About EBH
European Brokerage House (EBH) is a fully FSC licensed and regulated broker under the MiFID. EBH’s team has decades of experience on the Forex market allowing their customers to have an unparalleled trading experience.
Overview
This use case shows the process of implementation and usage of identity verification services provided by Fully-Verified for EBH. EBH uses both our Live-Verify (video identifications with specialists) and Self-Verify (automated video identifications) depending on cases.
The goals for this integration were:
- Fully digital customer onboarding
- Compliance with strict regulations
- Elimination of fraudulent applications
- Having custom built verification scenarios and verification questions
EBH decided to choose Fully-Verified’s services because of:
- Highest security and compliance standards – providing identity verifications on video which are backed by automated document recognition and scanning, face recognition, machine learning and AI, as well as on top of that checked by human verification specialists.
- Providing two models for identity verifications for different cases – live calls with specialists and automated identifications.
- Access to PEP and Sanction checks – it’s always good to have one provider deliver everything instead of relying on multiple small vendors delivering their parts.
The flow of the registration process combined with Fully-Verified’s identity verification service is simple. Each user fills in their details on EBH’s site, after the details are saved the verification is started within Fully-Verified’s system. Depending on verification method (Live-Verify vs Self-Verify) the user either connects with a consultant who guides them through the process, or, if using Self-Verify, completes the process on his own by showing their document and taking a selfie (all on video of course). After the process is completed each user is sent back to EBH along with verification outcome and the ability to use EBH’s trading account.
Customer input
All we needed from the customer was their requirements. We provided all the technical documentation required for integration with our API as well as offered support from our dev team for the whole process.
Since there was a requirement for custom verification scenarios and questions, our compliance team created a procedure which met EBH’s guidelines.
How has Fully-Verified become an important component of EBH’s digital strategy?
Customer demands are changing very fast, and users have high expectations with regard to usability and speed, especially with young people. Today, the expectation is that an account should be opened in minutes rather than hours.
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.
