ATFX has introduced a new blockchain-powered ID verification process that aims to facilitate trust between clients and introducing brokers (IBs). ATFX said it has been working on the IB verification project for a few months.

Based on a proprietary blockchain network built by the company’s IT team, ATFX’s blockchain verification technology is revolutionary since it allows potential clients to verify through blockchain whether an introducing broker (IB) is registered with and authorized by the broker.

The new system is two-pronged in that it also allows IBs to verify the status of the referred accounts.

Harnessing blockchain to enhance operations at ATFX

The FX and CFD brokerage firm boasts other innovative approaches to onboarding and identity verification, namely automated verification of new client accounts using facial recognition software. The broker was also among the very first firms to introduce the electronic signing of documents by its clients.

Now, the fintech-based broker is harnessing blockchain technology on a proprietary level in order to enhance its operations. It has been working on the IB verification project for a few months.

By using a blockchain network to verify its IBs, ATFX can guarantee that malicious actors can never alter the records due to the immutable nature of blockchain transactions. Opening the records to prospective and current clients makes it very transparent, making it a real trustable trading environment ATFX’s clients.