Biz4x Release 2.2: Refining Anonymity and Denominations on the Marketplace
4xLabs - 10/04/2018
Since the announcement of Biz4x 2.0 which introduced the Biz4x Marketplace, we have received a lot of interest from customers wanting to find out more about our latest innovation for money services businesses. In February, we organised a Biz4x Marketplace demo, which was our first ever event for money services businesses. The goal was to meet and get to know our loyal customers in Singapore better, as well as to introduce and get their feedback on Biz4x and this new wholesale trading module.
We were glad to take questions about the Marketplace, and receive recommendations from a very engaged audience on improving the Marketplace to drive better adoption and increase usability.
As a direct result of this discussion, Biz4x version 2.2 provides new features and options for the Biz4x Marketplace that deals with some of the issues that were raised during the meet-up. (Please note that the following are examples and not real trades, we have merely set up some testing accounts with inspiration on naming drawn from real MCs!)
The first major feedback received on the Marketplace during the event was about the concept of anonymity. Biz4x Marketplace was initially designed with trades being anonymous, so trading parties would only find out who their trading partners were once a trade was confirmed and agreed upon. This would ensure that money service businesses would only trade based on information available in an RFQ and not based on identity. While there were money changers who voiced support for this concept, other money changers wanted to know exactly who they were trading with.
We have thus provided for both options in release 2.2, where money service businesses can choose whether to disclose their contact details and decide if they want to trade directly with peers who have done the same. Thus those who wish to remain anonymous can remain so, and those who want to reveal their identity, as well as be informed of the identity of their trading partners can opt for that as well.
Trading parties will be matched based on the preferences that they have specified, so it's a win-win for all involved!
The Marketplace will still allow the creation of Groups, as announced in Biz4x release 2.0, so money services businesses can include or exclude groups of money service businesses as trading partners.
Another concern raised during the event was the issue of denominations. Biz4x release 2.2 now allows you to see all denominations of a particular currency you want to trade in, so you can select only the denominations you require. Simply indicate the currency you wish to buy or sell and the associated denominations will be displayed for selection.
Once the RFQ has been sent to counterparties with matching parameters, the active RFQ will display the requested denominations.
We are pleased to be able to address some of the core concerns raised by our customers during the Biz4x Marketplace demo event and will be implementing more improvements to streamline your trading experience on Biz4x. Have more suggestions about the Biz4x Marketplace? Write in to us at firstname.lastname@example.org. For more information about how the Biz4x Marketplace works, kindly access the Biz4x Marketplace Quickstart Guide or the full Marketplace Guide.
It was great to meet so many of our loyal customers at our first ever event in Singapore and we look forward to hosting such meet-ups for money services businesses not only at our HQ, but all around the region!