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Categories : All, Case Study, Finance, Microsoft Development
The client is a foreign exchange dealer in Mauritius licensed to carry out currency exchange business. They are a money transfer services company helping individuals and businesses all over the world to transfer money seamlessly and safely, from and to any part of the world.
The client had multiple offices across Mauritius. All the currency exchange transactions at a branch were carried out at a TILL counter, which was inter-connected with a Master-TILL. Master-TILL was centrally accessible and connected with all the local TILL counters at every branch office. All the master data related to all currency exchange transactions was maintained and accessed from this Master-TILL account.
Every branch’s overall earnings and its total amount were managed by the manager at every branch office. There were cashiers who were responsible for helping the clients with their currency exchange requirements. At the TILL, all the branch level data was maintained including the currency input/output data, the data about total amount available in the branch at a particular period of time and much more. All the amount in the branch was managed from here like depositing the excess amount into the bank and borrowing it from the bank, in case it was less. The client did not have an efficient system to record and manage all this branch level data.
Hence, they required a centralized system which helps them manage all the currency conversion transactions, maintain the transactional and financial data across all its branches at a single place for efficient management and easy and quick access. They wanted a software where they can maintain both the branch level data and central level data about transactions, currency input/output, total amount available, amount deposited in Bank, borrowed from the bank and various other things efficiently.
They wanted to add efficiency to their client serving process and hence, required a system which can automatically do currency conversions as per the latest currency rates and provide final report after calculating commissions at back end.
Brainvire team had put its best efforts to develop a reliable web application that can help the client to efficiently manage the actual process of currency conversion transactions management across the entire organization. The application was designed for the use of managers, cashiers etc., and was divided into various accounts as below.
The application was designed with ad-hoc reporting capability to quickly access currency positions at any time, convert any currency to MUR as per the latest currency price, calculating currency purchase value by automatically deducting the commission at the backend and generate an appropriate report. The application could also generate online reports with the compliance of the Central Bank and the reporting flow chart was used to show profit and loss charts.