Description of Services
1. PAYMENT ENGINE
Our Payment Engine consists of the following:
1.1 Forenxio Direct – Dealer: An online dealer Payment Engine that provides the following functionality: Buy and sell currencies on behalf of your clients or yourself, manage beneficiaries on behalf of your clients, manage settlements from your clients and yourself, make payments on behalf of your clients or yourself, on-boarding and client management facilities, client spread and limit management facilities, settlement (between you and us) facilities, margin management facilities, and manually entering trades executed with other liquidity providers.
1.2 Forenxio Connect: API connectivity (the “API”) that provides, but is not limited to: foreign exchange prices, FX trades booked real time at a rate known at the time of trading, managing per client onward beneficiary details, and managing per client risk limits.
2. ADDITIONAL SERVICES
We will also provide the following additional services:
2.1 Phone Based Trading: A phone based dealing service for use by your staff but not directly for your clients that will be available 08:00 to 17:30 (GMT) Monday to Friday during normal UK working days (unless notified otherwise).
2.2 Trade Management Services: The following functionality will be provided to you over the phone: rolling trades for customer, closing out trades for customer, and draw downs on trades for customer.
2.3 FX Products Provided: The following contracts to buy / sell currency will be available online and over the phone: TOD (same day settled for those currencies than can be), TOM (next day settled), SPOT (Trade date+2), and forwards up to one year.
3. PAYMENT SERVICES
Our Payment Engine allows you to make payments virtually anywhere in the world. We offer two levels of service, Regular and Priority, as well as a variety of additional features.
3.1 Regular Service. With our Regular service, you can make low-cost payments to countries around the world, where available. Using our network of trusted in-country banking partners, Regular payments are sent on the settlement date and are normally received by the beneficiary in up to five working days, making them ideal for low-value transactions where time is on your side. (We have no control over any charges that maybe be deducted by the beneficiary bank).
3.2 Priority Service. Our Priority Service lets you send money anywhere, fast, through the SWIFT network. You can make a payment to over 212 countries and 95% or your payments will arrive within 1 working day. (We have no control over any charges that maybe be deducted by the beneficiary bank or correspondent banks).
3.3 Conversion Manager. With our Conversion Manager, you can convert currencies covering all the world’s major economies. The Conversion Manager shows you the mid-market rate so you can see exactly what the conversion will cost you.
3.4 Beneficiary Manager. Our Beneficiary Manager accelerates the payments process by setting up and storing the details of your most regular recipients. With the Beneficiary Manager you can collect bank details, personal details and notification preferences. We validate bank details and complete all the necessary compliance checks ahead of time, so your payment arrives faster.
4. Additional Services.
We will also provide the following additional services:
4.1 Phone Based Trading: A phone based dealing service for use by your staff but not directly for your clients that will be available 08:00 to 17:30 Monday to Friday during normal UK working days (unless notified otherwise).
4.2 Trade Management Services: The following functionality will be provided to you over the phone: rolling trades for customer, closing out trades for customer, draw downs on trades for customer.
4.3 FX Products Provided: The following contracts to buy / sell currency will be available online and over the phone: TOD (same day settled for those currencies than can be), TOM (next day settled), SPOT (T+2), and forwards up to one year.