What is I-Currency?

I-Currency is a secure intranet-based application used by money transfer companies for domestic and international funds transfer.

I-Currency is multi-currency-ready, providing user friendly front office operations and back office management and serving head office, branches, agents, customer MSB's and domestic and foreign pay out correspondents.

User friendly front office: Simply enter the sender and receiver information, select the destination country, the local currency amount to send, and click to generate a customer receipt – your transaction is complete

Compliance with anti money laundering regulations: As the transaction is saved (and before it is transmitted to the pay out network), the transaction is validated for compliance with all local anti money laundering legislation. If any match against Bank of England/OFAC or any other ‘Blocked Persons’ list occurs, the transaction is automatically placed on an administrative queue, to be accessed and reviewed by the Money Laundering Reporting Officer.

Back office management: Once the transactions are transmitted to the pay out network, the transactions are ready to be accounted for. Users can search and track orders, get daily sales reports, agent commission and net remit reports, ledger reports, branch activity reports, statistics by branch, by agent, by customer MSB, by country, by payer, by amount and several other reports in a friendly spreadsheet format.

Settle payments for the foreign correspondent:  I-Currency allows you to monitor all transaction orders received by the pay out correspondent, and allows settlement of invoices generated to any account specified by the pay out correspondent.

Who has access to I-Currency?

Each money transfer company using the I-Currency system will designate a system administrator. Only authorized users with a valid login and password provided by the system administrator can access the application. The system administrator will fully control the actions that each user is allowed to perform and can grant or revoke their rights at any time.

How secure is it?

A SSL (Secure Socket Layer) is used to enhance security of transactions using either 64k or 128K key encryption method. Other options often used are VPN (Virtual Private Networks) or server authentication and client certificates.

How fast is it?

I-Currency automatically stores every new sender and receiver information and offers the option to store their scanned ID images, (so this information only needs to be entered once). Repeat customer transactions are completed in just a few seconds and new customer transactions in less than a minute.

What kind of equipments is compliant with I-Currency?

Any personal computer, running any version of Microsoft Windows, with an updated browser and broadband Internet access will run I-Currency. For customer ID scanning, most twin compatible scanners and cameras are supported.

 Can I print a customer receipt?

The system user can print a customer a receipt as soon as the transaction is created. A log with branch location, agent login, creation date and time, receipt print date and time, and many other fields is kept for each transaction.

How do I know the current status of an order?

I-Currency tracks every step of a transaction by processing stages, (that is: login, origin ip, date and time). The system administrator can monitor all stages, from the time the order was created until the moment it is paid.

How do I get reports?

Reports are viewed on the internet browser, downloaded in spreadsheet format or automatically emailed to the system administrator.

How do I make my backup?

I-Currency generates a daily backup and stores it on a secure FTP server. The system administrator can download it or backups can also be saved on CD-ROM’s and mailed to you.

Do I need a DSL connection to work with I-Currency?

I-Currency resides on a server on a secure data center. Any type of Internet access is possible.However, a DSL connection is highly recommended if a high transaction volume is anticipated.

I need a money transfer system, but I don’t want to purchase outright – can you help?

Although it is possible to buy I-Currency outright, the system is also available (for a small monthly fee) on a ‘pay as you go’ basis – this means that you can ensure AML compliance with the law but also keep costs down.