Biz4x Release 2.16: Improving Regulatory Reporting in Zimbabwe and Hong Kong

Biz4x release 2.16 features several new improvements for recording transactions and improving regulatory reporting for customers in Zimbabwe and Hong Kong.

Business Management

Remarks

In Zimbabwe, bureaux de change are required to append a customer ID to all transactions for submission to the regulatory authorities. To allow our customers to be compliant in terms of regulatory reporting, we have allowed them to enter a customer ID number under the remark field when a transaction is recorded. These remarks are added to the transaction reports when they are generated or exported.

Although this was primarily a requirement from Zimbabwe bureaux de change, we have made this feature available to all customers, as it opens up different possibilities and use cases when using the Biz4x to record foreign exchange transactions.

Payment Methods

Innovations in fintech with regard to digital currencies have led to a need for business software to support new forms of payment. We've added new payment methods such as EcoCash in Zimbabwe that can be linked to each transaction to cater to this growing need across different markets.

As society in general begins to trend towards e-payments and mobile wallets, we look forward to being your partner in your transition from a foreign exchange business based on trading physical banknotes to one with a hybrid business model that supports both e-payments and cash.

Compliance

Statement of Transactions

The Statement of Transactions for Hong Kong has been supported by the Biz4x currency exchange application since 2018. Recent changes in the layout and formatting of the report however, have necessitated a corresponding update to the current periodic statement. The updated Hong Kong Statement of Transactions now features updated titles and logo as per the current version to meet Hong Kong's regulatory requirements.

We are always keen to support regulatory reporting and custom requirements in different parts of the world and are pleased to be able to roll out these improvements in Biz4x release 2.16. We have also fixed a few bugs pertaining to permissions and the landing pages. We look forward to your feedback on the new improvements and as always, do send samples of your local regulatory reports to support@biz4x.com.