The Financial Commission (FinaCom) announced on Thursday that it had arranged a partnership with GetID, an identity verification service, to allow FinaCom’s members entitlement to around 50 free verifications. According to the press release shared with Finance Magnates, the new offering will enable brokers that are already using the service to increase their conversions up to 40% and cut down verification by 90%, citing a recent case study.
The integration allows brokers to integrate GetID into their operations with several options offered by the service, including Mobile and Web SDKs, API, or Cloud-based verification page. Specifically, the Financial Commission stated: “Broker members can conduct swift and remote KYC and onboarding; reduce workloads for compliance teams; save on compliance and legal expenses; quickly capture necessary data and speed up the processing; customize their onboarding process to their company’s needs.”
Moreover, by onboarding GetID into the processes of the brokers’ operations, entitled firms could get the latest feature of the verification service dubbed ‘KYC flow builder’, which allows developers and compliance officers to implement online verification systems under specific regulatory requirements. “Brokers can take advantage of the system’s flexibility by using the administration portal, which allows operations and compliance departments to oversee verification results, easily manage processes and collaborate with team members,” the FinaCom added.
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Conditions for the Verification
However, the Financial Commission clarified that the GetID service provides 50 complimentary identification verifications for broker members who are in good standing with FinaCom as stated in the Commission’s rules and guidelines.
In recent developments related to the commission, Finance Magnates reported that FinaCom announced the Cypriot broker, Fxview has become a newly approved member of the self-regulatory organization. The brokerage’s joining the self-regulator amid increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Furthermore, the Commission green-lighted the foreign exchange brokerage, Opoforex, as the new Commission member recently.