Whether or not you already use a computer in some aspect of your business, you can cost justify a whole system and its annual operating costs quite easily by starting to use it for Money Exchange Control System (Forex).  Money Exchange  Control System  in whatever sense it applies to your business can be done manually, of course. But you can almost certainly do it faster, cheaper, and better by automating some or all of the Money Exchange System control process.

Foreign Exchange (Forex) is the arena where a nation\'s currency is exchanged for that of another. The foreign exchange market is the largest financial market, and is the prime market in the world. Take a look at any market trading through the civilized world and you will see that everything is valued in terms of money.

2 Soft Systems Exchange System is a real-time, customizable solution designed to address the needs of small to medium-sized exchange businesses. It also gathers, compiles, analyzes and stores essential business data intelligently, helping managers make better decisions.

All functions are designed to be easy to use and whilst they are tailored to meet localized business needs. It\'s been engineered for specifically the money exchange industry/environment, and designed to serve the needs of businesses without the attendant huge costs or extended implementation time that other software packages required. It integrates and increases the functionality of the General Ledger, Accounts Receivable, Accounts Payable functions. The Money Exchange module is the backbone and a complete real time management of front operation and accounting.  

Money Exchange System allows you in enhancing your customer service. It is a component of the total office automation system. The program is based on advanced relational data base technology (Sybase Adaptive Server Enterprise, SQL) and provides maximum flexibility, ease of use and performance.  The Money Exchange System include recovery program (Target Locking) for data recovery.  Customers may order the Arabic or English version.  Either option may be ordered in Single user or Multi user on Windows NT Technology network. The basic program provides complete Money Exchange control and has the following facilities:

System Functions

  • Transaction status: for outward remittances, the system will indicate if a remittance is active, cleared, stale, unclaimed or on-hold
  • Subject to controls and conditions, users can stop or cancel a remittance
  • Automated accounting entries to a central general-ledger system
  • Flexible commissions and charges structure. User can define structure of commissions and charges for each product.
  • Customer advice. User defined format of customer advice and reports.

The complete exchange system will contain and have the following component and features:

Demand Draft

D/D is a method of remittance in which the remitting bank, upon application by the remitter, issues in favor of the remitter a demand draft that takes its branch or correspondent bank as the paying bank, and has the remitter either mail it to the payee or bring it out of the territory, and has the designated paying bank effect payment of a prescribed amount of money to the payee upon presentation of the draft.

  • Data entry & printing of the FSD form which will contain the followings data

                                · Automatic serial number

                                · Draft date

                                · Favor of (select from stored database)

                                · Foreign currency amount

                                · Applicants name and address (select from stored database)

                                · Amount in KD

                                · Amount in FC

                                · Charges

                                · Total KD

                                · Method of payment (select from table)

                                · Bank Name (select from table), branch name (select from table)

                                · Screen Layout Design

                                · Reports (daily, weekly, monthly & yearly)

                                · Wording of the drafted amount using foreign currency amount

                                · Validity

Data Entry & Printing of the Draft Check

                                   ·  Automatic draft check serial number

                                   · Date

                                   · Favor of

                                   · Foreign currency amount, and wording of the amount

                                   · Bank name, address, account number, branch

                                   · Printing on pre-printed draft check

                                   · Posting

                                   · None collected draft check customer slips report (to be canceled by the end of each operation day)

                                   · Reports (daily, weekly, monthly, yearly)

Telex Transfer

T/T is a method of remittance in which the remitting bank, upon application by the remitter, informs the branch or correspondent bank at the place where the payee is located, i.e. the paying bank, by test key telegraph, telex or SWIFT (mostly via SWIFT currently), instructing it to pay a prescribed amount of money to the payee.

The Telex transfer option will have the following features:

Data entry & Printing of the TT form, which will contain the followings data

        · Automatic serial

        · Telex date

        · Favor of, address, account number, etc (select from table)

        · Foreign currency amount

        · Applicants name and address (select from table)

        · Amount in KD (Local Currency)

        · Amount in FC

        · Charges

        · Total KD

        · Method of payment (select from table)

        · Bank Name (select from table)

        · Screen Layout Design

        · Posting

        ·   None collected telex transfer customer slips report (to be canceled by the end of each operation day)

        · Reports & back office

        · Wording of amount Telexed using foreign currency amount

        · Flag the telex when paid, and do not print again after posting the session

        · Generate a summery telex report when needed

     ·     Reports (the detailed back office reporting will be discussed with Dollarco  management in details upon agreement)

Purchase & Selling of Currency notes

Purchase & Selling of currencies notes will have the following features

Purchasing/selling date, document number, customer number (from selected table with his scan id picture), amount purchase/sell & currency type, currency code, exchange rate, amount  purchase/sell in KD (Local Currency) , slip printing, received flag (from cashier), receipt from cashier, posting, reports.

 

Back office

Test key

To ensure the safety of the fund transfered, an optional Test Key procedure (program) can be installed/activated at additional Price.  This Moduel will facilitate quick and easy transfer of your funds by assuring complete security Once the Test Key is activated/implemented the software  will provide specific test key for you to enjoy safer remote offshore fund transfer to your banks. You shall apply the test key on your payment  instrument through fax/email, etc.

Door 2 Door / Mail Transfer

Mail transfers (MT) are issued for transfer of funds between branches through the medium of post offices either for credit o an account holder or for payment to certain beneficiary.

-          draft can be sent to any part of India, Bangladesh, Etc.

-          draft delivery to the door step or bank

on line

The 2 Soft Systems solution for Darahim Exchange Co. (Darahim) would consist of major applications, namely Web Enabled e-Exchange System &  Management follow-up.  Each application/module consists of large number of programs that are carefully integrated to achieve the management control and efficiency objectives.

Integration of application will be achieved in two folds. First at data entry time, applications integrate with each other to ensure data validity. Second, is to produce automatically, accounting entries for all integrated applications (if it is integrated with our Accounting System and exchange system).

For maximum benefit and ease of implementation. These products could be installed in stages. This approach will provide maximum attention to each stage of the project.

Phase (Stage 1  )

Installation of  Sybase Enterprise Application Server

This stage will include the following:

Installation and configuration of the Sybase Enterprise Application server. This product is the core operating system to host the web application software. EAS are an integral element of success when developing and deploying web services, EAServer fully supports all the web services standards and enables enterprises to rapidly expose business functions as web services. Which deliver secure enterprise class web services that enable the followings features:

·         Interaction without a predefined business relationship

·         Delivery of business functions to a broader set of customers, employees, suppliers, and partners, parents, students, teachers, etc.

·         New business models that combine application and resources in a dynamic fashion to gain a competitive advantage.

·         Secure enterprise web services

·         Uncompromising performance

·         Leveraging existing software components

·         Open choice development

·         Out of the box integration

·         Real world manageability

Today, EAServer supports EJb and Java/CORBA components, CICS integrator, and database stored procedures.  These stored procedures can be from all Sybase\'s database including ASE, Sql Anywhere, and IQ; in addition, they will support IBM, Oracle, and Microsoft.  EAServer can also support iAnywhere-messaging services, enabling the developer to expose these components as Web services.

This stage will take approximately 2 weeks for installation, configuration and implementation.

Phase (Stage 2 )

Installation of Web Enabled e-Exchange & Management Follow-up 

This stage will include the following:

2.1 Main Darahim Web Page

2 Soft Systems will develop & customize  web enabled e-Exchange application program that will enable your customer  generate on line transaction (accessing your existing data from anywhere on the web where ever there is internet connection). The application will consists on a several screen & modules, which can run from any web browsers such as MS Internet explorer, Netscape, Etc., the main function of the screen will be as follows:

·         Main page, which will have a brief description on Darahim Exchange and links to the rest of the screen (we will give you sample screen to choose from prior of development & installation.

·         User login screen, which will have the user name and password (you will assign for each user a login name and password, with an option for the user to change his user password and profile after he logs in such as his address, telephone number, beneficiaries name/address/bank name & number, etc. )

·         Reports, standard reports will be generated on the above information, also customized report will be discussed with Darahim personnel in details prior to agreement.

2.2 Demand Draft

This is a separate module but within the total web enable e-Exchange office automation application.  This feature will enable the user to perform the followings after successfully logging in:

·         Request to generate demand draft (the user will select the recipient name from the customer recipient profile, with an option to add new recipients and their information)

·         Select the currency from a pre defined currency table

·         Enter the total amount of the demand draft

·         The system then will show the total amount in the foreign currency as will as the total amount equivalent in KD (mentioning the exchange rate, and the amount of commission) (you can provide a special discount discounted commission for online users)

·         Select method of payment (K-net, or bank transfer)

·         Confirm that the above information  are correct

·         Then the system will direct the user to a secure screen if the method of payment is through K-net, and prompt the customer to enter the K-net card number and password and confirm to proceed with the transaction, and if accepted a confirmation number will pops on the screen with date and time and location of  the pick up of the demand of draft (options could be made on this screen such as delivery to company or personnel site,  person name and  civil id of the person who will pick the  demand draft, etc.)

·         If the method of payment through a bank transfer the screen will redirect the customer to a new page will list Darahim Kuwaiti bank list which shows the bank name, branch, currency and account number.  The customer will take the information to make the bank transfer either with his online bank option or by physically visit his bank and generate the transfer.  When the customer click finished a message will appears on the screen for the customer stating that Darahim will contact you after receiving the payment through email/mobile or SMS stating the date, time, and location of the pick up of the demand draft.

·         Customers can check on line his purchase history, transaction status, etc.

·         Reports, standard reports will be generated on the above information, also customized report will be discussed with Darahim personnel in details prior to agreement.

2.2 Telex Transfer

This is a separate module but within the total web enable e-Exchange office automation application.  This feature will enable the user to perform the followings after successfully logging in:

·         Request to generate Telex Transfer (the user will select the recipient name from the customer recipient profile, with an option to add new recipients and their information) which will have the recipient bank name, branch, account number, etc.

·         Select the currency from a pre defined currency table

·         Enter the total amount of the demand draft

·         The system then will show the total amount in the foreign currency as will as the total amount equivalent in KD (mentioning the exchange rate, and the amount of commission) (you can provide a special discount discounted commission for online users)

·         Select method of payment (K-net, or bank transfer)

·         Confirm that the above information  are correct

·         Then the system will direct the user to a secure screen if the method of payment is through K-net, and prompt the customer to enter the K-net card number and password and confirm to proceed with the transaction, and if accepted a confirmation number will pops on the screen stating that the transaction is successfully generated, and will be process this transaction at the end of working day (or any message Darahim desire to display)

·         If the method of payment through a bank transfer the screen will redirect the customer to a new page will list Darahim Kuwaiti bank list which shows the bank name, branch, currency and account number.  The customer will take the information to make the bank transfer either with his online bank option or by physically visit his bank and generate the transfer.  When the customer click finished a message will appears on the screen for the customer stating that Darahim

will be process this transaction at actual receiving of the payment (or any message Darahim desire to display) , and Darahim will contact you after receiving the payment through email/mobile or SMS stating that the customer transaction is under process.

·         Customers can check on line his purchase history, transaction status, etc.

·         Reports, standard reports will be generated on the above information, also customized report will be discussed with Darahim personnel in details prior to agreement.

2.3 Darahim Management & Staff

This is a separate module but within the total web enable e-Exchange office automation application.  This feature will enable Darahim Management & Staff  to perform the followings after successfully logging in:

·         Check bank status

·         Check cash status

·         Display accounts status

·         Display statement of accounts

·         File maintenance (currency rates, customer file, beneficiary list, bank list, user & passwords, etc.)

·         Customer transaction requested follow-ups & maintenance

·         Reports, standard reports will be generated on the above information, also customized report will be discussed with Darahim personnel in details prior to agreement.

On Line Tracking

You can follow the status of your remittance online on your \"Online Tracker\" .

Optional features

2.4 SMS (Short Messaging System)

This is a separate module but within the total web enable e-Exchange office automation application.  This feature will enable Darahim Management send SMS to a select to one or group of  customers. You can use this feature for  events announcement,  ramadan/Eid/New year greetings, special promotion, new features, etc. (this features require of purchasing SMS units though Telephone communication company locally or internationally)

2.5 Web Cam

This is a separate module but within the total web enable e-Exchange office automation application.  This feature will enable Management see life branches picture through pre installed web cam at selected branches  (you can install one or many at each counter in each branch), then you can provide your management or customers to view on line any time (this feature require web camera).  This feature will contain the followings:

·         Customized web page with use login name and password

·         Select camera

·         View life pictures

 

Stage 2 will take approximately 8-12 weeks for installation, customization and implementation.  Keeping in mind that the implementation in this stage might take longer than 8 weeks, depends on the progress and amount of customization required by  Darahim Exchange Co.  management to the installed systems.

General Note

·      each main function will have a login screen. For example your main web application page will contain the following locations (main functions), management, Demand Draft, Telex Transfer, SMS, Web Cam, etc) and each function will be provided     with user name and password.  The system administrator will assign and give each user screens, menu\'s, reports, functions privileges (full security control for each user)

 

  • The main web application page can redirect navigators or personnel to a useful web Pages or sister companies, banks web site, etc. (link to web page).

Associate Web Enabled e-Exchange & Management Application

There will be main databases and tables associated with the web enabled e-Exchange & management follow-up and can be summarized by the followings:

Banks Table

Branches Table

Customers Table

Beneficiaries Table

Currency Table

Method of Payments Table

Users Table (login)

User System Security Equivalence

This menu driven screen is design for the system administrator to assign each user security privileges for the systems the user should be entitled to use, and the menus/option in each system that the user has the option to view.

 


Associate Exchange System File (Master Services)

There will be main databases and tables associated with the draft & telex application software and can be summarized by the followings:

Customers File:

Customer number, name, civil id number, ID scan, address, telephone number, beneficiary name maximum 7 names with address, telephone number, account number, line message.

Banks File:

Bank number, bank name, address, telephone, contact person, account number

Branch File:

Bank number, branch name, address, telephone number, and contact name

Currency File:

Currency number, currency name, rate, selling, buying

Draft check validity table

Description of the validity (one month, two months, customized validity data entry, etc)

Method of Payments Table

Cash, check, visa, MasterCard, American express, k-net, etc.

Type for Payment table

Bank to bank, bank to door, door to door, etc.

Users Table

User number, User name, password, security level, etc.

Station (Branch) Table

Station number, station name (Arabic/English).

User System Security Equivalence

This menu driven screen is design for the system administrator to assign each user security privileges for the systems the user should be entitled to use, and the menus/option in each system that the user has the option to view.