarkets to choose us,” says Yuval Ziv, Managing Director at SafeCharge. “We take pride in our innovatory products and services, and are committed to serving our prestigious clientele for many years to come.”