GMO CLICK Securities affiliate GMO-Z.com Trade UK Limited announced on Wednesday its partnership with two RegTech companies – muinmos PASS and NorthRow – to accelerate its client onboarding processes.
According to the press release shared with Finance Magnates, the company will integrate the solutions recently-announced prime-of-prime brokerage services – Z.com Global Markets.
The new platform will offer its services to regulated brokers, hedge funds and asset managers, private banks, and proprietary traders. The platform is also offering its clients access to curated liquidity pools along with a range of optimized FX, precious metals, commodities, and equity indices markets.
Responding to Finance Magnates over e-mail, Nick Cropper, general manager of GMO-Z.com, said: “In our preparations to launch our prime-of-prime services we have spent time on assessing the various technology solutions available and selecting only the best-of-breed. muinmos and NorthRow are interesting in that they allow us to appropriately categorize and onboard institutional clients, which is typically a time-consuming part of the onboarding process.”
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Bringing AI to the trading
Commenting on the partnership, Remonda Kirketerp-Møller, founder and CEO of muinmos, said: “We are extremely delighted to have been selected by GMO-Z.com to enable them to streamline their onboarding automation, and deliver real-time compliance checks with the added benefit of a tried and tested governance model which senior management and regulators like to see.”
“Our muinmos PASS regulatory engine is an AI-based product with built-in governance workflows which instantly maps regulatory permissions across the globe, enabling them to perform accurate and fast risk-free processing of their clients in terms of classification, suitability and appropriateness on each product and service offered and cross border clearance.”
The company has already finished the integration of the technologies and is now completing some final testing.
“We are delighted to have been chosen by GMO-Z.com to deliver their new onboarding experience,” added Rhodri James, chief revenue officer at NorthRow.
“Our longstanding partnership with muinmos accelerates the onboarding process so our clients in financial markets can offer a fully digital experience that allows the end-user to complete their application quickly. We look forward to working with muinmos and GMO-Z.com to maximize the efficiency of their onboarding processes whilst ensuring compliance with the relevant Anti-Money Laundering (AML) and MiFID II regulations.”