I&M Bank Kenya has announced the launch of a new online foreign exchange platform for its business clients.
According to the bank, the platform, known as I&M FX DIRECT, is intended to automate currency transactions while eliminating the delays and inaccuracies associated with traditional, manual trading.
The new system's key feature is its usage of Straight-Through Processing. This technology enables client orders to be processed quickly without manual intervention from the bank, a major shift from industry practice, which frequently relies on phone calls and manual data entry.
According to the bank, this automation will speed up settlements while reducing human mistake.
"The launch of I&M FX DIRECT marks a significant milestone in our commitment to leading digital transformation of treasury operations. We are empowering our business clients by giving them direct control over their forex trades,’’ Kihara Maina, CEO, I&M Bank Kenya, said.
Maina noted the goal is to drive the "adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control."
‘’This platform is backed by the security, reliability, and expert support that our clients need to manage their forex needs in the smartest way possible," he added.
The platform provides access to live-streaming currency rates and competitive spreads, allowing clients to lock in both Spot and Forward forex deals.
It also supports advanced orders, enabling users to set trades that execute automatically only when their specified market conditions are met.
The system is accessible on both desktop and mobile browsers without requiring installation. It is targeted at businesses and individuals who transact a minimum volume of $50,000 per month.
While launched in Kenya, FX DIRECT is designed to plug into I&M Group’s wider East African footprint. I&M Group currently has presence in Tanzania, Rwanda, Uganda, and Mauritius.
FX DIRECT fits into a regional ecosystem that includes the BRISK transfer service, which already allows near real-time funds movement between I&M subsidiaries.
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