No country is an island as far as international commerce is concerned. These days it is very common for a person in one country to purchase a product or service from or transfer money to a business or individual in another country with some kind of currency exchange taking place before the transaction is complete. The seller (or person accepting the money) must have the skills to make the transaction properly and assure that the money is exchanged legally without bad guys getting involved.
These types of transactions don’t only take place in banks. They also occur in retail stores and websites, money exchange offices and kiosks, airports and hotels, and travel agencies like American Express.
Clear View Systems, Ltd., a software developer headquartered in Vancouver, BC, Canada, has created software called CurrencyXchanger that does foreign currency exchange transactions.
Main features of the software include integrating accounting, automatic currency rates updates, ability to manage multiple payment methods in one invoice, accounts receivable and payable, check cashing and printing, customer relations and beneficiary relation management, customizable policy and commission structure, and the ability to publish currency rates on a website. The software can also calculate profits and loss per currency and does automatic cross checking of customers with the Office of the Superintendent of Financial Institutions (OSFI) list (a terrorist financing watch list). It is compatible with Mac OS X, Windows, XP, and Vista platforms.
There are actually three versions of the software – CurrencyXchanger POS, CurrencyXchanger Business Edition, and CurrencyXchanger Pro Edition.
CurrencyXchanger POS has been designed for small currency exchange kiosks and outlets in airports and shopping centers, money service businesses, money exchange bureaus, Bureau de Change, Casa de Cambios, travel agencies, hotels, casinos, tourist shops, cruise ships, resorts, and exchange outlets.
Features include what has been described above as well as
• Tellerproof system for end of the workday cash reconciliation.
• Currency denominations tracking, updates of currency rates including gold, platinum, and silver bullions
• Calculated rates in real time including average buy rates, holding costs, cost of purchase, break-even rates, short and long positions, coverage rates, cost of goods sold, exposure, and historical rates
• Record keeping for forex trades, rate bookings, futures, wires, and deliveries
• P&L reports per currency
• Rule-based AML policy declaration module
• Live check of customer names against international sanction lists
• 24-hours aggregation rule for detecting suspicious transactions
CurrencyXchanger Business Edition has been created for money services bureaus, currency wholesalers, money remittance agencies, check cashing companies, money lenders, financial institutions, dealers of precious metals, and import & Export companies.
Features include everything of the CurrencyXchanger POS Edition as well as:
• Record multiple payments in one invoice
• Reconcile bank, check, and cash accounts
• Record and manage forex forward contracts futures, orders, and deliveries
• Multi currency Treasury Management
CurrencyXchanger Pro includes all the features of the CurrencyXchanger Business Edition. It also features eWire, a proprietary technology that permits the main office to communicate with its international agents through the Internet and permits customers to track their transactions. It is ideal for money exchange businesses that also offer financial services to customers.
Other features exclusive to CurrencyXchanger Pro include:
• Beneficiary bank accounts
• Notification warnings on customers
• Multi-use word processor
• Online banking for customers
Clear View Systems has more than 50 clients in Canada, the United States, United Kingdom, Zambia, Sweden, Australia, Lebanon, Seychelles, and Hong Kong that are using the CurrencyXchanger software to provide currency exchange services to their customers.
For more information, visit the company website.