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EBCFX Online Platform

The EBCFX software system is at the heart of Exchange Bank of Canada’s continued success. The web-based software is viewed as a leading application in foreign currency exchange based on its powerful functionality and ease of use. The core features allow for fully customized client setups, compliance integration, instinctual user interface, user management, and robust reporting capabilities. EBCFX delivers all of EBC's foreign currency services in a powerful package including foreign banknote exchange, foreign and CAD travelers' cheques exchange, foreign cash letter and cheque collection, foreign draft issuance, global EFT, and international wire transfers.

EBC is dedicated to maintaining an active development cycle for EBCFX. Routine maintenance, security upgrades, new features, and request fulfillment are deployed to enhance our clients' experience within the system. Investing in the ongoing development of EBCFX is a high priority for EBC as it knows the software must be adaptable to maintain its highly regarded status.

EBCFX's Core Software Features:

Driven By Compliance Integration and Risk Mitigation

The core of EBCFX is driven by its Compliance Verification System (CVS) and risk management features. The CVS assists clients with maintaining compliance with applicable Canadian regulations1 and allows for:

  • Integration of live verifications against applicable regulatory and sanctions watch-lists;
  • Identifies potential watch-list matches utilizing percentage based scoring;
  • "Live Stop" tracking to assist in monitoring transaction thresholds, ensuring proper client information is collected and limits are enforced in real-time;
  • "Branch-Hopper" transaction aggregation expands on "Live Stop" to track specific clients attending multiple locations to conduct business;
  • Versatile compliance reports;
  • Various custom functions.

The integration of numerous compliance requirements within EBCFX assists clients in complying with their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The sophisticated, customizable compliance tools help clients to mitigate potential risks, allow clients to effectively conduct foreign exchange transactions and assist clients in complying with applicable regulatory requirements.

EBCFX allows client administrators to dictate the usage of the system, such as user privileges, access restrictions and transaction controls. Administrators know EBCFX delivers appropriate controls to run a secure program. The software receives feature improvements continuously and undergoes annual third-party audits and process reviews.

Transaction Fulfillment and Automation

The EBCFX system is highly flexible and can be customized according to the needs and compliance requirements for each client. The software is offered in a fully white-label environment, where it is designed to look and function as the client’s own website, while still offering the full range of foreign currency exchange solutions. Additionally, the software has the ability to connect with a customer's own environment with Single Sign-On (SSO) and has many ways to connect with outside systems such as APIs, file exchanges, and file imports/exports to reduce the burden of redundant work. This enables EBC's clients to benefit from an expanded range of services, offered by a provider with years of proven foreign currency exchange expertise, all while using the most convenient software environment. The software's user-friendly interface simplifies transactions helping to reduce user error, while minimizing any risks associated with foreign exchange.

Learn more about how EBCFX delivers each of EBC's foreign currency exchange services:

Foreign Banknote ExchangeForeign Banknote Exchange
Foreign Banknote Exchange
International PaymentsInternational Payments
International Payments
 

1Although EBCFX incorporates compliance features, customers are solely responsible for meeting their PCMLTFA and other applicable compliance and regulatory requirements.