The client based in Stockholm, Sweden had started the business in 1996 as a currency exchange company and today it is one of the leading Exchange Services Company in Sweden. It offers services such as loans and deposits with governmental deposit warranty.
The client was using their in-house system to manage all Forex transactions. The system was based on old techniques and written/coded in a language called Xbase+, Dbase and partly SQL was used for database handling. There was high-level personnel dependency when it came to the current solution, as the main parts were developed by a single administrator any discrepancies with the administrator would have an adverse effect on the financial results.
In addition to personnel dependency, below are some of the critical challenges that had to be addressed by the new solution.
- To manage the information access across the network of around 20 offices spread all over the country with a total of around 110 cash registers.
- Aged GUI (Graphical User Interface).
- A central database is missing which is needed for the generation of reports.
- Limited customer system for handling for example club members.
- The solution should comply with the f the new Swedish cash register law.
TatvaSoft UK developed a centralised and secured Point of Sale application for Finance industry based on client-server architecture complying with Swedish cash registry law. The solution delivered following functionality that adapts today's business demands with the long-term perspective and established standards.
- Cash register transactions
- Buy and sell currency
- Purchase of traveller's checks
- PG/BG payments
- Daily cash
- Foreign payments
- General regarding payments
- Till registration/till correction
- End of day report / daily settlement
- Loans, insurance, others
- Customer, engagement and transaction history
- Security code for telephone queries
- Fraud follow up
- Wholesaler features
- Setting rates
- Ordering of bills by the offices
- Ordering of currency by the wholesaler
- Confirm inbound delivery of currency
- Transfer/repurchase currency
- Show stock
- Registry maintenance and configuration
- Adding products and currency
- Integrations with hardware and other systems
- Transactions security
- Role based access
TatvaSoft's end-to-end application development services helped them in realizing their business goals. It benefitted them in the following way as new features and functionalities were added:
- Connects all its offices and maintains all the transactions in the central database with Zero downtime
- Centralisation of the system removed person dependency and resulted in increased productivity and efficiency
- Client got qualified for the bank charter in Sweden complying with Swedish cash register law "nya kasslagen"
- Secured and error-free transactions