KoenigTech’s specialists conducted a market study by analyzing the ways in which popular electronic currency exchangers operate: they studied websites, dissected the process of exchange, observed customer support in action, and so on. The gathered information gave birth to a consolidated report on the necessary functionality that F1ex would have to offer to be competitive.
Based on the acquired data, a set of terms of reference was put together. After discussing the terms with the customer, changes incorporating desirable nuances were made.
Structural blueprints and page designs for the client interface and administrative panel were produced.
KoenigTech’s specialists deployed the back-office on the customer’s server and granted access to the service’s owners and customer relationship managers.
A basic system configuration came into effect.
A public website and a user personal area with a CMS component for content editing came online.
The customer was given thorough documentation describing how the software product worked.
The customer was brought up to speed on the full range of functionality of a KoenigFinance-powered exchanger service.
Exchange transactions are processed in real time but in certain cases manual mode can be activated (for example, when the manager’s approval is required or additional information from the client is needed for security purposes). The system that underpins the F1ex exchanger allows for flexible rate adjustment for each currency pair, rate exporting for monitors, running a multi-level referral program, etc.
The platform allows for limits to be set up (for one particular transaction or all transactions within one operational day) in compliance with legal requirements or in proportion to electronic currency reserves. Additionally, security parameters can be adjusted for certain currency pairs, i.e. exchange can be carried our anonymously or after identity verification.
The flexibility of KoenigFinance’s platform configurations allows for easy editing of the exchangeable currencies list.
Each currency pair can have its own exchange rate. The currency rates table was designed to highlight (in red) pairs that are loss-making due to how they were configured, so that the manager can easily spot them and take appropriate action. Yellow highlighting signifies possible losses in certain chains of circumstances (when multiple discounts add up, for example). Green highlighting means that the pair is profitable.
The platform comes with automatic rate adjustment tools. The system analyzes the total amount of reserves in each currency, the minimum exchange rate set by the manager for the given exchange direction, and the competitors’ corresponding rates. Taking into consideration all this data, the algorithm automatically adjusts the rate.
Automatic manager notifications fire off when active rates either become loss-making, or when reserves run out, or when a glitch happens.
News and user feedback can be added and deleted. Administration-approved user reviews are shown on the main page of the exchanger website.
An easy-to-use interface enabling the manager to tackle operations: quick search and transaction scrolling.
Automatic profit and loss calculation with attention to commissions, referral payouts, direct and indirect site maintenance costs.
The built-in basic verification module allows for user identity and address verification through uploading of scans/photos of documents. The client completes their profile providing all required information. The manager checks the information against the documents and verifies the client’s identity granting them access to the extended functionality of the software platform, or otherwise informs them about the necessity of certain actions needed to bring the verification process to fruition (for example, uploading scanned documents in higher quality).
The website was designed to make the process of exchange as intuitive and comfortable for the client as possible. The website’s design reflects one of the main strengths of the exchanger - high speed of exchange, this is why it adopted the “Formula 1” style.
Clients can carry out exchange transactions without registering in the system. However, for registered users there is a history of exchanges, volume-based discounts, a partnership program, and some other things.
In order to register on the website, users have to fill out the registration form providing basic information (name, email address) and come up with a password.
To complete an exchange transaction, the client has to select a currency pair and exchange direction, get familiar with the exchange rate and currencies, specify credentials for sending and receiving funds, as well as type in the amount to-be-exchanged, and at the final stage press the appropriate button to initiate the process.
The client can get their questions answered by the administration in the online chat.
All transactions ever created by the client are displayed in the appropriate section of the client’s personal area.
We contacted KonigTech in 2016 with this task in mind: to launch an electronic currency exchanger by the end of that year. We clearly understood what we wanted, but were aware of the fact that efforts of regular programmers would not be enough to create and set up a full-fledged system of services and that we had to get assistance from programmers from the outside. The interface and navigation are straightforward from the beginner's perspective, the ecosystem is highly secure, user data is safe, there is also a way to exchange a plethora of currencies, so our requirements were simple. We didn’t have a hard deadline, but we were pleased with the speed of delivery. We accepted the final project delivery without any major revisions, and the website was launched later a few months after we communicated our vision for the product. Shortly after that, we saw the first registered users and operations. Our site, F1ex.com, has transitioned into its second operational year. We are proud of it and we are planning on doing business with KonigTech again, as we have come up with an idea about a new project. We look forward to further cooperation.
We are always happy to answer any of your questions regarding the features and capabilities of the KoenigFinance platform as well as provide real-time demonstration of our products.
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