StoneX Retail and PassFort on the case for seamless KYC

StoneX Retail chose to partner with PassFort to create seamless, efficient onboarding experiences for its customers spanning 8 jurisdictions around the world. Hear more about what the team has achieved.

StoneX Retail – business profile

StoneX Retail is a hugely successful provider of online trading services. The company is recognised for its retail FX and CFD trading brands, and City Index. It provides retail traders from around the world with the tools and pricing they need to help them succeed in today’s financial markets.

Headquartered in the US, the firm has a large global presence. It is currently regulated in 8 jurisdictions. StoneX Retail has a global team of KYC professionals controlling onboarding and ongoing risk monitoring.

The business case

StoneX Retail wanted to maximise automation of its compliance processes. More than 25,000 individuals per month apply for its products in different regions. The compliance solution needed to scale to meet changing demands, without the addition of more compliance resources, and it needed to cope with the complexity of regulation in different jurisdictions.

It was important for compliance activity to support growth, revenue generation and great customer experiences. The platform needed to be integrated with StoneX Retail’s CRM system to create a single customer view. And the compliance solution needed to reduce the number of people who dropped out of the process at the onboarding stage by dealing with new applications swiftly and efficiently.

StoneX Retail’s priorities of having a solution that could scale to demand, increase automation of compliance activity and create better customer experiences were consistent across all 8 jurisdictions. The solution needed to be flexible enough to automate workflows with consistent results from the US to Japan to Europe and beyond.

The solution

In 2020, StoneX Retail chose to partner with PassFort and use its PassFort Lifecycle solution to automate customer onboarding and ongoing risk monitoring activity.

Scaling to demand

PassFort orchestrates digital compliance workflows for StoneX Retail’s customers. Its configurations are tailored to meet the regulatory requirements of each of its 8 global entities, serving hundreds of countries and thousands of customers.

When StoneX Retail saw a 3X surge in demand for its products last year, PassFort scaled accordingly, and StoneX Retail didn’t have to add more compliance resources to its operation.

Increasing straight-through processing and reducing delays

In partnership with PassFort, StoneX Retail is achieving its ambition to maximise automation. It has increased straight-through processing, so more than half of new applications are decided without manual intervention.

If and when manual work is needed, through its integration with StoneX Retail’s CRM system, PassFort can show its KYC team exactly what data is needed so tasks can be prioritised, they can communicate with clients, and reduce delays.

StoneX Retail has also been able to reduce time to decision on new applications, creating better customer experiences and ensuring fewer drop-offs during the onboarding phase.

“The neat thing about PassFort is it tells our users what needs attention without them having to figure it out. Our team is focused on what needs prioritising, everything else is automated in the platform.”

David Chen, VP of Product, StoneX Retail

“StoneX Retail is on a growth curve, but in 2020 we went parabolic. PassFort was implemented just at the right time, and we were able to send large volumes of applications through the platform.

The US was the first integration with PassFort, when we saw all-time-high volumes of applications. This was a great test of the solution, its abilities and resilience. This introduction created a few fans across our organisation, particularly in our commercial department, who wanted to see a fast onboarding tool across the customer base.

Each region we operate in has a slightly different rule set. PassFort orchestrates workflows for all of them, maximising automation, but bringing in our people to make decisions where needed. For our back-office operations PassFort delivers clean workflows that are fast and consistent so the team can do its job better.

Nothing in compliance stays the same and changes are not always straightforward. With PassFort, we can talk to the development team and reconfigure the UI, making it a little easier to handle any complexities. Also, PassFort enables us to risk-rate a person at the onboarding stage, but as the lifecycle of that customer goes on it also enables us to see if their risk level changes over time. It gives us configurability and dynamic risk-based attributes.

We see PassFort as a partner in making onboarding easier for StoneX Retail and its customers. It connects our CRM system, our data providers, and internal case management. PassFort consolidates onboarding and risk monitoring and adds real value.” David concluded.

Get in touch

If you need to get on the case of a more seamless customer onboarding experience, speak to the PassFort team – they would love to hear from you.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

Posted in Case Studies

Leave a Reply

Your email address will not be published. Required fields are marked *