FV-iRemittance System

Our FV-iREM is a comprehensive web-based application supporting the following key features:

•    3-tier architecture system.
•    Web-based application supporting both intranet and internet environment.
•    One core host system supporting various type of instruments / products.
•    One centralized database supporting various type of instruments / products.
•    One set of user profile.
•    Support Single Sign On (SSO) through AD.


Overview


FV-iREM is a comprehensive web-based system developed based on 3-tier architecture system.  It supports Cashier’s Order, Demand Draft and Fund Transfer remittance instruments.

One of its unique features of FV-iREM unlike the remittance system in our local market provided by other solution providers is its ability to appoint and support agents to effect the fund transfer in remitting funds to the beneficiary overseas without going through SWIFT.  Hence, the bank will earn the fee charges instead of paying to SWIFT. 

FV-iREM provides accurate and up-to-date information of remittance instruments in many form such as, computer generated reports and on-line real time functionalities in aiding operational, supervisory and management staff.  It also reduces manual processing at branches as well as head office in the preparation and execution of remittance instruments and support inter-branch and inter-agent remittance transactions.  The FV-iREM provides but not limited to the following functionalities:

•    Allow registration of customer information (both applicant and beneficiary).
•    Allow customer to apply CO, local and foreign DD, local and foreign Fund Transfer.
•    Tracking of outward remittances covering Cashiers Order, Local and Foreign Demand Draft and Telegraphic Transfers.
•    Tracking of inward remittances covering Cashiers Order, Local and Foreign Demand Draft and Telegraphic Transfers.
•    Reversal of remittances such as cancellation, stop payment, presented, frozen, dormant, unclaimed etc.
•    Automate GL accounting entries.
•    Capability to perform customer due diligence.
•    Convert currency directly without having users to compute and calculate manually.
•    Interfacing to SWIFT and RENTAS with capabilities to support STP or batching.
•    Generation of SWIFT messages for onwards transmission to the SWIFT network.
•    Comprehensive reporting in the areas of operational, management and statutory reporting.
•    Modularity to enable the FV-iREM to interface to most of KT’s front-end and back-end systems.
•    FV-iREM Nostro position tracking by various currencies.
•    Online alert and notification to users and customers.