Money Changing Operations Training

For Bureau de Change/FFMC operators with single or multiple locations, equipping the employees with the right skills and knowledge remains a critical activity. Being a specialized business requiring specialized knowledge it is important to have a mechanism to ensure the new joiners are able to get on-the-job quickly also there are requirements to train/re-train the existing employees on new developments in business, operations and technology. Minerva with its long experience in working with the Money Changing industry is able to provide focused and result-oriented training in different areas of the Money Changing operations. Having worked with leading Money Changers for a long period Minerva brings together industry knowledge and execution experience for the benefit of its clients.Minerva with its long experience in working with the Money Changing industry is able to provide focused and result-oriented training in different areas of the Money Changing operations. Having worked with leading Money Changers for a long period Minerva brings together industry knowledge and execution experience for the benefit of its clients.

Counter Operations

Counter and Front-office executives are the face of the organization and need to be trained adequately for them to provide good and accurate service to the clients. Minerva’s multilevel training modules for Counter and Front-office executives covers the basics of the Money Changing Industry, Regulatory Structures, primer on FEMA, RBI guidelines, KYC-AML-CFT guidelines and implementation, Reporting and Record Keeping, Objection Handling, Currencies and Denominations, Conversion/Reconversion, Instruments (Currencies, Cards, Travellers Cheques etc), AD II transactions (where applicable), surrenders and settlement, basis accounting entries, soft skills, negotiations and handling competition etc.

Software Training

Technology plays a crucial part of the front and back office operations of a Bureau de Change/FFMC operation. Minerva is a leading provider of technology solutions for the industry. Minerva’s product (FXplus) is a online solution for managing the front, back-office and compliance of FFMC operations. Minerva provides detailed training on usage, applicability of requirements of the software solutions.

Corporate Office (Compliance and Branch Coordination)

Compliance is key to running Bureau de Change/FFMC operations. With dynamic requirements from Central Banks and other regulatory agencies and the growing threat of fraud the compliance to various standards, compliance has become central to the business operations. Anti-Money Laundering guidelines, KYC norms and other international requirements such as those of Combating Financial Terrorism, Watch List warnings etc are part of the activities of the Corporate Office at the planning and policy level and execution at the counter level.

Minerva can assist the clients in formation of policies and operational guidelines for AML/CFT/KYC requirements and train the corporate and counter executives in implementation and monitoring.

Organizations with multiple branches will have the corporate managing multiple bank accounts, multiple principals for Card and TC settlements and many inter-branch transactions. Minerva assists its clients in creating a policies and road map to simplify the operations in this area.

For info more: http://minerva.in/services/

Welcome to Minerva Technologies

The challenges in the business environment requires that organizations have a partner, who will bring specialist domain knowledge along with sound technical expertise to provide products and solutions aimed at making a significant contribution to the growth and effectiveness of the organization.

Minerva Technology Solutions Ltd, is an IT products and services provider specializing in vertical and specific segments. We work with large, medium and small companies in providing products and services to align with their requirements. We pride in aligning in-depth knowledge of the businesses we seek to automate and strive to add immense value to the clients’ business processes and show substantial benefits of association with us.

Minerva creates software solutions in the areas of Retail Foreign Exchange, Retail Money Transfer, Travel Industry automation, Payroll & HR, PF Trust Management, Employee Self Service, and Learning Centre Management.

Minerva’s outsourcing division provides technology and process outsourcing to organizations. The services include Payroll, HR, PF Trust Outsourcing and Application hosting and web-deployment.

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Independent HR and Payroll Service Providers

MINERVA provides an excellent partnership opportunity to Independent HR and Payroll Service Providers to have a sound technical and process backup for their brand and services. MINERVA works with Service Providers by providing back-office and processing services while the Service Providers can label their product and services. This totally eliminates the need for Service Providers to make huge investments in hardware, software and manpower.


About Author: Minerva Technology Solutions Limited is a product development and services outsourcing company, offering a range of services in the areas of Retail Forex, Travel, Money Transfer, Education & Hospitality, Payroll, Employee management and products suited to the needs of key verticals. Minerva Technologies provides value to clients by combining rich domain knowledge, process, innovative product and service delivery, and excellent post sales support.

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PF Trust Outsourcing

Provident fund is turning out to be a complex function to handle. Today all companies are bound by statutory requirement to have Provident Fund as a Trust or otherwise. For those organizations who manage a Provident Fund Trust, handling the different requirements of investments, member database, member relationship, loans and investments need to a cohesive activity and not distributed. MINERVA offers PF Trust Outsourcing services which enable organization comply with all the requirements of this function and maintain flawless data of its members. MINERVA handles the creation (or import) of member database, loan management, investment management. MINERVA also provides member self-service modules to enable organizations extend the facility to members. The service deliverables include

1. Member register
2. Loan Management (refundable & non-refundable)
3. Loan register
4. Investment Allocation and Details Input
5. Automatic Interest Calculation
6. Interest Reports
7. PF annual statement
8. Trial Balance
9. Income & Expenditure account
10. Balance sheet
11. Statutory Reporting (additional requirements at no extra charge)
12. Dynamic management of PF structure
13. Reports by Location/state
14. Reports based on employee and employer contribution

About Author:-  Minerva Technology is an IT products and services provider specializing in specific segments and work with large, medium and small companies in providing services.Minerva Technologies provides value to clients by combining rich domain knowledge, process, innovative product and service delivery, and excellent post sales support.Minerva Technology Solutions Limited is a product development and services outsourcing company, offering a range of services in the areas of Retail Forex, Travel, Money Transfer, Education & Hospitality, Payroll, Employee management and products suited to the needs of key verticals.

See More :- www.minerva.in/

Retail Forex, Travel, Hospitality and Education

Retail Forex and Money Transfer

Minerva is a market leader in providing Point-of-Sale and back office automation solutions for the retail foreign exchange and Money Transfer agents. With an installed base of over 1000, this product automates the entire operations and provides for all the regulatory compliances. This multi-tier integrated online solution can be deployed from one branch to operations panning multiple locations and countries. Consolidated reports and third party interfaces make this a unique solution for this industry.

FXPLUS

Retail Forex (Bureau de Change/Money Changer POS and Back Office) An end-to-end software solution for Bureau de Change Automation, aimed at Full-Fledged Money Changers and Authorized Dealers. The system delivered as Software-as-a-Service (SaaS) and in-house deployment for large companies, covers the entire operations of a Bureau de Change (Money Changer) from Point-of-Sale to complete accounting and financial Management. The system provides for national and international standards in Anti-Money Laundering compliance. The system complies with the operational and reporting standards of the central banks (Reserve Bank of India).

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FXPLUS-ODR

This system enables B2B communication between different Money Exchanges through an Online Dealing Room. The ODR enables them to find the best rates for their Currency stock online and close a deal with another Money Exchange. For users of the FXplus Bureau de Change software this system is directly linked to their backend software.

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FXPLUS-Xport

Money Exchanges with permission to Export Currency to Banks and financial institutions use this solution, which ensures compliance and accounting. This can also be provided as an in-built module in the basic FXPLUS software.

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SENTINEL-AML

SENTINEL-AML is a multi-tier Anti-Money Laundering Engine for Bureau de Change, Hotels, Banks and Travel Providers dealing with direct and corporate clients. The system is customizable to comply with various provisions of regulatory banks and financial institutions. Apart from compliance of the regulatory framework, organizations can devise their own methods of AML standards for fraud prevention, detecting suspicious transactions using the parameterized approach of the solution. The system is able to integrate various standards and watch lists published by international organizations. FIUs of different regulatory and financial services organizations use the AML module and the related analytics solutions to ensure detection and compliance.

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MoneyLINK

Large agents of leading Money Transfer companies like Western Union, MoneyGram etc operate through a wide network of agents across nations and states. The MoneyLINK system handles the entire operation of the Direct agents of these Money transfer companies in managing the network of sub-agents, payment and reimbursement process, reporting and analytics, interface with banks and entire financial accounting operations. The system also complies with local regulatory framework for the business.

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FXPlus netStore

The netStore solution is an ecommerce website service for Forex and Money Transfer providers. Ready-to-use ecommerce integration for Bureau de Change / Money Changers eager to setup an ecommerce interface to their websites. This comprehensive site integrates to the standard business website and eliminates the need to make huge investments in time, money and resources. The netStore from Minerva provides a readymade platform for order booking for buying and selling currency, Travellers Cheques. Prepaid Forex Cards together with in-built payment gateway to retail customers through the Money Changers website. All regulatory documentation requirements from the end customer are captured and stored in the system. All data collected through the netStore directly updates the FXplus back office software.

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LCMS – Education Center Management

Minerva’s LCMS (Learning Center Management Solution) addresses the needs of Education Providers having multiple training centers across different locations. This web based solution is a tool for managing and administering training centers across different locations. It enables student management, faculty management, center management, placement and certification. LCMS is a complete solution on-the-cloud for education service providers with distributed/franchisee locations

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Payroll, HRMS and PF Trust Management

Integrated Payroll, Human Resources software

VistaHR is a comprehensive, easy-to-use software solution for automating payroll and human resources operations. The system is fast, flexible and powerful yet easy to use enabling the user to run payroll without any detailed knowledge of accounts or computers. The easy to follow information screens mimic the manual payroll systems enabling simple and convenient transition from manual to computerized system. The modules include payroll, manpower budgeting, Taxation, Employee Hiring, Induction, Appraisals, training and development. Add-on modules can facilitate the integration with third-party attendance monitoring systems. The VISTA solution also has a web-based employee self service module which provides employees the access to look-up and modify their personal, salary and taxation information etc

Provident Fund Trust, Gratuity, Superannuation Management

VISTA PF Trust is comprehensive, powerful and user-friendly software for PF trust accounting, Gratuity and Superannuation management. Developed using the latest in Rapid application development and deployment tools, VISTA PF Trust is packed with features to simplify the complex work of Provident Fund Trust management. VISA PF Trust module also handles the trust’s financial accounting operations ranging from vouchers, simple ledgers to complete Balance Sheets. VISTA PF Trust Module comprises three different modules viz PF TRUST, GRATUITY and SUPERANNUATION, is a highly parameterized system which enables easy application of changes to PF rules without any programmer intervention. This product handles all the statutory requirements, loan calculation, amortization, investments, and financial accounting. The system is also integrated to VISTA payroll system to pull out salary data from the system. VISTA PF Trust module has a full fledged accounting system in-built in the application to take care of simple voucher entry to full balance sheet of PF trusts. The application has facility to handle multiple PF trusts and multiple companies. VISTA PF Trust provides ultimate convenience, security and value, which will enable the management to adapt a simple but highly efficient way of working, giving them more time and flexibility to concentrate on their core business..

Employee Self Service (ESS)

ESS is a web-based service that provides employees with information related to their employment. The ability to directly view your human resource and payroll data in the system provides an excellent opportunity for the employees to not only to access their information from anywhere but also to ensure that the information is correct and kept up to date.

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PF Trust Outsourcing

Provident fund is turning out to be a complex function to handle. Today all companies are bound by statutory requirement to have Provident Fund as a Trust or otherwise. For those organizations who manage a Provident Fund Trust, handling the different requirements of investments, member database, member relationship, loans and investments need to a cohesive activity and not distributed. MINERVA offers PF Trust Outsourcing services which enable organization comply with all the requirements of this function and maintain flawless data of its members. MINERVA handles the creation (or import) of member database, loan management, investment management. MINERVA also provides member self-service modules to enable organizations extend the facility to members. The service deliverables include

1. Member register
2. Loan Management (refundable & non-refundable)
3. Loan register
4. Investment Allocation and Details Input
5. Automatic Interest Calculation
6. Interest Reports
7. PF annual statement
8. Trial Balance
9. Income & Expenditure account
10. Balance sheet
11. Statutory Reporting (additional requirements at no extra charge)
12. Dynamic management of PF structure
13. Reports by Location/state
14. Reports based on employee and employer contribution

 For info more: http://minerva.in/legal-disclaimer-privacy-policy-and-terms-of-use/