Forex.com to use Liquid’s eKYC for customer identity verification

Japan’s Liquid is supplying biometric identity verification technology to be used by Forex.com.

Liquid eKYC will be used to verify customer identities during account openings for Forex.com, the FX and CFD trading platform, which is operated by StoneX Securities in Japan, a subsidiary of StoneX Group Inc.

StoneX says it aims to prevent user drop-offs during the application, with the adoption of Liquid’s “more accurate” identity verification, and significantly increase the number of account openings as a result. Liquid has stated that identity verification will be conducted not only for Japanese nationals residing in Japan but also for foreign residents.

Liquid eKYC uses biometric authentication and image recognition technologies to enable verification remotely. It does this by authenticating ID documents with a photo or chip scan, and a match against selfie biometrics or by utilizing Japanese Public Key Infrastructure (JPKI).

This year, Liquid reached the 60 million digital identity verification milestone, helped by a surge in verifications driven by the improving maturity of Japan’s digital ID ecosystem. Verifications performed by Liquid using the IC chip embedded in My Number Cards and driver’s licenses, like those using JPKI nearly doubled, growing by 1.8 times to 14 million.

Customers using Liquid identity verifications include financial services and mobile communication providers, second-hand retail shops, sharing economy services, matching applications, crypto trading services and Web3-related services. Clients include PayPal subsidiary Paidy, Rakuten Wallet, Binance Japan, Japan Post Bank, Toyota Finance Corporation, NTT Docomo and DocuSign Japan.

Liquid eKYC has a built-in review management function that identifies discrepancies, such as mismatches between information entered in the application form and the details on the submitted identification documents. According to Liquid, the system can automatically notify users of specific errors and prompt them to reapply with corrected information.

Liquid’s Elements subsidiary offers customers an “IC Omakase Pack” for integrating identity verification. The comprehensive set of tools directs users to the channel with the lowest drop-off rate, guiding iOS users to a web browser to complete verification, while Android users are directed to the Liquid eKYC app. The services also include one for cross-referencing face biometrics to detect fraud across multiple businesses and industries.

Article Topics

biometrics  |  document verification  |  KYC  |  Liquid Inc  |  onboarding  |  PKI  |  selfie biometrics