ThinkMarkets Integrates GBG’s Verification Solution, Limiting On-Boarding Lag

ThinkMarkets, a multi-asset brokerage offering foreign exchange (FX), contracts-for-difference (CFDs), and metals products, has adopted a number of solutions provided by GBG, a comprehensive data and security provider, according to a company statement.

Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!

GBG provides a variety of services for venues in the financial services industry. The group specializes in identity security and other financial Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions that help allay abuse or malpractice. For its part, ThinkMarkets will be implementing GBG’s online verification solution to help bolster its account opening and anti-money laundering screening capabilities.

The adoption of the anti-money laundering and client on-boarding solution will also work in tandem with ThinkMarkets’ existing security infrastructure as it looks to mitigate any potential risks of cyber crime, money laundering, and abuse for clients. In particular, ThinkMarkets has instituted the new module across its entire group of companies and entities - aside from increased security, the advent of GBG’s solutions have facilitated the application of new accounts in a more streamlined manner.

Wholesale Adoption of Online Verification Solution

Additionally, the deployment of the solutions have also helped mitigate the time needed to effectively open an account with ThinkMarkets, reducing the time and number of interactions needed to open an account. More specifically, ThinkMarkets has assimilated GBG’s online verification solution, which will be embedded into its online application process.

The online verification system will also be integrated within ThinkMarkets’ proprietary back-office solution, CRM and Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, granting the ability to dredge up or instantly retrieve any client data in real-time across all its systems database.

According to Nauman Anees, Chief Executive Officer (CEO) and co-founder of ThinkMarkets, in a recent statement on the integration: "ThinkMarkets’ vision has always been to offer a seamless experience to our customers. This new approach adds to this, but we still have a long way to go in meeting our strategy of complete automation for global FX traders."

“We are delighted to be working with ThinkMarkets to improve the experience FX traders have when opening an account. Enabling people to interact over the Web quickly, safely and responsibly is the essence of what we do at GBG and the ThinkMarkets team has taken careful steps to ensure that its digital on-boarding process is fully compliant without reverting to the need for manual document checks half way through,” explained Esther Sangkop, Global Account Manager at GBG, in an accompanying statement.

Earlier this month, ThinkMarkets renewed its £1 million ($1.3 million) additional customer insurance protection, currently pegged as one of the most robust levels of compensation being deployed, relative to other brokers in the UK. ThinkMarkets opted to exceed the average threshold instituted by brokers with its £1 million protection for each client.