LONDON--(BUSINESS WIRE)--Onfido, the global identity verification provider, today announced that Admiral Markets, the international internet trading company, has partnered with Onfido and GetID, an Estonian omnichannel identity verification provider, to streamline the digital access process with award-winning AI-powered technology.
Since Admiral Markets launched in 2001, they have steadily expanded trading operations and today is an internationally recognised brand whose investment firms are internet trading providers in the Forex market as well as other financial markets. Rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations are requirements for digital trading providers. Traditionally, this meant customers would need to complete online documents and wait for their application to be verified manually which is costly and could take days to complete.
Onfido has partnered with GetID to provide a modern approach to identity verification for Admiral Markets, displacing older, manual methods. Users can now simply take a photo of their government-issued ID and Onfido’s AI-powered technology verifies their document. The breakthrough hybrid approach automates and scales identity verification while using human experts to verify outliers.
The partnership has already seen a significant impact:
- Increased onboarding rates by 13%
- Started onboarding from countries that were not supported before
- Improved user experience
- Decreased cost per customer onboarding due to automated processes
“GetID and Onfido share the same value of providing the easiest onboarding for new customers with an individual approach to each client,” said Dmitri Laush, CEO at GetID. “At GetID we use the best technologies to deliver to the customer. Onfido has great global coverage and portfolio of trusted clients and together we can provide the greatest identity verification software for any client on the market, no matter how big or small the company is.”
“We are very happy to be partnering with GetID to support Admiral Markets - empowering a streamlined onboarding approach so they can continue focusing on their mission of providing the best digital trading experience,” said Husayn Kassai, CEO and co-founder at Onfido. “We bring trust to digital interactions worldwide, and we’re excited to be partnering with a company that’s equally ambitious.”
Onfido is building the new identity standard for the internet. Our AI-based technology assesses whether a user's government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That's how we give companies like Revolut, Zipcar, and Orange the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.
GetID is an identity verification solution for business that enables clients to swiftly and seamlessly facilitate identity verification, KYC & AML checks, and to significantly improve the onboarding process for the customers. GetID is actively developing its own solutions and technology as well as simultaneously aggregating some of the existing solutions on the market.
About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Since its foundation in 2001, the Admiral Markets Group has continually expanded its reach and today offers its services worldwide through its regulated trading companies, thus becoming a truly global organization.