“We’re delighted to partner with iDenfy to strengthen our commitment to providing exceptional services to our educational trading platform as iDenfy’s fully reliable identification solutions enhance and automate our compliance processes. This helps us to empower traders and give them the tools they need to succeed.”
Czech-based proprietary trading firm FTMO has deployed iDenfy’s identity verification and fraud prevention solutions to enhance the platform’s ability to verify users efficiently and prevent duplicate accounts.
FTMO aims to improve its onboarding process with iDenfy’s technology amid increasing scrutiny over today’s prop firms, which now use “demo account” and “educational trading” models.
iDenfy is a Lithuania-based RegTech that helps ensure compliance with Anti-Money Laundering (AML), Know Your Customer (KYC), and Know Your Business (KYB) regulations. The platform is designed to serve a wide range of clients, from large-scale businesses to small organizations, by offering a comprehensive suite of tools that facilitate the verification of individual and corporate identities.
The company’s services are aimed at enhancing security and efficiency in online transactions and client onboarding processes by using advanced technologies such as facial recognition, document scanning, and fraud detection algorithms.
FTMO onboarded over 1 million users
The move is in response to the platform’s expansion and its need to manage growing compliance requirements efficiently. FTMO’s platform has attracted over 1 million users from more than 180 countries, offering both free and paid versions of its trading education services.
The partnership between FTMO and iDenfy is designed to streamline FTMO’s client onboarding operations and reduce the incidence of duplicate account submissions. iDenfy’s solutions will also help FTMO in screening against international sanctions lists and identifying duplicate or redundant submissions.
Pavel Dusek, the COO of FTMO, said: “We’re delighted to partner with iDenfy to strengthen our commitment to providing exceptional services to our educational trading platform as iDenfy’s fully reliable identification solutions enhance and automate our compliance processes. This helps us to empower traders and give them the tools they need to succeed.”
Domantas Ciulde, the CEO of iDenfy, commented: “Our team is excited to work together to drive efficiency and transparency in the prop trading industry, ultimately benefiting traders and the education platform alike.”
iDenfy partnered with RaiseFX in South Africa
Earlier this year, South Africa-based CFD brokerage firm RaiseFX partnered with iDenfy. Recognizing the escalating threats of cyber-attacks and the importance of data security, particularly in light of rising phishing incidents and growing cybersecurity concerns among small and medium-sized enterprises, RaiseFX has prioritized enhancing its cybersecurity measures.
FinanceFeeds covered a few other iDenfy partnerships, including Standard Liege, ECNG Digital, Paystrax, Fincapital, and Kazakhstan-based CFD broker ITCS Trade.
