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Travel agents, bureaux de change and financial institutions offering retail foreign exchange services can now reduce the risk of accepting counterfeit banknotes using a new integrated service from SCL, one of the world’s leading providers of automated FX management systems. SCL is partnering with anti-fraud specialists, International Reference Systems (IRS), to provide a new desktop based ‘click and view’ currency checker as an extension to its UltraPoS foreign currency management platform.
The new service will allow FX desk staff to quickly and easily identify, and then visually verify, approved currency selections direct from their desktop screen. This reduces the risk of fraud during currency exchange and also provides staff with real-time status on which bank notes are in authorised circulation and which are approved for exchange by their own organisations.
Ray Stanton Managing Director, SCL, comments, “With the volume and diversity of international travellers increasing, the issue of counterfeit and unauthorised currency is becoming a serious and costly issue for FX providers – particularly for those at airports, ports and in cities which have large numbers of visitors, or host international sporting and cultural events.”
“Working with world renowned identity specialists IRS, we are now able to offer instant access to a comprehensive image database of foreign banknotes and their unique identity characteristics. It also contains import- export limitations and comprehensive country information. The service is fully customisable so that customers can specify to link only to those currencies which staff are authorised to accept. As with all UltraPoS features, it is designed to be fast, simple and easy to use with minimal training required. It’s all about allowing staff to make faster, ‘safer’ decision as to whether currency is valid, expired or fake.”
Joost Vlek, managing director, IRS, adds, “By combining UltraPoS’s market leading FX issuing, inventory and reporting functions with IRS’s unique banknote database, SCL has effectively created a one stop, fully integrated travel money management and authentication service. We anticipate wide demand as FX providers seek to improve FX efficiency and reduce administrative burden while also minimising manual error and the risk from fraudulent transactions.”
Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
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