MetaQuotes Software Corp., developer of the most widely used FX trading platforms, has integrated Sum&Substance KYC service, an AI-based ecosystem, which allows MT5 brokers to meet relevant regulatory requirements.

The Sumsub KYC check takes on average around two minutes, form and document submission to account verification, said MetaQuotes. The whole process is implemented directly inside the MetaTrader so that the terminal users won’t need to leave the familiar interface and interrupt the onboarding procedures.

Before opening his account, the KYC system will prompt the user to fill a registration form and uploading the documents. All the pegged documents will be scanned automatically where the system recognizes the information from the image on its own and checks the documents for validity. It also confirms that the user performing the registration is the same person in the document then forwards everything to the KYC provider's system to confirm or reject status based on the whole check results.

Sumsub says the new functionality provides further  Automation  Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime and no holidays. Many employers are purchasing robots to take the place of many of their employees that do repetitive or programmable activities. Robotic worked offers high rates of productivity and no need to worry about human resources regulations. Robots are a worthwhile investment. Automation in FinanceIn finance, automation is the use of software and computers to automate essential finance-related tasks. Financial businesses have adopted and promoted the use of new artificial intelligence (AI) technologies. In the early days, AI focused on labor arbitrage and shared services, but fintech soon recognized that process standardization was easily adaptable and could increase their efficiencies. In no time, computer savvy investors and brokers began developing and implementing automated trading systems and market scanners. These automated trading systems are programs that allow investors to set rules for entering and exiting trades. Traders and investors can turn exact entry, exit, and money management rules into automated trading systems that enable computers to perform and monitor transactions. Once those rules are programmed, a computer can automatically process and open trades based on the limitations built into the program. Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime and no holidays. Many employers are purchasing robots to take the place of many of their employees that do repetitive or programmable activities. Robotic worked offers high rates of productivity and no need to worry about human resources regulations. Robots are a worthwhile investment. Automation in FinanceIn finance, automation is the use of software and computers to automate essential finance-related tasks. Financial businesses have adopted and promoted the use of new artificial intelligence (AI) technologies. In the early days, AI focused on labor arbitrage and shared services, but fintech soon recognized that process standardization was easily adaptable and could increase their efficiencies. In no time, computer savvy investors and brokers began developing and implementing automated trading systems and market scanners. These automated trading systems are programs that allow investors to set rules for entering and exiting trades. Traders and investors can turn exact entry, exit, and money management rules into automated trading systems that enable computers to perform and monitor transactions. Once those rules are programmed, a computer can automatically process and open trades based on the limitations built into the program. Read this Term for MetaTrader 5 brokers, as well as the necessary infrastructure for secure data storage and being compliant with data privacy (GDPR) requirements. The solution also minimizes manual operations as all data and applications are sent through encrypted channels.

More brokers are actively switching to MT5

“The KYC provider verifies user data using the most advanced technologies such as computer vision, AI and  Machine Learning  Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained through observational behavior. For example, the process of learning begins with observations or data.This includes examples and indirect experience or instruction to help detect patterns in data. In doing so, the goal is to make better decisions in the future based on the examples that are provided. In an ideal set of circumstances, computers learn automatically without human intervention or assistance and adjust actions accordingly.Machine learning can take two different form, i.e. supervised or unsupervised learning. Supervised machine learning algorithms can apply what has been learned in the past to new data using labeled examples to predict future events. As such, the system is able to provide targets for any new input after sufficient levels of training. Learning algorithm can also compare its output to find errors in order to modify the model accordingly.By extension, unsupervised machine learning algorithms are used when the information used to train is neither classified nor labeled. Unsupervised learning studies how systems can infer a function to describe a hidden structure from unlabeled data. The system doesn’t figure out the right output, but it explores the data and can draw inferences from datasets to describe hidden structures from unlabeled data. Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained through observational behavior. For example, the process of learning begins with observations or data.This includes examples and indirect experience or instruction to help detect patterns in data. In doing so, the goal is to make better decisions in the future based on the examples that are provided. In an ideal set of circumstances, computers learn automatically without human intervention or assistance and adjust actions accordingly.Machine learning can take two different form, i.e. supervised or unsupervised learning. Supervised machine learning algorithms can apply what has been learned in the past to new data using labeled examples to predict future events. As such, the system is able to provide targets for any new input after sufficient levels of training. Learning algorithm can also compare its output to find errors in order to modify the model accordingly.By extension, unsupervised machine learning algorithms are used when the information used to train is neither classified nor labeled. Unsupervised learning studies how systems can infer a function to describe a hidden structure from unlabeled data. The system doesn’t figure out the right output, but it explores the data and can draw inferences from datasets to describe hidden structures from unlabeled data. Read this Term, and thus the identity can be confirmed almost instantly. To ensure high-level data protection, Sum&Substance uses crypto monitoring and data transmission via secure communication channels,” the company further explains.

Founded in 2015, Sum&Substance’s SaaS KYC/AML solution automates the ID verification process and ensures KYC/AML compliance as well as personal data security.

More brokers are actively switching to MT5, which expands demand for offering and complementing the platform’s features. As such, the Russian software company was keen to satisfy this demand by further pushing the deployment of the platform and its infrastructure, allowing brokers to streamline their operations and empowering them to focus their resources on growth.