Currency Exchange International, Corp. (the “Company”) (TSX:CXI)(OTCBB:CURN), a leading provider of foreign currency exchange services in North America, is pleased to announce that since July 31, 2014 the Company has signed new agreements with nine financial institutions located in the United States for services including the exchange of foreign banknotes, foreign cheque clearing, and foreign bank draft issuances.
The agreements provide the financial institutions access to CXI’s proprietary software, CEIFX, to fulfill the processing of foreign banknotes, foreign cheque clearing, and foreign bank draft issuances. Depending on the internal policies of each bank, the banks will provide such services downstream to account holders and non-account holders through CEIFX’s ordering system. The nine financial institutions represent more than 1,100 distinct locations across 14 states. Such services have been implemented with most of these institutions already, with the remaining transacting locations set to be online within the next two months.
Utilizing CEIFX gives banks access to buying and selling more than 80 foreign currencies, issuing foreign denominated drafts for more than 40 countries, and a wide range of cheque collection currencies. The CEIFX system’s services are supported with robust reporting functionality, live compliance integrations, and a support structure to fulfill the bank customer’s currency exchange needs quickly and securely, while remaining compliant with all federal regulations. CEIFX has numerous integrations with existing core banking software that allows such systems to securely send information between one another. In addition to providing the services through its web-based software, switching to CXI has provided many of the banks with increased value in the provision of their existing services as well as new revenues from newly established services.
“The rapid rate at which banks are switching to CXI confirms that by providing exceptional service with competitive pricing using leading FX software is the best overall decision for retail banks including with respect to their back office processing of cash and instruments denominated in foreign currency,” said Randolph Pinna, President and CEO of CXI.