WikiFX report: Launching an automated KYC verification process

My Forex Funds broker, a prop firm established in 2020 whi give access to Qualified traders to get to company accounts up to 2 million dollars and are end to keep a share of profits generated by trading activity. Yet the broker is constantly working on improving their products and services to satisfy their customers security in fx live accounts and the funded trader experience.

In their efforts to improve and ensure a well safe environment for everyone, they have updated their KYC (Know Your Customer) verification process to an automated method. In that way, they created a smooth and fast onboarding while making their clients verified traders in just an easier way.

Automated KYC provides clients with a frictionless experience by eliminating the frequent back-and-forths between customer and company when new information is required. With an automated process, customers are given an easy and fast accreditation or identification experience that results in quicker account opening.

Included in the new automated KYC verification, all KYC processes are aligned and run automatically using advanced AI and machine learning technologies. That gives the below benefits to their funded traders:

• Increased Efficiency – the overall process is being sped up with automated solutions running 24/7 with no down-time.

• Improved funded trader Experience – Automated KYC provides funded traders with a frictionless experience by eliminating the frequent back-and-forth between traders and MFF when new information is required. With the new automated process, customers are given an easy and fast identification experience that results in quicker fx live account opening.

• Verified trader‘s information protection – All personal information is completely protected. It can’t be used for purposes other than customer authentication

Therefore we can confidently say that using the newly automated

Know Your Customer or Know Your Clients (KYC) to identifies and verifies the customers before opening a new account in their name will minimize the general complexity in the account opening processes and make KYC a simply secure method.