Foreign Exchange Control

Foreign Exchange Control and Consolidated Reporting System or FXCRS solution provides a tightly integrated environment where Central Banks can monitor Foreign Currency payments, remittances and exchange while linking with Commercial Banks, Authorized Dealers, Customs and ACH payment systems.

A Government’s Foreign Exchange Control Regulation can put various types of restrictions and at times daunting procedures on the purchase or sale of local currencies to other foreign currencies. Caribsoft’s Foreign Exchange Control and Reporting System (FXCRS) provide for an easily configurable workflow that adapts to these varying restrictions to simplify procedures.

The objective of the Central Bank is to create exchange stability to limit exchange rate volatility due to uncontrolled currency flow. FXCRS tightly integrates e-services using elements of our E-Gov Integration Platform (EGIP) to incorporate relevant data from other systems such as Asycuda and ACH payment systems. This significantly reduces data input required by users. The product offers the Central Bank the ability to control and supervise the movement of funds within stipulated deadlines by monitoring internally created Foreign Currency Accounts of clients. Our full featured array of standard reports and flexible searching capability makes quick work of notifying stakeholders and other reporting bodies such as the IMF. The reporting facility is extended by the inclusion of a self-service Business Intelligence tool for Central Bank users who may not have a background in statistical and data analytics to formulate their own database queries. A simple dashboard with user friendly navigation enables the generation of new personalized reports.

FXCRS provide efficient automated e-services to Commercial Banks, Authorized Dealers, the Trade Industry and other users assisting them in their compliance with Foreign Exchange Regulations