What is the Biz4x Marketplace?
Biz4x Marketplace is a wholesale banknotes marketplace that allows money services businesses to trade currencies among peers, or wholesalers like financial institutions. It is one of the modules of Biz4x, an integrated system for money services businesses that provides live FX rates, compliance, business management and customer acquisition features.
Trading takes place through a process where marketplace participants request for a quote (RFQs) stating all their specifications (currency, amount, settlement terms etc). Once they have received a quote from other participants they can choose to accept the best quote and either party can mark the quote as complete once the banknotes have been delivered or collected and payment has been made.