StoneX Group Implements AI-Powered Identity Verification To Optimize Client Onboarding In Japan

StoneX Group Inc.’s Japan-based unit has upgraded the identity check system for its FOREX.com platform by adding artificial intelligence. This new system is expected to help twice as many people finish signing up for accounts.

The company switched from its old electronic identity check process to LIQUID eKYC, created by Liquid Inc., part of the ELEMENTS Group. The new tool uses smart image recognition to confirm who users are when they try to open a trading account for foreign exchange (FX) and contracts for difference (CFDs).

StoneX Group Aims To Boost Account Sign-Ups With AI-Powered Verification

StoneX made the change because many users were quitting halfway through the sign-up process, especially during the photo-taking step. The new AI system gives instant feedback to help users send the proper documents, which should lower the number of people who give up before finishing.

According to the company, this change should significantly reduce user drop-offs and help double the number of successful account openings.

FOREX.com, which supports over a million users in many countries, sees fast and easy sign-ups as necessary for growth. Before the upgrade, users in Japan had to take photos of their IDs and selfies for matching during sign-up.

Now, the upgraded LIQUID eKYC system uses face recognition and better image checking to reduce unclear photo problems. It builds on data from over 130 million identity checks already done by the ELEMENTS Group.

The new system also meets Japan’s strict rules, like those aimed at stopping crime-related money transfers and collecting each user’s MyNumber (a personal ID code). It can spot mismatches between what users type in and what’s on their documents, alerting them to fix the issue right away. This cuts down on the need for extra manual checking.

StoneX Group Wants To Expand Access With Smarter Verification Tools

In addition, LIQUID eKYC offers help with the manual checks required by Japan’s anti-money laundering laws. It also supports foreign firms with English-language setup and operations.

The new system works for both Japanese citizens and foreign residents, which is key since FOREX.com’s users in Japan come from many backgrounds. StoneX Securities offers a wide range of trading services, including 84 currency pairs and 26 knock-out options, and can be used on web or mobile apps, including MetaTrader 4.

StoneX Group Inc., earlier known as INTL FCStone, is a financial services company based in the United States. It works in six main areas: commercial hedging, global payments, securities, physical commodities, foreign exchange, and clearing and execution services.

The company changed its name to StoneX Group Inc. as part of a rebranding move. At one point, it was ranked among the top 100 largest U.S. companies by revenue.

INTL FCStone was also listed among several major companies that reportedly paid little to no federal tax following a change in tax laws under the Trump administration.