ATFX leads the way in LATAM and the Middle East with Tier 1 multi-industry payment relationships
FinanceFeeds takes a close look at how important payment channels are in terms of accessibility and security of client funds as ATFX forges crucial relationships with major global providers
With the electronic, online nature of today’s retail financial product range, the need to ensure that a good quality merchant services channel can be achieved is paramount.
The professional who has spent length of time in the FX and CFD business, what their opinion is on payments solutions providers (PSPs) that provide service to the online trading business, and the majority will likely detail the challenges that surround facilitating efficient, risk-free and secure electronic payments of deposits and withdrawals between customers, partners and brokerages, taking into account global constraints.
For this reason, ensuring a comprehensive payment solution is paramount, and working closely with good quality payment processors which are region specific is vital to be able to maintain and properly service an international base of customers whose cross-border payment environments differ tremendously.
To keep a toehold in the online commercial world, while this is consciousness of security increasing, retail brokerages need to seek for good relationships with the merchant services companies that can provide good quality and comprehensive solutions to different industries and regions, all over the world.
Innovative brokerage ATFX has been refining its methodology with regard to facilitating easy and safe payment solutions for its clients and partners, this week gaining important relationships with three specialist payment services providers in order to provide better service to clients in 20 different countries across the Arabian peninsula and Latin America.
For the Gulf Co-operation Council (GCC) region, which consists of the important commodity-rich nations Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. , ATFX has selected CASHU and Perfect Money, both of which areit in widespread use in all areas of e-commerce in the region, and are trusted by banks, merchant services providers such as Visa and MasterCard and regional authorities, to ensure safe transmission of client funds to and from ATFX’s brokerage custodial account.
In Latin America, a region relatively untouched by most FX brokerages, there is great potential. It is a developing continent, largely bound by the same language and similar cultural aspects of business across the entire continent, and has strictly controlled electronic payment requirements imposed by governments and banks in certain countries in the region, in some cases including capital controls unless specifically approved payment channels are in place.
In this region, ATFX has selected AstroPay to be able to provide trusted and secure payment solutions to its clients in 19 Countries, those being Brazil，Mexico，Colombia，Argentina，Peru，Venezuela，Chile，Ecuador，Guatemala，Haiti，Bolivia，Dominican Republic，Honduras，Paraguay，Nicaragua，El Salvador，Costa Rica，Panama，and Uruguay.
FinanceFeeds research, conducted with a series of mainstream payment processors in Europe and North America deduced that if security is not up to standard, or fraudulent chargebacks or entries to accounts can be made, merchant services companies such as Visa and MasterCard will cancel their agreements with a payment service provider, leaving brokerages without a channel for deposit and withdrawal other than bank transfer, which in the retail sector is impractical.
A particular part of this research involved a case in which a retail FX brokerage in Cyprus had several hundred thousand dollars stolen by fraudsters which is a point worthy of consideration for brokers considering placing their business with banks that are not structured according to Basel III liquidity ratio levels or under strict regulations in terms of data security and identity verification compliance procedures.
For reasons such as this, brokerages which are able to maintain relationships with mainstream PSPs that are considered benchmarks in all industry sectors rather than small, little-known FX-specific PSPs have a far better method of conducting safe, efficient business between themselves and their customers, hence ATFX’s partnerships with these major PSPs is a good, sustainable
Cybersecurity is another increasingly important consideration, and one that ATFX takes seriously, having recently invested considerable resources into biometric facial recognition technology, and forging relationships with large, well recognized PSPs is equally relevant to this line of thinking.
The FX industry is so multi-faceted that the need for cybersecurity exists in many specific areas such as the electric payment processing sector, the safeguarding of client funds in online trading accounts and the actual access to trading accounts themselves in order that trades can be opened and closed.
Using an unrecognized PSP could potentially allow this to be a successful venture for those seeking to access accounts without authorization, however ATFX’s partnership with large, multi-industry PSPs adds an extra layer of security, as these companies all conduct their own risk management and work closely with data providers and merchant services companies to ensure that only authorized users can access funds.
To demonstrate this further, PerfectMoney’s solution has three specific security features that are important to note:
This tool is used for identification of a PM account Customer. This instrument is a kind of an artificial eye for Perfect Money which does not necessarily recognizes someone by his/her face but provides the possibility to identify the computer used to enter the account. In case if the Customer authentication is performed from the net or subnet of IP addresses that are not related to the account owner, the system blocks the entrance to the account and sends an additional safety code to the email specified during the account registration. The change of an IP address is made individually with the help of Perfect Money Support Center.
This system is used for creation of a logical connection between the Customer account and his/her cell number to which the System sends a confirmation code to identify the real account owner. SMS Login system is the most perfect and reliable method of Customer protection from a non-authorized account entrance because the time spent on the whole operation of the code exchange and its entering into account is extremely short and insufficient for a cracking operation.
The customer gets a card with a graphic picture of the code sent to his/her e-mail address, To confirm the transaction, the system sends a Customer an inquiry on a random order delivery of the definite code from that card. CodeCard is a convenient and reliable protection measure to confirm transactions. It has proved itself in the majority of the most prominent financial institutions of the world.
The global regulators are not yet there with payment security, hence the more forward thinking brokerages are paving the way, which is why ATFX’s lead should be considered a welcome one.
These new payment channels currently available for clients of the entity of ATFX which is registered and licences by the FSC in Mauritius.
AT Global Markets Intl Ltd, Company Number 157819 is licensed by the Financial Services Commission as an Investment Dealer (Full Service Dealer, excluding Underwriting, License Number C118023331) pursuant to Section 29 of the Securities Act 2005. The Registered Address: Suite 207, 2nd Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius.