Online service gains momentum: Firm

 The online foreign currency payment service introduced by MoniPlus FX (foreign exchange) is gaining momentum among clients, an official said.

Foreign exchange head Mal Parsonson said the product was now used by more than 600 clients, both corporate and individuals.

Heduru Moni Ltd, which trades as Moni Plus, is a licensed financial institution which provides asset finance, personal lending and deposit products. 

Parsonson said: “We were given a foreign exchange licence in 2012, and after series of testing we went live to the public in January 2013 so we’ve been operating publicly for almost 18 months.

“Our system is different to our competitors; we are available live on line 24 hours, five days a week.

“The clients register for free on our website in a similar fashion to registering for internet banking. 

“They can then view their dashboard that displays live rates which update every 30 seconds. Anyone can register, however. When people remit money overseas, they have to be identified in the same way as if they were opening a bank account.”

Apart from competitive pricing, Parsonson said MoniPlus FX has brought to the market state-of-art-money transfer facilities that enable clients to register for the service from the comfort of their office.

“Once registered, MoniPlus FX clients can obtain a quote, confirm the rate and then make payment, all within minutes and without leaving their desk.

“Mandatory reporting to Bank of PNG was handled online as part of the transaction process, reducing paperwork for MoniPlus FX clients.

“This is a true, end-to-end, online process, with no rehandling of clients payment instructions.”