iSignthis, a digital identity proofing solutions provider, said on Wednesday it has entered into an agreement with online forex broker and platform iForex, under which it will pilot its Digital KYC service by making it available to the broker’s clients in Germany in the second half of 2016.
Through the pilot agreement, iSignthis aims to optimize its service and to demonstrate it complies with the EU requirements, some of which are to come into effect in 2017. Meanwhile, a successfully optimized pilot would provide iForex with a user friendly onboarding system. The iSignthis service will be able to onboard customers who elect to pay by credit card to iForex within minutes.
“We are excited to be piloting our recently released 4AMLD [EU’s 4th Anti-Money Laundering Directive] customer due diligence KYC solution with industry leader, iForex. Noting that both the 4AMLD and PSD2 [Payment Services Directive] are now visible on the horizon, we are delighted by the foresight shown by iForex to solve the challenges associated with 4AMLD and PSD2 ahead of time, and offer their customers a seamless, quick and low friction onboarding experience,” iSignthis Managing Director John Karantzis said.
Digital KYS stands for Know Your Customer (KYC) and enables users to identify customers. It is designed for dynamic on-boarding of customers for a variety of online services, including for forex brokers.
iForex it a trading brand of iCFD Ltd. (previously iForex Cyprus), part of iForex Group. The broker is licensed by the Cyprus Securities Exchange Commission (CySEC). iForex offers trading in more than 250 tradable products, including forex, contracts for difference (CFDs), commodities, indices, and shares.
iForex Group consists of the holding company iForex Holding Ltd., iCFD Ltd., risk management and liquidity provider Formula Investment House Ltd., funds settlement FIH Formula Investment House Clearing Ltd.,
Source: ABN Newswire