Technavio has announced the top five leading vendors in their recentglobal currency exchange software market report from 2017-2021. This market research report also lists nine other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global currency exchange software market from 2017-2021. (Graphic: Business Wire)
Competitive vendor landscape
The global currency exchange software market is expected to grow at a CAGR of close to 13% during the forecast period. One of the major reasons for this growth is the increasing need to eliminate cumbersome and manual processes and the necessity of a robust and automated solution for international payments processing. Currency exchange software ensures improved compliance and converts foreign currencies for the convenience of global traders and investors.
According to Amrita Choudhury, a lead enterprise application research analyst at Technavio, "The global currency exchange software market is fragmented with the presence of many small regional vendors and large multinational vendors. Established vendors are likely to acquire smaller vendors to expand their product portfolio and increase their market shares. The established vendors are revamping their offerings and adding functionalities in their products by acquisitions, and the new entrants are including offline capabilities through technology development and by acquisitions."
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Technaviomarket research analysts identify the following key vendors:
Calyx Solutions develops e-commerce applications, builds software products, and designs websites. It also provides foreign exchange software to the currency exchange bureaus in the UK. The software helps the currency exchange bureau owners manage their currency accounts and track their expenses such as rent, salaries, and sundries. The software is fully compliant with HM Revenue and Customs (HMRC) rules with sanction list screening. The software provided by the company can also be integrated with online currency selling website. The major functionalities of the software include buying currency, selling currency, cross currency transactions, customer orders, and transaction history.
Clear View Systems
Clear View Systems offers currency exchange software for a wide range of customers such as currency exchangers, financial institutions, foreign exchange wholesalers, precious metal dealers, forex dealers, and money exchange businesses. Money exchange businesses include customers such as bureau de change and money service businesses. The company's currency exchange software is currently in use by 300 companies across 25 countries. The company offers three editions of the software, namely, POS, Business, and Pro.
Digital Currency Systems
Digital Currency Systems provides foreign currency exchange software that helps tellers convert many types of foreign currency automatically. The company's currency exchange software is fit for a single location and multi-location deployment and provides detailed reporting and centralized management capabilities. Currency exchange software is an easy-to-use interface, and this software streamlines processes effectively captures data, reduces fraud, minimizes transaction times, and improves operational procedures.
MoneyExchangeSoft provides an all-in-one solution for big and small money exchange bureau and foreign exchange office. The company offers cost-effective software package for money exchange bureau. The company's currency exchange software is compatible with money regulation authority and with the money exchange regulations of different countries. The software helps to control multiple currency accounts for agents, customers, correspondents, and exchange rates.
Yodatech provides currency exchange management software for currency exchange offices and gold negotiators. The company's currency exchange software is being used by 80% of French currency exchange agents. Also, the software is altogether used by more than 350 customers in 10 different countries. The software can also be integrated and manage all precious metal needs, coins, and ingots. The software also integrates all information required for corporate customers such as draft, wire transfers, online bill pay, and credit/debit card pay.
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