Japanese owned brand Z.com which is housing the GMO-Z.com Trade UK subsidiary, which in turn is providing forex trading services using technology from the largest broker by volume in the world and in Japan, GMO Click, has unveiled a new partnership.
The company has picked AU10TIX aiming to deploy an efficient client on-boarding procedure, while remaining in compliance with existing regulations.
Having an efficient know-your-customer (KYC) procedure can be essential in attracting potential customers and managing to retain them as clients. Plus500 has been a company that to a certain extent exemplified how well this can be done, before it was tapped on the shoulder by the FCA.
The Managing Director of AU10TIX, Ron Atzmon, said: “We feel that companies like Z.com Trade UK who invest in technology such as ours build a strong foundation for long-term success in the Forex market, by communicating their commitment to security and compliance to customers.”
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As compliance comes into the equation, and while ID documents from clients should be recognized, qualified, extracted and authenticated as soon as possible, adherence to existing regulations is a must.
Replacing staff who have to do document verification manually is easy, but it only needs to happen to a certain extent: flashing red lights should be advising brokers of prospective anti-money laundering violations, amongst other issues.
Ofer Friedman, VP Marketing of AU10TIX, explained: “Even the best back office operations have their limits. And those limits are especially challenged when you’ve got a global, high volume business.”
Commenting on the partnership announcement, the General Manager at Z.com Trade, Nick Cropper, said: “We are committed to implementing the best technology that will shape and ensure the long-term future of our industry, which is why it was important for us to find the best possible solution for Secure Customer Onboarding.”
“We chose AU10TIX BOS as it meets all of our requirements for security and compliance, and it does so markedly better than any other solution available. AU10TIX BOS is a significant advancement in the market, and we want to be among the first to utilize it,” he explained.