Fin-X, member of the JSE-Listed Global Technology together with IATA (International Air Transport Association) have launched Fin-X online, the first portal, worldwide, to offer an online financial services to travellers through accredited IATA Travel Agents.
IATA has been processing settlements between airlines and travel agents for 30 years in Southern Africa with R9.2 billion moving through the system annually. Fin-X online extends IATA`s services to its agents and the broader tourism industry, and will increase transaction revenue substantially through the system.
As of the beginning April, 1060 IATA travel agents in South Africa can purchase foreign exchange and international telephone calling cards online through the IATA Internet portal using the underlying technology provided by Fin-X. Agents can view current foreign exchange rates from five licensed foreign exchange dealers simultaneously and place online orders for clients at the best available rate. The first participating institutions are American Express, First National Bank, Master Currency, Rennies Thomas Cook and Towers.
"The service is unique as it allows travellers to order and collect airline tickets, foreign exchange and international calling cards from the agent, all at the same time," says Fin-X chairman, David McWilliam.
"Foreign exchange is delivered in the form of travellers cheques or cash in up to five currencies, and we are extending the system to include bank drafts. Forex and international calling cards can be paid for in cash, credit card or bank guaranteed cheque, alternatively, debiting clients bank account where the client banks with the institution concerned," continues McWilliam. "Further development is underway to offer IATA branded Saambou debit and credit cards through the portal."
International calling cards operate in 142 countries, at competitive rates and without roaming charges. As an alternative to physical calling cards, FirstCard holders can use their credit cards is which is linked to the calling facility to pay for international calls. FNB Cardholders is the first financial institution to directly link their cards to this facility.
Hein van Dyk, product developer at FNB Card comments, "A credit card is a global payment mechanism. We are offering this facility to our cardholders as a convenient and more affordable way of making international calls when abroad. We believe that our customers realise substantial savings, as well as benefit from the convenience offered by single card access and itemised billing."
Mark Henson, regional director for Asia and Middle East at IATA says, "Travellers will no longer stand in lengthy bank queues, first to order, and then to collect their foreign exchange. We recognise that their time is valuable and our strategy is to invest in technology that provides time saving opportunities to the Travel and Tourism industry."
"The administration involved in ordering forex through Fin-X online is minimal, and travel agents using the system will earn commission and service fees on all transactions," continues Henson. "This is very attractive for travel agencies as it is easy generating income, and provides much better service for their clients."
Global Technology is the leading supplier of software solutions to the banking, insurance and financial services sectors in South Africa and Australia. Fin-X online is a major step in Global Technology`s ability to add value to the financial services sector.
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