Forex.com partners with Liquid to use its eKYC technology for biometric identity verification. This will streamline account openings by minimizing drop-offs through improved verification methods. Liquid’s system verifies identities for both local and foreign residents using biometric authentication. The company has seen a significant growth in verifications, reaching 60 million this year.
Forex.com has announced a new partnership with Japan’s Liquid, which will provide biometric identity verification through its eKYC system. This system will be used to verify customers’ identities as they open accounts on Forex.com, a platform that specializes in FX and CFD trading, operated by StoneX Securities. This integration aims to enhance the account opening process and reduce application drop-offs by using more precise identity verification methods.
Essentially, Liquid’s eKYC technology verifies not just local residents but also foreign residents in Japan. It employs biometric authentication combined with image recognition, allowing remote verification of identity documents. The system authenticates these documents through various methods, including photo or chip scans and checks against a selfie, plus it utilizes the Japanese Public Key Infrastructure (JPKI) for further validation.
Liquid has made significant strides in digital identity verification recently, having achieved a milestone of 60 million verifications this year. This increase is attributed to the advancing maturity of Japan’s digital ID framework, with verifications that leverage the embedded IC chip in local My Number Cards and driver’s licenses seeing a notable surge—specifically, an increase to 14 million, which is almost double the previous figures.
Liquid’s verification services cater to a range of clients, spanning across sectors such as financial services, mobile communications, second-hand retail, sharing economies, crypto trading, and Web3 services. Notable clients include PayPal’s subsidiary, Paidy, Rakuten Wallet, Binance Japan, and others. Their system features a review management function, enabling it to pinpoint any discrepancies in user-submitted information, aiding users in correcting errors in their applications promptly.
To facilitate integration of its identity verification systems, Liquid’s Elements subsidiary provides an “IC Omakase Pack.” This toolkit helps direct users to the best pathways for verification based on their device, steering iOS users toward a web browser and Android users towards the Liquid app. Additionally, Liquid offers services to cross-reference facial biometrics to mitigate potential fraud across various industries.
In summary, Forex.com’s integration of Liquid’s eKYC system for biometric identity verification marks a significant step towards enhancing the account opening process. By focusing on accuracy and efficiency, this partnership aims to reduce application drop-offs and improve user experiences. With Liquid’s proven technology and substantial growth in identity verifications, both Forex.com and its users stand to benefit considerably.
Original Source: www.biometricupdate.com
