RESOURCES
14 AUGUST 2020
Biz4x Release 3.0: A complete feature revamp [1/2]
We heard your feedback and suggestions for improvement loud and clear and we are excited to announce that the new and improved Biz4x Version 3.0 is here! This update was developed over many months with close consultation of Money Service Businesses (MSBs) throughout the development process to gain insights and to improve catering to their business and operational needs.
Rates
Margin Setting
For larger MSBs that may require differing margins applied to the buy/sell rates according to location of branches, the new margin setting feature accommodates this. Set different margins at 3 different levels of operation - Company, Group and Branch. This feature essentially enables you to customise your board rates across all branches easily according to your business needs.
The new Margin Setting feature also facilitates grouping of branches. If you have a group of branches that you wish to implement a different set of board rates for from the other branches, you can set up margins for the group to only be applied to branches within that group. This way, you can easily manage a few branches by adjusting the margins at a centralised interface instead of needing to adjust the margins for individual branches. This can be particularly useful for large MSBs who may have branches across many states and/or cities.
Base Rate Settings
Have your own source for mid-market FX rates that you wish to use? You can now use them as your base rate. Choose between Biz4x’s live rates (Mid Market Rate) or the Custom Rate through which you can enter your own Buy/Sell rates depending on which works best for your business.
You can also adjust custom rates effortlessly and these changes will reflect on the board rates and currency tradings instantly. This allows MSBs to have the flexibility to keep the custom rates up to date as often as needed.
Stocks
Grouping of Branches
Upon organising branches into groups, you can now view stock information of groups that you may have created. Under the stock overview function, not only can you have a quick overview of the stock holdings and cost averages for all currencies for each branch, you can also have an overview of stock holdings and average stock cost rates for all currencies of each group. This can be useful in providing a quick understanding of how a particular group of branches may be performing either individually or compared to other branch groups.
Branch Stock Limits
If you are looking to manage risks of branches such as setting the holding amount for currencies in each branch, you can do so through the new Branch Stock Limits feature. You can set minimum and maximum stock levels for each currency in every branch, including monitoring stock levels in real time. These features enables you keep track of the variance and stock levels to mitigate risk in branches.
Compliance
More Levels of Enforcing Compliance
In the previous versions of Biz4x, only a handful of enforcement actions were enabled to be performed in the risk scoring feature on the transaction parameters. In version 3.0, we have increased those actions to be aligned with the compliance enforcement needs of MSBs. Under the new set of enforcement actions we have the following levels of enforcement -
Under the new set of enforcement actions we have the following levels of enforcement:
None
No action is required when conducting the currency trading
Standard Due Diligence
Basic mandatory steps need to be taken before a currency trading can be recorded in the system
Enhanced Due Diligence
Additional mandatory steps that need to be taken before a currency trading can be recorded in the system
Flag as Low
Flag the transaction as a low risk transaction
Flag as Medium
Flag the transaction as a medium risk transaction
Flag as High
Flag the transaction as a high risk transaction
Disallow Transaction
Block the transaction from being recorded in the system
Seek Approval
Selecting this action will trigger the manager of the branch or owner of the company to approve a transaction before it can be recorded in the system.
These enforcement actions can be extremely useful, especially when a transaction consists of parameters that may trigger the need of compliance enforcement.
Risk Based Analysis (RBA)
You can view details and risk scores of completed transactions on our new RBA dashboard. Perform risk based analysis on transactions to verify or monitor transactions with potential risk levels reflected on the dashboard.
You can also gain more insights on risk levels and how risk varies across various factors of transactions through the RBA Reports. These reports aid with understanding how risk levels are dispersed across your transactions and narrow down on transaction factors that tend to be coupled with higher risks.
