- ITCS Trade is removing the blockchain niche shield by providing the needed tools for everyone to join the trading landscape more easily.
- With fraud on the rise due to the pandemic and businesses moving to the digital sphere, the company started to search for a new ID verification solution to enhance the experience for its customers.
The Challenges
It’s no secret that the benefits of technology come along with some struggles to adapt online or keep the data safe. That’s why to enter the blockchain world safely, and without any restriction, customers need to provide personal information and their identity documents. Know Your Customer (KYC) processes help reduce the risks of money laundering and prevent fraud.
Unfortunately, with manual identity verification processes, ITCS Trade simply could not manage all of its KYC verification requests.
ITCS Trade claims that the ever-changing compliance scenery and obliging regulations can be expensive due to the KYC staff. To resolve the issue and save on operational costs, ITCS Trade turned to the recent advances in image scanning technology, implementing iDenfy’s full-stack identity verification software.
“Practically, it’s impossible to onboard customers quickly and safely with manual procedures,” explains the CEO of ITCS Trade, Jonathan Säther.
“Integrating KYC and AML tools provide us with better risk-based management of our customers, at the same time enhancing efficiency and minimizing the risks of regulatory fines.”
Despite that, as for many other Financial Service Providers and brokers, the KYC process can be tedious and time-consuming from both the client’s and company’s point of view. Being in the startup environment, time is very valuable for ITCS Trade.
The solution
Successful businesses prioritize having efficient security systems. Companies choose to implement digital identity verification to have a better grip and more control over risks online.
According to ITCS Trade, such an automated process can save you a lot of nerves and resources. The benefits of a remote, smooth KYC solution moved ITCS Trade to join forces with iDenfy and simplify its customers’ onboarding process.
iDenfy’s identity verification solution powered by artificial intelligence allows customers to complete the whole process within four clicks, which takes a few minutes.
The smart face recognition and 3D liveness check ensure that the customer is actually present during the verification; this way, removing any phishing attacks in real time.
ITCS Trade selected iDenfy’s secure and efficient ID verification software to manage its customers’ data with ease. The trading business can focus on delivering the best experience for traders online without compromising on security.
Now, iDenfy ensures a high level of accuracy by cross-checking the selfie photo with the customer’s identification documents, making sure that the data is legitimate. To guarantee complete assurance, iDenfy’s team of KYC experts manually checks the details to confirm whether the person behind the screen is real.
“The manual verifications that iDenfy has performed converted 87.10% of verifications to approved. This has been of great help for us as it drastically increased verifications for us without demanding any extra work from our own verification department.”
Jonathan Säther, CEO of ITCS Trade
The Results
ITCS Trade has achieved its goal of speeding up the KYC process and acquiring new customers more efficiently. iDenfy assists ITCS Trade in ensuring operational efficiency and helps live up to the highest standards in the evolving online trading environment.
ITCS Trade is now confident that only trusted customers are welcome to the trading platform. Taking the workload to iDenfy has completely solved ITCS Trade issues regarding client verification. iDenfy manages the growing customer volumes without putting pressure and more administrative work on ITCS Trade’s part.
🟣 More About ITCS Trade
- ITCS Trade is a Financial Service Provider and CFD Broker that serves retail clients with the best possible trading environment.
- The easy-to-use platform offers more than 4,000 instruments and has a built-in market news service to help its clients with the technical fundamentals of trading.
- ITCS Trade provides its customers with a secure, custom experience by forming a personal relationship through helpful support staff and individual Account Managers.
- ITCS prides itself on innovative technology offerings, striving to maintain one of the best available trading platform names on the market.