Clear View Systems: Enabling Fully Compliant, Robust Money Service Businesses

In July 2020, The Financial Services Review released an article on Clear View Systems, highlighting its role in helping Money Service Businesses operate with maximum compliance.

Here is the link to the original article: Financial services review on Clear View Systems

The major drivers of today’s fintech world are privacy, security, and compliance. Anti-money laundering (AML) and counter-terrorism financing (CTF) compliance has become a crucial burden, especially for money exchange enterprises, due to the bewildering knots of legislation and continual amendments. For instance, consider the Canadian rule on non-face-to-face client identification, which is misconstrued by some fintech companies and, as a result, renders its operators non-compliant. In such cases, Clear View Systems consults with leading compliance auditors in Canada and the United States to offer its technology to satisfy its clients’ diverse compliance needs.

With its offering, the CurrencyXchanger (CXR), which is in its fifth version, Clear View Systems has set out on a mission of automating foreign exchange operations. As a currency exchanging software, CXR has several features such as integrated double-entry accounting, AML compliant record-keeping, live inventory tracking, and automatic rate updates.

Having 16 years of usage and a large number of professional users across 40 countries, the company helps small and medium-sized Money Service Businesses (MSBs) to run their operations with maximum compliance. It also enables clients to evade the stringent regulatory hoops by submitting AML reports to several governmental authorities such as FINTRAC, FINCEN, Austrac, NZ Police, and Fiji Financial Intelligence Unit (FIU). Tiran Behrouz, president &CTO of Clear View Systems, says, “We are the banking solutions for smaller businesses, and we develop solutions for everyday MSBs, enabling them to compete with larger banks.”

The uniqueness of Clear View Systems stems from the fact that it does not claim any rights of ownership on clients’ data. Most importantly, it never hosts data in a common cloud, which is indeed a bold measure toward privacy and security. The company has not been confronted with a single incident of a data breach in the last sixteen years

CXR 5 is running on the 4D development platform that enables the development of high-performance applications in record time, even with a small team of developers.

“We owe part of our success to the underlying technology and its robustness. 4D is a great platform for financial solution development, yet it is relatively unknown in the fintech world. I always say, if our competitors can develop a new feature in a year, we can do it in a month,” adds Behrouz. This year, Clear View Systems is going to migrate toward the latest 4D v17 to grow in tune with the most riveting technologies such as object-relations data access or ORDA. The migration will make its offerings more robust, secure, easier to integrate with modern APIs, and compatible with the latest versions of Windows and Mac OS. Interestingly, 2019 will also be the year when CXR 6 will be entering the market with new features and functionalities. It will have a wide array of integration with different fintech service providers, including Currency Cloud and IdentityMind. Apart from this, the company has recently made a partnership with ZED Network, a global platform built on blockchain technology for money transfer operators (MTOs). They plan to integrate CXR 6 with ZED Network API, which will enable customers to use a network of MTOs to transfer funds internationally at a fraction of the cost of the traditional SWIFT network. “I think this is going to be received very well by our customers who are in the remittance business,”

Behrouz believes.

Striding ahead, in 2020, Clear View Systems is going to concentrate on web-based and cloud-based solutions. The CXR Reporting Suite Pro 1.0 will be the first professional web-based reporting engine from the company, and a web-based client interface will also be released to the CXR Pro edition that will allow larger clients to use a web client such as Chrome or Safari as a front-end interface to the engine. In addition, the company is working on a cloud-based and AI-powered ongoing monitoring engine to detect and deter various fraudulent activities.

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