I&M Bank Launches I&M FX DIRECT To Simplify Forex Transactions

I&M Bank has announced the official launch of I&M FX DIRECT, its advanced online foreign exchange trading platform designed to enhance forex conversion efficiencies for its business clients. The platform is set to transform how businesses in Kenya manage their forex transactions by introducing Straight-Through Processing (STP), for instance, error-free trade execution.

I&M FX DIRECT addresses the common inefficiencies of manual forex transactions, such as delays and the need for constant phone calls. The platform’s core innovation, Straight-Through Processing (STP), ensures that client orders are executed instantly without manual intervention. This leads to fewer errors, faster settlement, and eliminates delays, providing a significant competitive advantage to users.

“The launch of I&M FX DIRECT marks a significant milestone in our commitment to leading the digital transformation of treasury operations. We are empowering our business clients by giving them direct control over their forex trades. We want to encourage the adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control. This platform is backed by the security, reliability, and expert support that our clients need to manage their forex needs in the smartest way possible.” Said Kihara Maina, Interim Chief Executive Officer, I&M Bank Kenya.

Beyond its advanced STP capability, I&M FX DIRECT offers businesses a suite of features designed to provide a competitive edge:

• Real-Time Pricing: Access to live streaming currency rates and competitive spreads to seize market opportunities.
• Comprehensive Dealing: The ability to lock in both Spot and Forward forex deals.
• Advanced Order Management: The platform supports placing forex orders that are executed automatically when market conditions meet the client’s criteria.
• Total Accessibility: A secure, web-based platform accessible globally across multiple browsers on desktop or mobile, with no installation required.

The platform is designed for a range of clients, including businesses and individuals that transact minimum volumes of $50,000 per month.

As part of their bigger transformation agenda, I&M FX DIRECT aims to generate awareness and drive adoption of this secure, transparent, and efficient trading solution. Interested clients and new customers are encouraged to speak with their Relationship Manager or email globalmarkets@imbank.co.ke  to begin the onboarding process.

Earlier this year, I&M Bank extended its partnership with Mastercard to further empower consumers and businesses through innovative, secure, and convenient payment solutions. This collaboration complements I&M’s broader digital transformation agenda, of which I&M FX DIRECT is a key milestone.

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