4 Ways in which the QoreFX Member’s Area can assist you with on-boarding clients

Oct 3, 2019 | General

The foreign exchange market continues to offer massive growth opportunities to Forex businesses operating across the globe.

“In fact, in 2018 it was reported that five trillion – that is, on average, the dollar value of all the trades in forex (foreign exchange) market on any given day, according to Reuters.”

To compete in what is arguably one of the most aggressively competitive industries worldwide and achieve significant ROI, Forex companies today must have the ability to comply with advanced multi-jurisdictional regulatory requirements on foreign trading, especially during the client on-boarding process.

What does this mean in practice?

1. Know Your Client (KYC), Anti-Money Laundering (AML) and due diligence requirements must be met.

Simply put, Forex companies are obligated to follow proper KYC procedures and carry out due diligence and AML checks on all customers in accordance with regulatory requirements by which all companies operating in the financial services sector are governed. This has obvious implications for on-boarding new customers and the process by which this data is collected. You don’t want an over-complicated procedure being the reason those customers leave your platform before they’ve converted into actual traders.

The QoreFX Member’s Area solution offers advanced client on-boarding with innovative compliance and KYC functionality that is easy to navigate, simple to use and ensures regulatory compliance.

New registrations can be fully automated or include multiple steps to validate contact information, verify documents and more, dependent on business rules. Custom questionnaires can also be built into your registration process to categorise clients appropriately according to their scores.


2. Flexible integration of 3rd party KYC providers.

You want a platform that can seamlessly integrate 3rd party verification providers (e.g. WorldCheck) to be able to carry out appropriate due diligence checks in real-time, upon on-boarding. Built into the registration process, these checks need to be comprehensive and quick.

The QoreFX Member’s Area provides you with the ability to integrate 3rd party providers of your choice so that verification can be implemented automatically during the onboarding process. 


3. Client Suitability and Appropriateness Testing

Effective compliance also means ensuring that a prospective customer meets the regulatory requirements (including MiFID directives) to be allowed to trade in the Forex market. This requires an appropriateness test that assesses whether the customer has the necessary knowledge to understand the risks that come with trading in this market. An appropriateness test is a critical component of the on-boarding process, for obvious reasons.

QoreFX enables you to build a customised appropriateness survey that can be pre-populated into the registration form during onboarding.

The QoreFX Member’s Area solution allows brokers to create a unique, standardised set of questions that will establish whether the customer has a proper understanding of the implications that come with Forex trading.


4. Standardisation of requests to streamline business operations

Streamlining the process by which multiple requests are received and handled is key in the acquisition and conversion process for all Forex companies. This creates a need for an efficient automated system that can receive all incoming requests in a way that is standardised, and which are then redirected to where they need to go with little intervention from an actual member of staff. The system also needs to be built so that it can automate regulatory compliance, without the need for constant human interaction, unless necessary.

QoreFX captures all the business processes you require along with those required by regulators and provides a secure channel to receive client requests in a standardised format, routing to the correct department automatically.

This creates a channel of communication whereby response times to customer queries are mostly instantaneous due to automation and standardisation, speeding up lead conversion considerably during on-boarding.

Are you ready to improve your client on-boarding and convert leads into active traders quickly and easily?

Schedule a free DEMO and find out more about how the QoreFX Member’s Area solution can help you achieve these objectives.