A recent white paper from Kantox listed the five costly most common data entry errors in made in
foreign exchange transactions.
- paying a currency into an account that is denominated in another currency
- missing letters or other mistakes in beneficiary name and address
- misquoted account details
- wrong direction of currency pair
- if quoting different banks in sequential mode your business is almost certainly wasting considerable time and thus, expenditure.
Inevitably the white paper described how Kantox overcomes these problems by:
- “Four eyes” principle, ensuring all orders placed by clients are double checked by two in-house clearing officers.
- all financial correspondence is done through SWIFT, guaranteeing our clients the industry benchmark in financial message security.
- Anti-Money Laundering best practices, ensuring all parties to all transactions are given a thorough background check before proceeding.
- efficient working relationships established with client and beneficiary banks to ensure security checks are carried out on their part too. In total, all transactions undergo four separate sets of security protocol with Kantox: 1, Kantox; 2, SWIFT; 3, client bank; 4, beneficiary bank.
CTMfile take: Never forget the basics in FX.