PaperTrail in ForexWe don’t often stop to think about the way in which Foreign Exchange impacts our day to day lives. Forex impacts the lives of consumers, and contributors to the local economy in a much more acute manner than simply thinking about the exchange rate. Whether it is purchasing imported coffee, vacationing abroad, buying Egyptian cotton sheets or reading about a huge cash injection from one country to another, forex impacts our lives on a daily basis. In order for funds and goods to enter or exit a country a Foreign Exchange processes needs to be followed. And as such, these processes are finely tuned, governed and closely monitored.Over the years, PaperTrail has been at the forefront in facilitating these processes within the Banking sector. As many of the institutions do not often deal directly with the public, they entrust their Authorised Dealers to facilitate this communication. Authorised Dealers, often in the form of Bank, will act as a liaison between applicants seeking authority to proceed with foreign exchange transactions either in their personal capacity as individuals, or as entities. These Authorised Dealers will assist in terms of requirements, carrying out the necessary checks and validations for authorisation, as well as submitting applications on behalf of the applicants.In this regard, PaperTrail has been utilised to complete and annotate applications with eForms, store documentation in a safe and secure repository with the customised permissions in place to safeguard applicants’ privacy, manage the approval flow by use of WorkFlow and eDigital Signatures within the organisation, automate, link and redirect and allocate communication and documentation between the parties, and ensure that governance is met within the Exchange Control process.PaperTrail is proud to be part of the behind-the-scenes process that makes this happen.
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