FOREX.com in Japan is projecting a significant increase in new customer accounts following the implementation of an upgraded identity verification system. The platform has transitioned to an AI-driven process designed to simplify the account sign-up experience. The company anticipates that this enhancement will effectively double the number of completed registrations, as it seeks to improve overall customer satisfaction and minimize abandonment rates during the initial onboarding phase.

The updated system replaces the previous electronic know-your-customer (eKYC) protocol with LIQUID eKYC, a solution developed by Liquid Inc. This new tool employs sophisticated image recognition and biometric technologies to validate customer identities. According to a spokesperson for StoneX, the LIQUID eKYC system addresses a critical pain point: users abandoning the process due to difficulties encountered while taking ID photos. The new system provides immediate feedback, enabling users to resolve issues promptly and complete their registration.

LIQUID eKYC Offers Real-Time Feedback and Streamlined User Guidance

The firm noted that a considerable number of users previously abandoned the registration process midway through the photo capture stage,often due to unclear error messages. LIQUID eKYC addresses this issue by providing real-time feedback and clear instructions for necessary corrections, reducing user frustration and facilitating smoother progress. This seemingly minor adjustment is expected to substantially increase the rate of successful sign-ups.

FOREX.com serves over one million users across 180 countries, with Japan representing a key market. A seamless onboarding experience is essential for meeting customer expectations. The company has stated that this upgrade is a necessary step to satisfy both customer needs and comply with local regulatory requirements.

Japan maintains stringent financial regulations, including specific requirements for identity verification and the handling of personal identification numbers. StoneX has confirmed that the new system adheres to these standards and manages the additional complexities mandated by Japanese law, thereby reducing the need for manual document verification by staff.

The AI system is built upon a foundation of data derived from over 130 million identity verifications, granting it robust pattern recognition capabilities. It is indeed specifically engineered to mitigate common issues such as blurry images or mismatched data. The firm anticipates that this will enhance accuracy and minimize processing delays.

“Users get instant feedback if there’s an issue, making it easier to complete the process.”

Enhanced Support for Foreign Firms with LIQUID eKYC

LIQUID eKYC extends additional support to foreign firms by offering assistance in English and facilitating manual reviews when necessary. StoneX emphasized that this capability was a significant factor in their decision to adopt the system, as it aligns with their diverse customer base in Japan.

The platform caters to both Japanese nationals and foreign residents, many of whom utilize mobile devices for trading.FOREX.com provides access to 84 foreign exchange currency pairs and 26 knockout options, accessible through both web and mobile applications. The system is fully compatible with MetaTrader 4,a widely used tool among traders.

Even though the system is newly implemented, the company anticipates rapid improvements in user acquisition. A spokesperson indicated that the primary objective is to attract a larger user base without increasing staffing levels or prolonging review times. The system is designed to be fast,reliable,and user-pleasant.