Biz4x Release 2.3: Biz4x Marketplace is Now Live
4xLabs - 02/05/2018
Our biggest news update this week is one that many of you have been waiting for with bated breath... the Biz4x Marketplace is now live and open for wholesale trading with Biz4x release 2.3!
While we introduced the concept of wholesale trading via the Biz4x Marketplace earlier this year in 2.0, it was only available for a private beta preview to gather customer feedback and implement changes in preparation for its official launch. Now, customers who have previously submitted their documents for the prerequisite due diligence screening will have access to the Marketplace through the Business Management module. (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!)
Getting started on the Marketplace is simple. First, you will have to configure your settings to receive Requests for Quotes.
Next, you can create groups to include or exclude trading partners. If you are merely looking to receive RFQs, it's as simple as that. You'll be all set to begin receiving RFQs once the set-up is done when you click on the Active RFQ option in the sub-menu.
If you would like to create RFQs, you can select the create RFQ option to begin your set-up, where you indicate your specific trading preferences, much like the options you selected while configuring Settings.
If both Senders and Receivers of RFQs have matching criteria, they will be matched as trading counterparties and trading between the various parties can take place.
We've improved the accuracy of transactions recorded, by adhering exactly to the precision specified in terms of decimal places that have been configured for your local currencies. If you had earlier set-up your local currencies to two decimal places, it will be recorded exactly as is for local and foreign currencies in your transaction history and associated reports. To view your precision settings for your local currency, you can go to Your Currencies > Settings and scroll until you can view your local currency. Click on the gear icon, and you can see how your currency has been set-up. In the example below, the local currency has been set to four decimal places and will be recorded in the Transaction History and associated reports as such.
As per requests by some customers, we have created a custom permission to limit the ability to update custom rates when recording a transaction. This can be enabled by assigning a user to a limited Teller custom role through Settings > Roles & permissions.
Aside from merely viewing a list of transactions that have been recorded from Transaction History, users can now go one step further and conveniently click on the linked customer name to access their profile and associated documents directly.
A bug involving inverse rates in transactions has also been fixed.
We're all really excited that the Biz4x Marketplace is now open for trading, and we look forward to receiving more feedback for improving this world's first online wholesale trading platform at firstname.lastname@example.org. If you do not yet have access and would like to, do reach out to your account manager, who will provide you with the list of documents you need to submit for us to conduct due diligence.
We hope you enjoy using the Biz4x Marketplace! Happy trading!