Online Dealing System
The Best of Both Worlds
Fin Select is able to offer clients an exceptional new online forex trading system that will allow you to benefit from the advantages of our collective client portfolio rates while still getting the individualised service you deserve.
We have teamed up with Mercantile Bank to offer clients access to their online forex trading system in a way not previously available to smaller entities. This is the perfect opportunity for smaller businesses or brokers dealing on behalf of clients.
Clients have full control of the system and are able to effect your own trades online with live quotes and competitive rates. By using Fin Select’s muscle for advantageous rates, clients will achieve a better deal than going directly to a bank.
As this is a web-based system, you can log in from anywhere in the world to monitor your deals and undertake transactions.
Fin Select is registered with the Financial Services Board (FSP licence number 46307).
What Fin Select can offer you is not simply a trading mechanism, but a full system backing it up.
Exchange Control Simplified
This means that all exchange control requirements can be taken care of, effectively smoothing the passage through South Africa’s complex foreign exchange regulations and reducing the costs of using a bank or third party to effect this on your behalf. For example, the Balance of Payments category codes are preloaded onto the system, saving considerable time and administration effort, while users are prompted to provide the specific supporting documentation required to effect each transaction, such as a tax clearance certificate or the relevant invoices.
The inconvenience of exchange control compliance is removed from trades, thus promoting and encouraging proper governance. Not only that, the system will be updated as changes to forms and exchange control regulations occur, so you will always be up to date.
Delivery Instructions Automated
In addition to exchange control, instructions for the delivery of the rand or the foreign exchange need to be provided and this is facilitated within the system in an easy to implement, user-friendly environment.
All client details are captured on the system and pre-populated or a trade. All frequent beneficiaries can also be preloaded onto the system, for repeated payments, much in the way that you can load beneficiaries onto your current account.
Detailed Transaction History
A full record of every trade and every document is stored on the system, providing a comprehensive record of all previous and current deals.
It is possible to access all documentation and all details, thus ensuring a full audit trail of each deal undertaken.
Attractive Forex Rates
By coming onto the Fin Select platform, you will be able to benefit from our size. The critical mass achieved from the combined effect of hundreds of clients means that we are able to negotiate extremely favourable rates with banks – better than a single entity could receive directly from a bank – and these beneficial rates are available to our clients.
There is also full transparency on the exchange rate with the live prices being displayed on screen.
Live pricing and admin on one system
Mercantile Bank is the only system able to combine live pricing and admin in one system.
What steps need to be taken?
Signing up for the Fin Select online trading system is as easy as 1 – 2 – 3:
- Sign up: You need to complete the account opening documents and provide the necessary FICA documents
- Be loaded onto the system:Fin Select creates an account for the client and Mercantile Bank will open a bank account for settlement
- Receive the login details: The client is provided with system login details and is able to trade on the account. Significantly, there is no need to go through the lengthy credit facility process.
And then you will be ready to trade.
You will also be able to undertake you own admin, with full support from the Fin Select team.
The system will inform you which documents are required for each specific transaction, such as copies of ID or company registration forms. These can be uploaded directly onto the system and Fin Select is notified once they are on the system. The documents can then be validated in order for the bank to process the deal.
As a web-based system, you can log in from anywhere in the world.
Brokers can act on behalf of clients
By setting up separate accounts for each client on the Fin Select online trading system, brokers are able to trade on behalf of their clients. The broker will be treated as a group, with sub-accounts within the group. This will allow brokers to undertake client forex transactions as and when required.
How does the system work?
Once the client has been signed up and all the admin is in place, they can go onto the system obtain a rate, place an order and effect a deal.
With data preloaded onto the system, trades can be effected swiftly and painlessly.
Spot and Forward Rates
The system is able to quote spot and forward prices and clients have to option to book forward rates.
The system also allows for an early drawdown – be it partial or in full – as well as extensions if, for example, the goods have not yet arrived.
Real Time Monitoring
From your computer, you are able to follow the entire administrative process of the transaction. There is thus no chance of missing emails which means no reason for late payments. You are able to monitor the entire process as it unfolds, in real time.
Should any problems arise, there is an online notification mechanism to inform you.
The deal settlement confirmation is electronic and is sent to the client, further simplifying the monitoring of deals and enabling swifter proof of settlement to suppliers.
- With significantly less human intervention, the potential for human error in the process is substantially reduced.
- Deals are able to be effected far more swiftly, saving valuable time.
- There is a full audit trail, with each element of the transaction documented online and available to clients.
- Live, competitive quotes: clients are able to benefit from the bulk rates negotiated by Fin Select.
- Full transparency on the exchange rate – the live prices are displayed on screen.
- Live pricing and admin on one system.
- Simplified monitoring with deal confirmation displayed online.
- Simplified admin and forex regulatory compliance including automatic generation of the BoP form.
- Electronic document submission facilitates swift settlement and settlement confirmation.
- Web-based system affords global access.
- No need for the lengthy credit facility process.
We welcome an opportunity to discuss your forex needs with you and to demonstrate the Fin Select online forex trading system. Please contact us for more information.