Case Study: Exceed Your Customers' Expectations With Foreign Currency Exchange Services That Drive Results

This case study is part of our case studies and resources series. For more insights from CXI visit our resources and news page. Contact us now to partner with CXI.   

Customer

The customer is among one of the top 10 financial institutions located in the United States. Their primary focus is to provide financial services that ensure growth and economic progress for their clients.

The company has over 200 years of experience in the financial services industry. With over 700 branches across the United States, and currently generates over $7 billion in revenue on a yearly basis. 

Challenge

Due to the company’s increase in costs, compliance, and regulatory risks that is often associated with exposure in emerging markets, they needed a trusted foreign exchange provider that would remove the burden and streamline their process.

This challenge prompted the customer to look for an all-in-one customized solution for foreign currency exchange with a more personalized approach.

Solution

1. Delivery solutions
2. Account holder solutions
3. Reports solutions
4. Customized branding solutions
5. Customized rates solutions
6. Administrative solutions

Solution Specifics

Currency Exchange International, Corp (CXI) went through a rigorous process to make sure the company passed all compliance requirements prior to becoming a client of CXI.

Once all the new customer requirements were passed, our team at CXI was able to successfully connect with them to design the right solution the company needed based on their own unique situation. 

During the development phase, our team at CXI created the following solutions to meet their needs:

1. Delivery Solutions:

• Auto-scheduling of pickups for all orders
• Allowed user to select a future date
• Additional flexible shipping options
• Added client e-mail address for tracking status
• Added home delivery option to all verified client’s address

2. Account Holder Solutions:

• Flexible currency exchange limits depending on account holder type
• CXIFX feature to apply thresholds based on totals before vs. after fees

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3. Reports Solutions:

• Introduced filter capabilities based on the location where an order was shipped instead of where the  user is registered in CXIFX
• Expanded ability on CXIFX to better display the history of how each user’s access changes over time
• Implemented simple non-account holder reporting capabilities to administer compliance requirements on OFAC reporting

4. Customized Branding Solutions:

• Applied custom branding to one particular shipment tracking e-mail that is sent to customers. All other e-mails were not branded
• Created language on CXIFX to match the current company culture language

5. Customized Rates Solutions:

• Introduced multiple tiers of exchange rates in one export file to reflect rates based on account holder type

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6. Administrative Solutions:

• Eliminated user administration piece of the process through an API. This allowed CXIFX to integrate with their internal software automatically
• Introduced a single sign-on integration system which allows users from external software and applications with their own security protocols to log into our currency exchange web application seamlessly without having to enter an additional password
• Implemented a logical feature to meet the requirements of their internal compliance system. CXIFX validates all user names match lists for external software
• Added flexible access groups with the ability for tellers at inventory branches to float seamlessly between different inventories on CXIFX
• Introduced users export so their system can easily verify CXIFX has all appropriate users in it

Results

Currency Exchange International, Corp (CXI) was able to successfully provide solutions that met all of the company’s needs with a focus on account management and customer service.

The customer is now delivering a groundbreaking level of superior customer service through a monthly grading system and ticketing reports with the following results:

Previously, some branches carried a very large and unnecessary amount of cash in their vault. CXI was also able to implement a process where the inventory turnover is on average 2 - 2.5x monthly.

This effectively made it possible to account for counterfeit banknotes promptly as well as other issues that could arise when a branch holds over $500,000 in inventory at any given moment.

Recently, the customer provided CXI with a report scorecard to display their level of satisfaction with CXI. In the report, you will see the ratings CXI was given for each category over the last year since the customer became a client with CXI. 

Customer Satisfaction Levels Month Over Month (Percentage) 

Overall Rating Status Month Over Month

Overall Rating Status Month Over Month Score Card

Technology and Tools

CXIFX, Currency Exchange International’s proprietary software, utilizes various advanced integrations that simplify transactions, enhance security, and enable compliance with federal and state regulations.

Available integrations include APIs, imports, and exports that streamline processes for an easy to use powerful foreign currency exchange software environment. 

Global: Single Sign-On (SSO)

Simplify user access through single sign-on in your own environment.

Global: Live Rates

Receive a live rate for specific currency pairs during transactions and transfers.

Global: Compliance Verification System

Built into the core of the CXIFX system, the CVS enables screening of specified fields against watch lists in all transaction types.

Import/Export Integration

CXIFX’s connectivity allows for imports and exports of files in multiple formats. These can be received or sent to common core banking software, treasury management systems, and ERPs.

Banknotes and Check Clearing: FedEx Pickup Requests

Automate FedEx pickup with CXIFX’s scheduler for every purchase entered.

Banknotes and Check Clearing: FedEx Shipping Labels

Instantly generate shipping labels attached to transactions for easy shipping and tracking.

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