Clear View Systems: Simplifying Money Exchange

When Tiran Behrouz, President of Clear View Systems, founded the company in 2003, little did he know that his journey with just one client would reach such stellar heights. Clear View Systems – a financial software provider for money exchange and remittance services – today serves about 30 countries, including money exchangers, small banks, travel agencies, cruise ships, and a few duty-free shops. Clear View Systems brings money transfer software, CurrencyXchanger -its flagship product – to manage daily money exchange transactions. CurrencyXchanger is a robust, flexible, and cost-effective currency exchange system that automates money exchange business.

Currently, the CurrencyXchanger is available in its 4th version as an integrated point of sale (POS) platform with CRM capabilities and an accounting system to manage all the accounts, which automatically revises the rates of varied currencies. The fourth version of CurrencyXchanger also has a compliance module to ensure that customers comply with the various guidelines that regulate the money exchange process in a cost-effective manner. Another module called eWire enables companies to deliver money remittance and money transfer services through a network of trusted agents. Using eWire agents located overseas, they can seamlessly transfer money on behalf of their customers to their respective beneficiaries.

CurrencyXchanger comes in three editions, which can be customized to fit the customers’ specific business requirements. The first, POS edition, is mainly designed for cash-to-cash transactions for customers that deal with clients walking in with cash for exchange.

BE (business) is the second edition of CurrencyXchanger meat for customers that provide a larger variety of services such as selling different products like travelers’ cheques and not just cash currency. The third edition is CurrencyXcahnger pro, which goes a level up, offering capabilities for international money remittance. Clear View Systems is now planning to launch the Enterprise of the software in 2018, which aims to serve large banks with numerous branches offering all kinds of services.

Behrouz outlined how CurrencyXchanger assisted a major customer in New Zealand using a non-centralized system that was installed across different branches. At times, some of the client’s office locations had limited access to the internet, creating the need for manual reconciliation every day at the head office. As an outcome, their accounting and bookkeeping were lagging behind for several months, restricting them from identifying fraud cases or loss of money on time. Upon installing CurrencyXcahnger, the clients’ existing system’s functionality extended. The company added synchronization for their network to synchronize all the branches with the head office, thereby reconciling all the transactions immediately in the head office. Clear View Systems used a sync module for locations that did not have internet access, which allowed all transactions to be saved locally on the computers in the absence of an internet connection. As soon as the internet connectivity was regained, the transaction would sync back to the server, automatically allowing the reconciliation to be done at the branch level and the head office.

“In the process of developing CurrencyXchanger, we have built a backend solution – Clear View KYC. It has background and compliance checking capabilities while offering currency exchange rates to customers,” states Behrouz. Clear View KYC serves as a standalone backend-as-a-service, introduced for large enterprises to be integrated with their current system. In the near future, Clear View Systems plans to expand its presence and its currency exchange platform. “We will keep the company small and lean, offering our products at affordable prices,” concludes Behrouz.

N.B: This article was coined from APAC CIOoutlook's review of Clear View Systems. Here is the link to the original article: APA CIOoutlook on Clear View Systems

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