Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Japan’s FOREX.com expects a major increase in new customer accounts after upgrading its identity check process. The platform has transitioned to an AI-powered system designed to streamline the sign-up process. The company believes the change will double the number of completed registrations. The move comes as FOREX.com seeks to enhance the customer experience and minimise drop-offs during the sign-up process.
The update replaces the old electronic know-your-customer (eKYC) system with LIQUID eKYC, developed by Liquid Inc. The new tool uses advanced image recognition and biometric checks to confirm customer identities. A spokesperson for StoneX said the new system solves a key problem—users quitting the process when taking ID photos. Now, users get instant feedback if there’s an issue, making it easier to complete the process.
LIQUID eKYC Now Flags Issues In Real Time And Guides Users To Fix Them
The firm said many users gave up halfway when using the old photo capture stage, especially when errors weren’t clear. With LIQUID eKYC, the system flags problems in real-time and informs users of the necessary corrections. This helps avoid confusion and keeps the process moving. That small change could lead to a much higher rate of successful sign-ups.
FOREX.com serves over one million users across 180 countries, with Japan being a significant market. Smooth onboarding is crucial to meeting customer expectations. The company stated that the upgrade was a necessary step to meet both customer needs and local regulations.
Japan has strict financial regulations, including rules around identity checks and the use of personal ID numbers. StoneX stated that the new system meets these standards and handles the additional details required under Japanese law. This reduces the need for staff to check every document manually.
The AI system is built on data from over 130 million identity verifications, providing it with strong pattern recognition capabilities. It’s designed to avoid common issues like blurry images or mismatched details. The firm said this should improve accuracy and reduce delays.
LIQUID eKYC Offers Support In English And Manual Review For Foreign Firms
LIQUID eKYC also offers additional support for foreign firms. The system assists in English and facilitates manual review when necessary. StoneX stated that this was a key reason for selecting the system, as it aligns with their diverse customer base in Japan.
The platform is used by both Japanese nationals and foreign residents, many of whom use mobile devices to trade. FOREX.com offers 84 foreign exchange currency pairs and 26 knockout options, with access available via the web and mobile apps. The system works smoothly with MetaTrader 4, a tool many traders rely on.
Although the system is new, the company expects to see quick results. A spokesperson stated that the goal is to attract more users without hiring additional staff or slowing down reviews. The system was designed to be fast, reliable, and user-friendly.
