StoneX Boosts Onboarding with AI eKYC Aims for Growth
StoneX Group Inc., a prominent NASDAQ-listed financial services company, has announced the adoption of LIQUID eKYC, an advanced online identity verification service from Liquid Inc. (a member of the ELEMENTS Group). This strategic move will be implemented by StoneX's Japanese subsidiary, StoneX Securities Co., Ltd., to enhance the customer onboarding process for its FOREX.com brand.
The core objective of this transition is to leverage LIQUID eKYC's sophisticated image recognition AI technology. StoneX Securities, which previously utilized other eKYC services, anticipates that this upgrade will significantly reduce user drop-offs during account applications and potentially double the number of new account openings for its FX and CFD trading services.
The Drive for Enhanced Onboarding
FOREX.com stands as a global online trading platform, catering to over one million users across 180 countries with its foreign exchange (FX) and CFD trading services. In Japan, StoneX Securities had already established eKYC procedures, involving ID image capture and selfie matching. The decision to switch to LIQUID eKYC stems from a desire for more accurate and efficient identity verification.
Understanding LIQUID eKYC Implementation
LIQUID eKYC is a comprehensive online identity verification solution. It facilitates the entire verification process remotely by:
- Capturing images of identification documents or reading their IC chips.
- Matching these with facial photos.
- Alternatively, utilizing Japanese Public Key Infrastructure (JPKI) for official digital authentication.
The service is distinguished by its use of biometric authentication and cutting-edge image recognition technologies. These features are designed to minimize user abandonment during onboarding, reduce instances of unclear image submissions, and improve the precision of automated facial recognition, thereby boosting overall process efficiency and reliability.
Key Benefits of LIQUID eKYC for StoneX
The implementation of LIQUID eKYC brings several key advantages:
Improved Application Completion Rates with Real-Time Guidance
A common challenge in online applications is user abandonment, especially during the photo capture stage of identity verification. LIQUID eKYC addresses this with AI-powered image recognition that provides instant, detailed error messages. This contextual feedback guides users effectively through the process.
Drawing from over 130 million identity verifications across the ELEMENTS Group, the system's advanced technology and user-centric interface ensure a smoother experience, enabling users to complete applications with greater confidence and less confusion.
(Examples of Error Messages)
Enhanced Approval Rates in Post-Submission Reviews
LIQUID eKYC features a built-in review management function. This system clearly flags discrepancies, such as mismatches between application form data and details on submitted ID documents.
Integrated with StoneX's processes, LIQUID eKYC can automatically notify users of specific errors, prompting them to resubmit corrected information. This significantly reduces the manual follow-up burden. Furthermore, tasks like manual ID verification, mandated by Japan’s Act on Prevention of Transfer of Criminal Proceeds, are managed through LIQUID eKYC’s Business Process Outsourcing (BPO) services, streamlining the review process and leading to higher approval rates.
Streamlined Compliance with Japanese Legal Requirements
Financial institutions in Japan are obligated to perform identity verification and collect MyNumber (Individual Number) information under the Act on Prevention of Transfer of Criminal Proceeds when opening accounts.
LIQUID eKYC not only supports legally compliant identity verification but also offers end-to-end assistance for collecting, managing, and securely storing MyNumber data. This is a considerable advantage for foreign-affiliated companies, for whom MyNumber compliance can often present operational hurdles. By navigating Japan's complex regulatory landscape, LIQUID eKYC ensures full legal adherence while optimizing onboarding.
Proven Expertise in Verifying Foreign Nationals
LIQUID eKYC boasts a strong history of successfully verifying identities for a diverse user base, both within Japan and internationally. For FOREX.com, this means effective and compliant identity verification not only for Japanese residents but also for foreign nationals residing in Japan, ensuring an inclusive onboarding process.
Dedicated Support for Global Companies
Liquid Inc. provides a specialized support team for foreign-affiliated enterprises like StoneX. This team offers comprehensive implementation and operational support entirely in English, including guidance on Japanese regulatory compliance. This ensures a smooth transition and reliable ongoing operations for global companies in the Japanese market.
About FOREX.com
FOREX.com is a global online trading platform under the StoneX Group Inc. (NASDAQ: SNEX). It serves clients in over 180 countries, offering access to more than 12,000 financial instruments globally.
In Japan, FOREX.com offers trading services for 84 FX currency pairs and 26 Knock-Out Option products. Users can trade via PC (web platform), mobile devices (iPhone and Android), and the platform also supports MetaTrader 4 (MT4). Learn more at the FOREX.com Japan website.
About LIQUID eKYC
LIQUID eKYC has held the No.1 market share for six consecutive years (※). This service enables complete online identity verification for various needs such as online contracts, account registration, and account opening. It supports methods like ID photo capture or IC chip reading matched with selfies, as well as public personal authentication (JPKI / Smartphone JPKI). It can also handle age verification for student discounts.
Powered by proprietary AI, biometric, and OCR technologies, LIQUID eKYC maintains a low drop-off rate throughout the photo shooting process. The ELEMENTS Group has collectively performed approximately 130 million identity verifications, with around 600 companies adopting their services. Find out more about LIQUID eKYC applications.
(※ITR “ITR Market View: Identity Access Management / Personal Authentication Type Security Market 2025 eKYC Market: Sales Value Share by Vendor (FY2019-FY2024Forecast))
About Liquid Inc.
Liquid Inc. envisions a seamless world where all 8 billion global citizens can easily and securely access services through automatic and ubiquitous authentication. The company provides its own Digital ID, KYC, and Authentication services, allowing users to prove their identity anytime, anywhere using their smartphone or face. Liquid Inc. is expanding globally, leveraging know-how accumulated under Japan's stringent laws and regulations, and adapting operations quickly to evolving legal and security frameworks. Visit Liquid Inc. global website for more information.
