Currency Exchange International has developed a web based application that allows for foreign currency inventory management for use by its clients and its clients' customers. The FX Software (herein called CEIFX) which accommodates foreign currency, foreign and US travelers checks, drafts and wire transfers is extremely flexible and allows for unique customizations for its many different deployment needs including, high volume retail branches, inventory locations for "money centers" and the corporate main office. The software will improve upon customer service, compliance and risk management.
CEIFX Cash Software will operate on a web site with a domain chosen and purchased by CXI or users that CXI licenses to such as
www.CEIFX.com or as a part of an existing link on other websites.
The CEIFX website will be hosted on CXI servers or as a part of the many websites its potential licensee customers may currently operate.
The FX Cash website operates in a "white label" environment thereby allowing it to look exactly like CXI's website, or for selected customers, to look and feel that it is the CXI Client's website. The functionality of the website is fully customizable for each client as set up by the CEIFX administrator.
Customer/Location Management: The CEIFX software in addition to having many different unique configurations, also allows for a variety of CXI customers with their own locations to have unique configurations and relationships back to their main office and/or with CXI directly. Therefore a CXI customer can use the CEIFX software for its customers by setting them up online with their customer's locations so that the end user can transact directly online with the customer locations of CXI's customers.
The CEIFX system allows for a location to be either an inventory location or non-inventory location. If the location is set up as an
inventory location, the location can either own their inventory or be set up as an inventory on consignment location.
A Non inventory location does not hold currency and therefore all purchases or sales are transmitted to the primary relationship (CXI or CXI's Customer, if the location is CXI's Customer's Customer location) as a pending sale or purchase to be shipped out (Pending sale to fill) or pending purchase to be received and posted into the primary location's inventory.
Exchange Rates: The software bases its exchange rate groups off of SPOT which can have a live rate feed or can be manually entered. If manually entered, the system has an "error check". CEIFX allows for many different rate groups for buying and selling which is customizable by location and even by currency.
Countries: The website is programmed with over 80 of the most common currencies including color pictures front and back. A new currency can be added very easily by using the Add a New Currency function, or a request to CXI to add a currency is included in the annual support.
Users: The CEIFX system has many different types of users such as CXI administrator, company administrator, teller, audit user and compliance user. Each company administrator can set up all of their own locations, employees and users and manage their own permissions as allowed by the overall CXI administrator. There is a complete list of all permissions in the software handbook that will be included with the initial setup of the CXI relationship.
Reports: The system has a variety of reports from exchange volume reports, to inventory reports to profit and loss reports. Additionally, reports for special functions like exchange rate over-ride, waived fees and other unique user activity is recorded for simple report generation. Most Custom reports are built in or will be built as a part of the installation customization meeting.
Integration and Import/Export: The system supports a variety of integrations and data import/export from/to other systems, allows such popular features as: Single Sign On integration with other systems; settlement integration; export transactions in third-party software systems, such as Fedwire, Patriot; integration with mail service FedEx and much more.
The software has been designed with Compliance at the forefront of the development allowing for all compliance requirements as well as customizable enhancements to enable full functionality or restricted use based on the CXI administrator's setup requirements. This includes:
The CEIFX software can be used in many different business settings making the software investment extremely valuable generating significant returns for the user and its customers by servicing Special High Volume Branches, Managing the main vault inventory and servicing Special customers.
Currency Exchange International will customize its white labeled FX Software solution for its customers so that the licensed website will further enhance the existing FX bank note business for CXI and its customers.
Overall, CXI or its clients can significantly increase its FX activities by implementing this highly customizable FX software website. It will allow customers to increase business at existing locations while generating new clients through increased competitiveness that the Foreign Currency offering will have by providing an online solution for customers and their customers which may currently not exist.