Direct Foreign Exchange (Direct FX®) develops, brands, customizes and operates an Internet software solution that enables banks and credit unions to provide a full range of currency products to their customers. The Software services are delivered to customers either through the institution’s online banking facility or via their branch locations or operations department.
We market our software primarily to regional/community banks and credit unions. However, a modified version of the software is available to travel related businesses. The software provides each of our customers with a new source of fee-based revenue. The software is customized and branded in the name of the bank, credit union or travel business.
Currency products supported by our software are both payment related and travel related. Payment related products include wire transfers and foreign currency bank drafts. Travel related products are foreign currency bank notes and international traveler’s checks. See Currency Services for a full list of services our software handles.
In an increasing global economy, the foreign exchange market is the largest in the world with over $1.9 trillion worth of currencies traded on a daily basis (1). Daily currency turnover in the United States exceeds $460 billion (2).
In summary, Direct FX® offers its customers the opportunity to:
Multinational financial institutions and other reputable organizations provide all currency services.
Direct Foreign Exchange supports the community banking industry through membership in the Independent Community Bankers of America.
(1) Source: Bank for International Settlements, Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2004
(2) Source: Federal Reserve Bank of New York, The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States April 2004.
