TimesofMoney's iExchange is the answer to some of the basic issues involved in transactions booked through various overseas branches. The module has been designed keeping in mind issues faced by current 'Over the Counter Remittances'.
iExchange is a multi-level web-based information flow system that allows complete tracking of transaction from the remitter's end to the receiver's end and back. Hence, there is a real time flow of information. This prevents the undue time delays that occur in the physical flow of documents in the existing system. |
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| The module has 4 basic levels: |
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The Operator |
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The Branch Administrator |
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The Overseas Branch |
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The Nodal Branch in India |
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| The Operator: The operator is the person at the branch who accepts the credit and enters the information of the customer in a web-based form in place of the physical form currently in use. |
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| The Branch:
The branch is the physical place present in the country of remittance. In our module, the branch has a branch administrator called branch admin who has to authorize the transactions to be processed on a particular day. He has to also add the operators and define their rights.
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| The Overseas Branch: This refers to the main overseas branch that can view the data entered by his branches and accordingly take the funds position i.e. deposits the money with the bank.
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| The Nodal Branch in India: The Bank here refers to the receiver bank that will convert the money sent by the overseas branch, if needed, and deposit or send the same to the beneficiary in the receiving country using appropriate channels. |
