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.
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Sumsub says the new functionality provides further automation 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, 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.