Software developer Global Vision is rolling out the next phase of updates for Master Currency that will bring the foreign exchange trader in line with SA Reserve Bank regulations and give it customer relationship management (CRM) capabilities.
Global Vision director Wayne Powell says the first phase of the Master Currency system went live late last year, and entailed modernising the point-of-sale (POS) system.
"Master Currency had an old Windows 3.1 system they inherited from Rennies. Now they wanted their own POS, their own general ledger system and their own infrastructure," Powell says.
Master Currency installed a Web-based POS application using Macromedia Flash at the front-end, with each branch having a .Net server running the MSDE database. It uses SQL replication to communicate with the central database based at Master Currency`s Cape Town head office.
The next phase of the system will begin with the installation of the reporting tools that will allow Master Currency to meet SA Reserve Bank reporting requirements, known as "Scheme II". These are anti-money laundering measures as legislated in the Financial Intelligence Centre Act. The Reserve Bank`s deadline for this regulation is 1 October.
"By February next year, we should be giving the system proper CRM functionality," Powell says.
"As our business grew and started planning its long-term future, it became clear that Master Currency had to establish its own, independent IT infrastructure that would address its unique financial reporting and client service requirements," says Mark Frankel, financial director of Master Currency.
Master Currency, owned by KK Combi, is a South African black-owned foreign exchange operation. The company has 20 bureaus situated across the country. The POS system that drives these offices gives rise to 98% of its business.
Global Vision is also Cape Town-based and is a certified Microsoft Gold Partner for business intelligence and data warehousing.
Share
Editorial contacts