Foreign Exchange Module

More than ever, financial institutions need powerful technological solutions that have the flexibility to deliver innovative customer-centric services and drive operational efficiency gains throughout the organization. The Worldwide Pay System (WPS) is a fully configurable, ‘out of the box’ web-based platform that has been specifically designed to fulfill the front-to-back office processing requirements of foreign exchange and international payment service providers. The platform is powered by the WPS Administrative module, which sits at the core of the application and can be customized by financial institutions to create their own bespoke SaaS solution. WPS also consists of an intuitive and secure Client module, which is designed to address the e-banking needs of a financial institution’s corporate and personal clients.

The WPS Administrative Module sits at the core of the Application

The WPS Administrative Module is an extremely powerful multi-bank, multi-currency foreign exchange, and international payments engine that provides financial institutions with the following capabilities:

Foreign Exchange

Pricing & Execution
Trading Desk Dealing Tools
Sales Desk Transaction Monitoring

Payments Processing

Outbound Payments
Incoming Payments
Improved STP Rates

Foreign Exchange

Pricing and Execution

WPS offers direct connectivity to a large selection of FX banking counterparties via the FIX protocol on a straight-through processing basis.

Payment Processing

Outbound Payments

WPS is capable of processing payments in dozens of currencies and via a multitude of mechanisms.

The platform is fully SWIFT compatible and a wide range of MT formatted messages including MT10x, MT20x, MTn90/n91, MTn9x and MT9xx are supported.

Payments can be processed on a priority basis, via Faster Payments or via SEPA using rules-based OUR, BEN & SHA charging-options.

Alternatively, financial institutions can initiate payments by exporting properly formatted payment files from WPS directly to their counterparty e-banking software for a simpler solution.

Incoming Payments

The WPS incoming payments engine is capable of processing and auto-allocating credits received via SWIFT, direct debit and bank debit/credit card.

Debit/credit card transactions are fully PCI DSS compliant and funds can be collected in any of the following 14 currencies.

Account Reconciliation & Administration

All transactions conducted through WPS are automatically allocated against predefined multi-entity, multi-currency general ledger accounts, and are validated against SWIFT bank statements to ensure consistency and accuracy.

Collectively, the functionality offered ensures that all accounting processes and functions are conducted on an STP basis and with minimal human involvement. An open database structure means that all data is immediately accessible and exportable to excel for further analysis.