I&M Bank Launches Digital Forex Platform to Simplify Forex Transactions for Businesses
I&M Bank Kenya on Wednesday announced the launch of I&M FX DIRECT, a new online foreign exchange platform aimed at its business clients.
The platform, according to the ban,k is designed to automate forex transactions and eliminate the delays and errors associated with traditional, manual trading.
The core of the new system is its use of Straight-Through Processing (STP). This technology allows client orders to be executed instantly without manual intervention from the bank, a significant shift from the common industry practice that often relies on phone calls and manual data entry. According to the bank, this automation will provide faster settlements and reduce human error.
“We are empowering our business clients by giving them direct control over their forex trades,” said Kihara Maina, Interim Chief Executive Officer at I&M Bank Kenya. Maina noted the goal is to drive the “adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control.”
The platform provides access to live-streaming currency rates and competitive spreads, allowing clients to lock in both Spot and Forward forex deals. It also supports advanced orders, enabling users to set trades that execute automatically only when their specified market conditions are met.
The web-based system is accessible on both desktop and mobile browsers without requiring installation. It is targeted at businesses and individuals who transact a minimum volume of $50,000 per month.
This launch is part of I&M Bank’s broader digital transformation agenda. Earlier this year, the bank expanded its partnership with Mastercard to enhance its digital payment solutions for businesses and consumers.
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