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Techwave Revolutionizing Foreign Exchange Operations with Advanced POS Solutions
Summary
The client is a prominent British foreign exchange company. The currency specialist its operational efficiency and market responsiveness by partnering with Techwave. Outdated technology, manual data consolidation, and lack of real-time updates made it difficult for the client to respond to market fluctuations in time. Collaboration with Techwave introduced a white labelled state-of-the-art Point-of-Sale (POS) system, XTRIS, revolutionizing the way the company processed transactions and managed currency holdings across its extensive network of branches in the UK. The project resulted in over 70% accuracy in real-time online information for managing currency positions.
Industry
Financial Services
Company Size
190+ branches, managing transactions in 70 currencies
Region
Europe
Key Challenge
Manual data consolidation, legacy technology, market responsiveness, and business scalability
Business Challenges
The client manages thousands of transactions daily spanning over 70 different currencies worldwide. Their service portfolio has evolved to encompass travel currency, international payments, and remittance services tailored for both retail and business clientele. However, they encountered significant hurdles in their foreign exchange operations:
- Day-to-day manual efforts to consolidate data, resulting in escalated operational expenses
- Prevailing technology heavily relied on outdated clipper-based applications and isolated systems impeding operational efficiency
- Access to real-time updates regarding currency holdings was lacking, negatively impacting timely decision-making
- Fund Management and running business at optimum level was a major challenge
- Exchange bureaus struggled to respond promptly to market fluctuations in exchange rates
- The existing applications proved inadequate in effectively scaling to accommodate the burgeoning business requirements
Solutions
A White Label Solution: Techwave, in collaboration with partners, introduced a White Label solution to facilitate remote online services, improving accessibility and convenience. The objective is to innovate and implement strategies that enhance the client’s foreign exchange operations through effective data utilization. Furthermore, we have optimized data processing efficiency by integrating spread capabilities across 200 branches.
- XTRIS: Enhanced XTRIS, a state-of-the-art point-of-sale transaction processing system designed to streamline foreign exchange operations. XTRIS functioned as an online platform providing real-time foreign exchange trading information, ensuring instantaneous updates on transactions in bureaux de change. It allowed swift responses to market changes and facilitated efficient 24/7 service.
- Efficient Data Processing: Techwave integrated spreading capabilities across 200 branches, ensuring efficient and effective data processing and round-the-clock availability.
Tech Stack
Business Outcomes
The adoption of Techwave’s solution brought about substantial positive changes in the client’s operations, resulting in:
Achieved 70% accuracy in real-time online information, significantly improving currency position management.
Streamlined operations and reduced manual efforts, leading to an 80% increase in operational efficiency.
Facilitated business scalability and growth through improved system architecture and process automation.
Ensured uninterrupted services and reliable operational support through the system’s high availability 24/7.
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