With its offering the CurrencyXchanger (CXR) which is inits 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 plethora of professional users across 40 countries, the company enables small and medium-sized Money Service Businesses (MSBs) to run their operations with utmost compliance. It also allows clients to jump through the stringent regulatory hoops by sending out AML reports to several governmental authorities such as FINTRAC, Fincen, Austrac, NZ Police, and Fiji Financial Intelligence Unit (FIU). Tiran Behrouz, president & CTO at Clear View Systems, says, “We are the banking solutions for the smaller businesses and develop solutions for the 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 confronted even with a single incident of 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.
If our competitors can develop a new feature in a year, we can do it in a month
Interestingly, 2019 will also be the year where 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 MTOs (money transfer operators). 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 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.