The Goals:

In accordance to legislative regulations, the system is to enable registration of authorized exchange offices, dealer and depot positions, as well as system users, alongside other settings that pertain to the forming the exchange rates and register fees after completed transactions, the divison of profits between the authorized exchange offices and the bank they represent, etc.

The system is to track completed transactions according to legislative transaction elements, alongisde validated and controlled identification of client that conduct the currency conversions.

With accordance to the Law of prevention of money laundering and funding terrorist organizations, the system is to have a mechanism of identification of suspicious transactions.

It was necessary for the system to have the functionality of preventing transactions of clients whose names are specified on sanctions lists such as UN, OFAC, etc.

A particularly important feature for the system is the banknote specimen specification module – a module which enables authorized exchange offices to confirm the legitimacy of banknotes from clients, while conducting the conversion transaction, according to published instructions from the institutions responsible for controlling the relevant currencies.

The report generating module of the system is to enable a forhand and comprehensive insight into the work of authorized exchange offices. As such, it would allow for complete control over the work of the exchange offices by the banks, as one of the most crucial system features.

Different analytics levels should allow for detailed and comprehensive advising of the management bodies in the banks, as well as the authorized exchange offices themselves, about the profitability of the exchange processes and currency exchange jobs.

The system security must follow the latest guidelines of the regulators from the domain of information security – from authentication to authorization of system users to the security of the transport layer (TLS), the use of client certificates for authentication, two-factor user authentication, a developed system of rights and privileges according to the system user categories, …).

Team: