A Typical Online Foreign Exchange Scenario

A travel agent completes over 25 international transfers throughout a month. The company was processing these payments through its own high street bank and had to manually enter all payment related information for each and every beneficiary. This process was consuming company labour time and prone to inputting errors. In addition to this slow outdated system the bank provided confusing payment tiers and high transfer fees.

Alternative

VFX ONLINE account management platform allows clients to input beneficiary bank details in to the system which can then be stored and repeated for suture use. Trades can be made online and partial or full payments made against each currency order. Beneficiary details can be managed in the admin section and selected from a drop down menu when a funds need to be transferred. For extra security the system will show a ?confirm payment? box to ensure inputted details are correct.

Outcome

Using VFX ONLINE Stored Beneficiary service drastically saves the client labour time and consequently money. Having a one stop solution to monitor the exchange rates, carry out foreign exchange transactions and make payments to suppliers also saves hassle of dealing with different systems, and unnecessary sending of faxes and emails. Confirming the payment as an extra security measure also virtually eliminates payment problems and errors.