City Index selects Sphonic.Com’s innovative identity and risk management solution for its growing, global digital consumer base.
London, UK (PRWEB UK) 31 July 2013 -- City Index (http://www.cityindex.co.uk), a leading global provider of retail trading services, including Spread Betting (UK only), Contracts for Difference (CFDs) and margined foreign exchange (FX), has selected Windsor-based Sphonic.Com’s innovative Customer Acceptance & Risk Management solution “Workflow Manager” for global customer identity and on-boarding services.
The service will result in Sphonic.com’s innovative Workflow Manager technology – underpinned by a leading network of 3rd party vendors – being integrated within City Index for real-time customer identity & risk management services. As a result City Index will be able to accurately profile consumers all over the globe, due to Sphonic.com’s innovative data network of providers in Identity & Verification, Device Fingerprinting, IP Geo-location, Phone Verification, Email checks and a host of other services under a single integration.
Sphonic.com’s FACT-Based approach to customer enablement and risk management was developed by its founder Andy Lee who is also the Chief Product Officer. This approach of using FACTS extracts the big data, derived from the vendor technologies, and then transforms it into significant, relevant data to provide a more intuitive friction-free approach to customer identity and authentication in the growing digital commerce world.
City Index is a major player in the Spread Betting, CFD and Forex markets, winning a number of industry awards over the years for their continuous innovation in trading. It was voted as the Best Online Trading Application 2011 and Best CFD Provider 2012 by Shares Magazine, and continues to provide technological enhancements for their customers. City Index is regulated by the Financial Conduct Authority and enforces strict measures on Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
With the need to manage AML/KYC alongside customer experience in the evolving digital business, City Index said of the selection of Sphonic, “Our customers are critical to the continuous success of City Index, and their ability to apply, transact and trade securely is crucial. In selecting Sphonic.Com to manage this vitally important area in the journey of a consumer’s interaction with City Index, we are able to leverage innovative technologies under a single platform, which delivers over 40% savings when compared to our previous use of technology and manual processes. We are pleased to partner up with Sphonic.com and recognise its flexibility to adapt with the increasing pressures and scale from digital channels.
Speaking further of being selected by City Index, Riten Gohil, CEO of Sphonic.Com said “We are extremely excited by working with City Index to deliver an innovative, cost-effective solution to manage the identity and risk management of their growing digital consumer base. Sphonic.Com was created to help clients manage the increasing pressure from the regulatory environment whilst recognising that that the digital world brings its own challenges and opportunities. City Index operates on a global level for its trading services from various jurisdictions. Sphonic.Com leverage a unique FACT-Based approach to Customer Identity and Risk Management to provide a fully integrated real-time solution. With our ability to profile consumers accurately whether they interact via Mobile, PC, Tablet or by phone, we are able to serve City Index’s long term needs in all areas of Digital Customer Identity and Risk Management.”
The solution will involve City Index utilising Sphonic.Com’s “Workflow Manager” which brings together some of the leading big data and fraud management solutions from around the world under a single integration. This includes technologies compliant for global AML/KYC regimes, in addition to more intuitive technologies for the evolving digital environment.
About City Index Group
City Index Group is one of the leading global providers of retail trading services, transacting in excess of 2 million trades per month for the group’s customers around the world. City Index trading platforms give access to thousands of derivatives on global financial markets, including; Spread Betting, Contracts for Differences (CFDs) and margined foreign exchange (FX).
The Group trades primarily under the City Index, Finspreads and FX Solutions brands and also provides a fully outsourced white label solution to numerous partners.
City Index recently launched City Trading, its first iPhone Spread Betting and CFD Trading application that provides full and secure access to customers’ trading accounts, whenever and wherever they want.
City Index Limited is authorised and regulated by the Financial Conduct Authority (no. 113942) and its head and registered office is Park House, 16 Finsbury Circus, London EC2M 7EB (Registered in England and Wales, no. 1761813).
About Sphonic.com
Sphonic.com is the trading name of Symphonic Solutions Limited. The company was recently established with backing from private investors to develop and launch Workflow Manager. With the growth in e-commerce, mobile payments and consumer wallets, alongside increasing concerns around customer security, the Sphonic.com platform has been created with the growing demands for digital security. Workflow Manager enables clients to integrate with its innovative big data vendor network through a single API. Sphonic.com also provides professional services and research & development consulting for financial services, eCommerce and mCommerce clients globally.
For more information, visit http://www.sphonic.com.
For further details, please contact:
Riten Gohil +44 (0) 7949 614 709 ritengohil(at)sphonic(dot)cm
Journalist Enquiries
Alex Nekrassov or Tom Drummond, New Century Media
+44 (0) 20 7930 8033
AlexNekrassov(at)newcenturymedia(dot)co(dot)uk
tomdrummond(at)newcenturymedia(dot)co(dot)uk
Riten Gohil, Sphonic.Com, +44 (0) 7949 614 709, [email protected]
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