Global Payments Online attract strong industry support

South African importers and exporters are driving substantial growth across the Global Payments Online™ (GPO) platform offered by foreign exchange specialists at Bidvest Bank. GPO places and prices orders for foreign exchange online, answers online exchange rate enquiries, authorises orders in realtime and provides confirmation as well as providing free world market and foreign exchange news daily. Paul Scott, head of Global Trading and Investments, believes its realtime capability, web-based convenience and competitive transaction pricing have ensured powerful marketplace response. “GPO volumes have grown every month since the system’s launch at the bank,” says Scott. “We have established a solid clientbase among importers and export transactions continue to mount. “Our growth rate is significantly higher than the rising level of international ocean and air freight volumes into and out of South Africa, indicating pleasing growth in market share.” Scott believes a big driver of GPO take-up is the free installation package. “The system is web-based and is activated at no charge to the client. There is therefore no need for modifications to a company’s existing IT infrastructure. “User training is free and there are no hidden costs and no licence fees. Clients pay per transaction as per usual.” In addition the system can be accessed from anywhere in the world where the internet can be securely used. Scott anticipates growing utilisation of new offerings such as dynamic hedging, a facility that enables rates to be fixed up to six months in advance. “Bidvest Bank was the first to introduce internetbased foreign payment and receipt technology to South Africa’s corporate market. We’re delighted that this approach has become the norm.”