I&M Bank has officially launched I&M FX DIRECT, a next-generation online foreign exchange trading platform designed to streamline and improve forex transactions for business clients.

The platform introduces Straight-Through Processing (STP), which allows the execution of trades instantly and error-free, and creates a new benchmark in which businesses can conduct currency conversion in Kenya.

I&M FX DIRECT directly addresses the inefficiencies associated with manual forex trading, such as delays, phone confirmations, and human errors.

With STP technology, client orders are executed automatically and instantly, eliminating the necessity of manual intervention as well as minimizing transaction risks.

“This launch marks a significant milestone in our commitment to leading the digital transformation of Treasury operations,” said Kihara Maina, Interim Chief Executive Officer of I&M Bank Kenya.

He added, “We are empowering our business clients by giving them direct control over the forex trades.

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We want to encourage the adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control gains.”

Key Features and Benefits

The new platform converts in less than 30 seconds and offers tailor-made exchange rates to the clients’ businesses and the number of transactions being made.

I&M FX DIRECT is a business, corporate, and institutional product designed to provide integrated products such as:

• Real-Time Pricing: Live streaming rates and competitive spreads.
• Comprehensive Dealing: Ability to carry out both the Spot and Forward forex transactions.
• Advanced Order Management: Option to set automated trades triggered by specific market conditions.
• Global Accessibility: Secure, web-based access from any browser on desktop or mobile; no installation is required.

The service targets clients transacting a minimum of Ksh 6,462,500 monthly.

Supporting Digital transformations

The introduction of I&M FX DIRECT is part of the larger digital transformation program of the I&M Bank to improve efficiency, transparency, and customer experience.

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The bank recently extended its partnership with Mastercard to provide innovative and secure payment options, further demonstrating its commitment to digital banking excellence.

Clients interested in adopting the platform can contact their Relationship Manager or email globalmarkets@IMbank.co.ke to begin onboarding.

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Kihara Maina,Interim Chief Executive Officer I&M Bank Kenya