NICOSIA, Cyprus, November 18, 2012 - XEMarkets, the
trading name and registered trademark of Trading Point
Financial Instruments Ltd., which is a prominent global
currency brokerage active in many countries, successfully
incorporated the real-time ID Verification service of
SafeCharge, a leading provider of payment and risk
management services to online and mobile merchants,
into its Know Your Customer (KYC) practice, a set of regulatory
compliance measures carried out during Trader
On-boarding process to ascertain trader identity and
minimize fraud.
Using Image Recognition Technology, ID Verification
instantly detects forgeries on scanned identity documents
uploaded from anywhere in the world. With this smart service added to its KYC practices portfolio,
XEMarkets has now digitalized all ID checks and brought them to real-time.
“We completed the incorporation of ID Verification with success and are already very satisfied with
the results. ID Verification allowed us to really speed up the trader onboarding process and save big
on operational costs. We are now even able to spot well-crafted forgeries invisible to the naked eye
right away,” says Andy Draniewicz, Head of Operations at XEMarkets. “ID Verification became a significant
filter in our risk management platform; its effective mitigation of risk helps us tremendously in
our efforts to comply with KYC regulations.”
ID Verification was designed to lead companies’ risk and compliance departments to work more
efficiently and assertively, preventing financial losses stemming from undetected fraud. Hence, it
promises to be a big time-and-money-saver for brokers.
“Our partners at XEMarkets have proved to be visionaries by their early adoption of this new compliance
and risk technology. We believe it’s our years serving Forex and Binary Options brokers and our
deep expertise in their payment processing that led XEMarkets to choose us,” says Yuval Ziv, Managing
Director at SafeCharge. “We take pride in our innovatory products and services, and are committed
to serving our prestigious clientele for many years to come.”