29 December, AtoZForex.com, Amsterdam — Playtech closes Finexo and restructures Markets.com for the New Year. Following the announced dropped acquisitions of Plus500 and AvaTrade, in a record time this month. Being disclosed already in an earlier phase, the gaming giant decided to consolidate its Forex brands, having Finexo clients transferred to Markets.com.
The impact for the customers of Finexo is expected to be minimal. Considering that the 2003 established forex and CFDs broker already operated under the CySEC license of SafeCap Investments, since the high profile Finexo merger with SafeCap Investments and TradeFX back in October 2010. Consequently, with Playtech’s follow up acquisition of Markets.com in April this year, these forex trading brands have all fallen in the possession of the gaming giant.
Benefits of restructuring trading brands
Evidently, the next step of Playtech is to restructure these brand names in a coherent running and efficient machine. From the recent news announcement, this is exactly what Playtech has disclosed to undertake, as a spokesperson has commented publicly on its restructuring strategy for the near future:
“As the product evolves over time, we divert gradually to more automated onboarding processes, which enable us to focus and strengthen our retention team. We have significant capabilities supported by our unique CRM technology being a key differentiator in the space.”
It could be that the inspiration for Playtech’s decision for to have an automated onboarding system for clients, is based on the unique approach of Plus500. As which the gaming giant failed to acquire Plus500 right before the year-end, due to regulatory issues. Nevertheless, the automated onboarding system yields more efficiency for registering new clients, while it’s reduce significantly the costs of direct sales calls in the initial phase.
Playtech updates KYC procedures
As Playtech closes Finexo and restructures Markets.com, the firm has also disclosed its plans to upgrade its existing Know Your Customer (KYC) procedures for 2016, in order to become fully compliant with the various financial regulators.
Playtech is set to have clients’ deposits through the regular bank wire, credit, and debit cards, meanwhile clients need to send along their proof of ownership. In regards to payments by card, clients will be prompted to send proper copies of their bankcard from both sides. This is required, before any payments or deposits can take place. It all seems like regular KYC procedure, but still a number of brokers allow nowadays clients to have first deposits without full card verification.
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