New system provides online forex info

IMPORTERS CAN now place and price orders for foreign exchange online and obtain online exchange rate information and rate confirmations thanks to the launch of fxpaynet, an online banking platform. Powered by Bidvest Bank, it allows importers to make payments and control their currency risk while reducing possible loss during periods of weakness and enhancing currency gains when markets strengthen. “The roll-out of the fxpaynet system comes at a time when rand volatility threatens to increase,” explains Alan Salomon, managing director of Bidvest Bank. “In late January and early February we saw the rand retreat by about 13%, underlining the need for fast, reliable and secure payment systems that allow you to lock in competitive rates at a keystroke.” The system allows users to create secure payment instructions and access transactional history or authorise payments in real-time. “ It also caters for those looking for forward cover online,” says communications manager Jodi Raviv. “You can receive online transaction confirmations and complete and print order confirmations, balance of payment (BOP) and other statutory forms online.” fxpaynet is now operational in 118 countries, and because all it requires is internet access, no software is needed.