Clients are happier due to improvements made to their ability to get real-time information, see their complete transaction histories, and contact helpful representatives quickly. They may have other products that integrate well with their software or tools that aren’t widely publicized and are only available to select companies. When you set up a demo, ask some questions about whether the software provider can refer you to a company that can help with your web design or a liquidity provider. Their answers will tell you how familiar they really are with forex, and you can use any referrals they give you to make sure you have the best providers for other services.

• For the prevention of money laundering and obliging the regulations of the Forex authoritative bodies, the Know Your Client (KYC) feature is essential.
• This is necessary with a view not to lose profitable business in a competitive market.
• Ensuring that the sale or purchase transactions are done at rates beneficial to the bank.
• Being an important element of many Forex CRM systems, the back office provides a great advantage for brokers who have a large client base and wish to manage it effectively.
• It monitors each day’s receipts and payments of foreign funds and counter values and undertakes reconciliation of interbank trans­actions.

For example, CurrentDesk also offers DisputeWatch, a tool that helps business manage the risk of client fraud. Look at the company’s social media or website to see if they attend forex conferences like iFX and whether they set up booths at those conferences. If they have a blog or regularly post on social media, look to see if it indicates a solid understanding of forex brokers’ needs. Articles and financial market analysis on this website are prepared or accomplished by an author in his personal capacity.

CRM Feature

At the same time, there are certain areas where the Back Office plays a more important role than the other sections of the office. For example, regulatory compliance and accounts are meticulous tasks that have widespread ramifications on every operational unit. It also demands specialization and deep knowledge of how offices need to function.

These services have gained popularity due to the development of Forex trading, as it became necessary to quickly determine what value a certain amount of one currency has in relation to another. Forex back office has become an indispensable tool for such organizations, because they have adopted part of the success of the popularity of Forex trading. Implement a robust document management system to store and retrieve client records, contracts, and compliance documents efficiently. B2Core is a cutting-edge Forex CRM solution providing full resources for Forex brokers and exchanges.

Crypto Spot Exchanges

This means they’ll develop features to help you remain compliant and grow your business more quickly than a provider who doesn’t understand OTC forex trading. With TickTrader Trader’s Room, you can build literally any report you may be required to provide,
whether you work under EU, UK or AUS regulation. We can also take care of any type of integration you need, including payment systems, digital asset processing services, investment services, etc. These are just some of the benefits of using our CRM which helps you to easily manage your day to day activities.

Also, Taking advantage of such a system’s capacity to transform prospects into profitable sales is integral for realizing long-term goals. You need to know what to look for while choosing forex back office software the right provider for your brokerage. The software’s extensive analytics and reporting features provide information on market trends, customer behaviour, and operational efficiency.

Automatic account creation

A robust Forex CRM & Back Office system developed for Forex Brokerages who are dedicated to offering a tailored customer & partner experience. With that in mind, here’s a list of the things you should look for in a CRM provider. The product provides ready-made integrations with Zoho
and Microsoft Dynamics CRMs. If necessary, you can connect any other CRM
software with help from our technical department.

The back office obtains independent confirmation of each and every deal from the counter party and settles the deal only if it is within the exposure limits allowed for the counter party. A register is maintained to keep an account of deal slips used, cancelled and keyed in the computers. Number of deals done should tally with number of slips used and the same is tallied with the number of deals keyed in the computer. Opening balance of the printed stock of deal slips in hand minus slips used and cancelled during the day should tally with printed stock of deal slips in hand at the end of the day.

KYC management

Only SEBI registered brokers who are authorized by the permit­ted exchanges (NSE, BSE or OTCEL) to undertake transactions in Government securities can be used for placing buy/sell orders. A valid contract note indicating the time https://www.xcritical.com/ of execution must be obtained from the broker at end of day. Back Office should have an appropriate internal control system catering to stock exchange trading and settlement before com­mencing operations on the exchanges.