ThinkMarkets, a multi-asset brokerage offering foreign exchange (FX), contracts-for-difference (CFDs), and metals products, has adopted a number of solutions provided by GBG, a comprehensive data and security provider, according to a company statement.
GBG provides a variety of services for venues in the financial services industry. The group specializes in identity security and other financial risk management solutions that help allay abuse or malpractice. For its part, ThinkMarkets will be implementing GBG’s online verification solution to help bolster its account opening and anti-money laundering screening capabilities.
The adoption of the anti-money laundering and client on-boarding solution will also work in tandem with ThinkMarkets’ existing security infrastructure as it looks to mitigate any potential risks of cyber crime, money laundering, and abuse for clients. In particular, ThinkMarkets has instituted the new module across its entire group of companies and entities – aside from increased security, the advent of GBG’s solutions have facilitated the application of new accounts in a more streamlined manner.
Wholesale Adoption of Online Verification Solution
Additionally, the deployment of the solutions have also helped mitigate the time needed to effectively open an account with ThinkMarkets, reducing the time and number of interactions needed to open an account. More specifically, ThinkMarkets has assimilated GBG’s online verification solution, which will be embedded into its online application process.
The online verification system will also be integrated within ThinkMarkets’ proprietary back-office solution, CRM and trading platform, granting the ability to dredge up or instantly retrieve any client data in real-time across all its systems database.
According to Nauman Anees, Chief Executive Officer (CEO) and co-founder of ThinkMarkets, in a recent statement on the integration: “ThinkMarkets’ vision has always been to offer a seamless experience to our customers. This new approach adds to this, but we still have a long way to go in meeting our strategy of complete automation for global FX traders.”
“We are delighted to be working with ThinkMarkets to improve the experience FX traders have when opening an account. Enabling people to interact over the Web quickly, safely and responsibly is the essence of what we do at GBG and the ThinkMarkets team has taken careful steps to ensure that its digital on-boarding process is fully compliant without reverting to the need for manual document checks half way through,” explained Esther Sangkop, Global Account Manager at GBG, in an accompanying statement.
Earlier this month, ThinkMarkets renewed its £1 million ($1.3 million) additional customer insurance protection, currently pegged as one of the most robust levels of compensation being deployed, relative to other brokers in the UK. ThinkMarkets opted to exceed the average threshold instituted by brokers with its £1 million protection for each client.