I&M Bank has introduced an online foreign exchange trading platform called “I&M Fx Direct”, which positions the lender as the enabler of efficient forex conversion.
The launch of the new platform follows common inefficiencies of manual forex transactions, such as delays and the need for constant phone calls. But will it transform how individuals and businesses in Kenya and beyond manage their forex transactions?
“We are empowering our business clients by giving them direct control over their forex trades. We want to encourage the adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control,” said Mr Kihara Maina, Interim Chief Executive Officer, I&M Bank Kenya.
“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,” Maina said, noting that users are able to transact minimum volumes of $50,000 per month.
The platform’s core innovation, Straight-Through Processing (STP), ensures that client orders are executed instantly without manual intervention. This leads to fewer errors, faster settlement, and eliminates delays, providing a significant competitive advantage to users.
Besides its STP capability, the platform offers businesses a suite of features designed to provide a competitive edge such as real-time pricing, the ability to lock in both “spot and forward forex” deals.
It also supports advanced order management that entails automatic execution of orders, and a secure, web-based platform accessible globally across multiple browsers on desktop or mobile, with no installation required.
Earlier this year, I&M inked a deal with Mastercard in bid to empower consumers and businesses through “innovative, secure, and convenient payment solutions” – this latest forex platform is a key result of the collaboration.
