Forex Magnates has learned that the social investment network, eToro has chosen AU10TIX BOS (Back-Office Solution) to automate the authentication of customer submitted ID images and their conversion to workable digital records.
AU10TIX BOS is designed for online service providers in markets where regulations mandate the authentication and obtaining of customer data from digital photos or scans of ID documents. The AU10TIX BOS technology works with government issued documents such as ID cards, passports and driving licenses. Such images can be produced by clients using common digital devices such as smartphone cameras, home scanners, webcams, etc. eToro, as did the majority of the industry, used to rely on manual ID image examination and processing.
AU10TIX BOS will enable eToro to replace and augment manual examination and processing with image Analytics and fraud detection technology. Speaking with Forex Magnates, Ofer Friedman, Vice President AU10TIX, said about the benefits of the system: "With smart automation, fraud protection and onboarding as a whole can become much faster, much more accurate, less fatigue sensitive, and less costly. These translate to higher volume capacity, higher conversion success chances, better KYC compliance capacity, and more cost-effective operation."
SafeCharge, the publicly traded Payments solutions provider specializing in Forex brokers and online gambling sites, is listed as a partner on the developer's website. Mr. Friedman has confirmed that both systems are AU10TIX BOS. Mr. Friedman told Forex Magnates that the companies contracted the system with no setup fees, he said: "AU10TIX BOS has a very straight forward business model. This model is volume driven. The more you process, the less each transaction costs."
According to an announcement made to Forex Magnates, eToro has carried out extensive comparative tests of the AU10TIX BOS system against other high profile ID authentication solutions. Testing included hundreds of images of ID documents supported by AU10TIX BOS with 84% success rate and unmatched processing speed across all supported documents. Avi Sela, Chief Operating Officer at eToro said : “We spared no effort in testing the best solutions on the market. We found AU10TIX BOS to be the most suitable solution for us.”
“Having won eToro’s confidence means a lot to us," says Ron Atzmon, Managing Director of AU10TIX: “Especially after such a thorough testing procedure. What makes us exceptionally happy is the wide gap demonstrated by AU10TIX BOS from other high profile solutions. AU10TIX BOS came out better across all parameters including accuracy, speed, and actual traffic coverage," he concluded.
