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.”
Global Payments Online attract strong industry support
25 May 2012 - by Staff reporter
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