Take Advertising to a Whole New Level with Digital Advertising

In the world of money exchange the competition is huge. Having great software and an advertising platform that won’t cut into your profits gives businesses the advantage of offering competitive rates. VinIT Solutions has a sound offering of software and now offers a digital advertising system that will give you the edge over your competitors. Don’t toss out your flyers or mailings but, rather, add to their benefits using digital advertising. As with all advertising, you want your business to be a common sight. The more your potential customers see your name and your brand, the more likely they are to reach out to you for business.

Advertising your business can be costly but with digital advertising you’ll save money and reach more people. Spending on advertising has grown exponentially in the UK, seeing growth every year for the past seven years in a row. Digital formats continue to dominate that market and mobile advertising accounting for 99% of that growth. According to James McDonald, a senior data analyst at Warc, the UK ad industry is experiencing the “most seismic shift” in its history. “Last year exemplified this, as over 95% of the money entering the market came from digital formats. The trend will continue as ad tech improves and consumers spend more time with their internet- connected devices,” he claims.

To see digital advertising growing year in, year out is encouraging in these unsettled times of Brexit. Advertising has proved to be resilient to uncertainty and digital advertising is helping to lead the way. It provides an electronic communication medium that allows businesses to gain more exposure and reach a greater audience. Being able to reach customers with dynamic images and videos direct to their mobile devices is a boost for advertising. This rings even truer when you’re advertising money exchange software. Information can change quickly, as with exchange rates, for example.

The business of money exchange is constantly changing. Cutting edge technology has created an exchange world that is able to offer rate changes at lightning speed, in real time. Being able to advertise to your current and future customers through the digital medium will attract customers and is cost effective. We all know how much time is spent on mobile phones and tablets. We also know that many of our customers like to transact business using these devises. Combining advertising with your software is simply the next step in our digital world.

The Digital Display Systems offered by VinIT Solutions provides you with an electronic communication medium that allows you to gain more exposure and a greater audience. While posters, handbills, leaflets, screen printing and stickers displayed in more visible places to the public was the most popular method of advertising, digital display solutions have come to the forefront of the advertising world. With the invention of digital display solutions, communication has become more flexible and much easier than the printed media.

The printed advertisement isn’t going away any time soon, so don’t rush to do away with that and go all in with digital advertising. Think of digital advertising as an add-on, for now. One day, digital advertising may be the only advertising you see, but that’s doubtful. Customers want both, so utilise your digital presence while maintaining your printed advertisements in order to reach as many potential customers and maintain the ones you have.

Be Careful Out There – Money Laundering is No Joke

Money laundering is often thought of as a ‘Mob’ type activity. Most people think that they would be involved in it, knowingly or not. Most people would be surprised to learn that in just nine months last year there were 8,652 cases of young people who became ‘money mules’ for money launderers in the UK. The most vulnerable age is between 18 and 24. A ‘money mule’ is someone who moves large sums of cash for a criminal entity in order to ‘clean’ the money by funnelling it through legal channels. Some knew that what they were doing was illegal, but many weren’t aware. A study showed that one third of people would apply for jobs that they think are legitimate but are really ‘money mule’ jobs.

Fake ads are showing up more and more these days and they can be really hard to spot as fake. One way to avoid falling into this trap is to think to yourself – if an offer sounds too good to be true, it probably is. Vulnerable people are those who have little or no income. They are usually young but don’t have to be. Anyone wanting easy cash can fall for these scams and find themselves involved in illegal activities that could leave them facing life-changing consequences such as having your bank account closed to facing a jail term of up to 14 years. Keep in mind that money laundering often supports criminal activities such as people trafficking, drugs, and even terrorism.

Some ways to avoid these fake ads and falling victim to them are: not clicking on any link that is asking you to verify or update your bank account details; not answering a call or text from an unfamiliar number regarding your bank account; remember your bank would never ask you for your
personal information over the phone and would never ask you to transfer money from your account, for any reason; and always respond to emails or phone messages by visiting your bank’s website and calling or emailing a person from the actually bank.

Again, if it sounds too good to be true, it probably isn’t. If you’re unsure about a phone message or email, ask a friend or your bank. Simon Dukes, chief executive of Cifas, said: "This is a serious issue that not only has consequences for the money mule, but for society as a whole. We want to educate young people about how serious this fraud is in the hope that they will think twice before getting involved." So be smart and stay safe.

What is Big Data and How Does It Impact Currency Movement

Transferring money globally might seem to have simple and basic reasons behind them, but on further inspection each transfer tells a story. It is the story behind the transfer that can help build innovative technology to improve the system. We, in the UK, are becoming more aware of the unbanked people around the globe. Living in the UK you becomes accustomed to all of the services at our fingertips, whether it be on a mobile or in a traditional bank but we need to understand that not all countries have such luxuries. There are many people around the world who do not have access to banks or financial services – we refer to them as the unbanked.

By using big data, money transfer companies can gain valuable insights as to why, when, and how these transfers are initiated. Big data encompasses the whole story. Identifying patterns is the job for the big data industry, from timestamps, device information, or even the location the transfer took place at. One may think that, as long as there is not a problem, the customer will keep using their current supplier and if there is a problem, they will let the company know. That is not always the case and customers can be lost without the company ever knowing why they stopped.

Big data collects all of the information it can. Some is relevant and some may not be. That is when smart data comes into play. The data collected can be turned into smaller points of interest or focus. It helps to connect the company to their consumers. Feeling like a person, and not just another number, to the company they deal with is empowering for the consumer and helps to build brand loyalty. A company with a vast number of customers can add a personal touch to their outreach to customers, making the customer feel important and have a better user experience. Companies who truly value their customer’s loyalty will engage in big data and smart data to ensure they retain their customer base as well as grow it.

The possibilities are endless and using a big data company with experience in understanding the application of this data for your company is a smart way of doing business.

Five EU Nations Are Starting to Work Together

The Panama Papers have proven to be a significant source of controversy in the European union. Given the relatively worrisome state of the EU economy, it should come as no surprise that members of the general public are outraged when information regarding tax havens, currency exchange, and secret accounts amongst members of the political class is leaked. In response to this anger, representatives from the UK, Germany, France, Italy and Spain have recently announced that they will be launching a collaborative effort to crack down on the growth of secretive financial dealings amongst affluent business leaders and politicians. This five-nation coalition has initiated a new data sharing initiative which, it is hoped, will ensure that business owners are held accountable for the appropriate amount of taxes they should be required to pay by law.

The implications of this collaboration are quite significant. Most importantly, it sets a new precedent by which these five nations are hoping to encourage the remaining members of the G20 to adopt similar disclosure methods. As a point of reference, it is important to note that G20 members such as the United States, Saudi Arabia and China do not currently allow for the disclosure of citizens’s tax information. This has made accountability a particularly elusive measure, and has helped to stoke tensions between nations seeking to increase their tax revenue by cracking down on corruption and illicit dealings.

In a statement regarding the induction of these new policies, British Chancellor George Osborne proclaimed, “Today we deal another hammer blow against those who hide their illegal tax evasion in the dark corners of the financial system…Britain will work with our major European partners to find out who really owns the secretive shell companies and trusts that have been used as conduits for evading tax, laundering money and benefitting from corruption.”

Although the UK and its four partner nations are, obviously, taking these measures quite seriously, many experts remain skeptical that these measures will produce long-lasting, substantial reform in either tax or currency exchange issues. International coalitions operate at peak efficiency when a large number of partner nations agree to collaborate. At the moment, the reach of these new policies remains quite narrow. With that in mind, tax evasion will likely continue to remain a serious problems for the foreseeable future. It is the hope of Osborne and others, however, that these new policies will provide a symbolic and tangible victory for government regulators.

Euros to Pounds plummeting, is it worth converting cash now?

The possibility of Brexit, no matter how dim or vague, has, for all intents and purposes, created concrete and dramatic fluctuations in the UK economy to date. Although the likelihood of the Brexit movement succeeding has become less plausible in recent months, the turmoil created by this vote has sent shockwaves through the global currency markets, particularly with respect to the British Pound’s relationship to the Euro dollar.

According to recent data culled from the fx markets, the Pound is performing quite poorly against the Euro. With this in mind, a growing number of British residents are flocking to currency exchange centers in order to exchange their Pounds for Euro Dollars prior to summer vacations and other holiday outings in order to ensure that they can maintain their purchasing power in the event of further declines in their domestic currency. According to statistics released by the Post Office, the central source of currency exchange in the UK, there has been a 43% increase in the sale of Euros at this time compared to this point last year. The continued fear of economic and political turmoil has sent Pound / Euro exchange to nearly double their normal frequency at multiple points in the past few months.

Unfortunately, these fears are not without their real-world manifestations. Recently, the Pound fell to a record low against the US dollar, dipping to exchange rates which had not been seen since the height of the global financial crisis in 2009. Additionally, the Pound appears to have fallen up to 9% against the Euro Dollar, leading some experts to believe that a more staggering collapse of the Pound could be imminent as the Brexit vote nears. Adding fuel to the fire, HSBC has recently announced that their analysts have predicted that the value of the Pound may fall up to 20% more if the UK were, indeed, to leave the EU behind. Such pricing fluctuations would have staggering consequences in the UK, with import and export activities being severely disrupted.

In a prepared statement regarding the issue of GBP volatility, Justin Urquhart-Stewart, a representative of noted investing firm 7 Investment Management, stated, “Sterling is going to be as soggy as the British weather, and until the EU referendum is out of the way, the uncertainty is going to get worse.….You never know which way currency is going to go, but if you have a holiday booked I would get at least half of your currency now; maybe even more. I cannot see why the pound will get any stronger.”

There is, of course, no method by which the fine details of the fx markets can be accurately predicted for the upcoming months. Suffice to say, however, that there is a growing consensus that the Pound will, for better or worse, face turbulent waters for the rest of this year. Because of this, many financial advisors are recommending that those individuals seeking to enjoy a European or international holiday abroad this summer would do well to begin withdrawing the cash they plan on using during their travels now. According to David Black, the founder of noted financial analysis firm DJB Research, “If you know you are definitely going away this summer and you have the cash to spare, then it might be an idea to work out how much spending money you will need and get half now”.

More information regarding the fate of the Pound will likely reveal itself in the upcoming months. Until then, those individuals who do plan on using their finances for international activities are advised to keep a watchful eye on the fx rates as they fluctuate. Although a rally in the Pound has been predicted in the event of a “stay” vote during Brexit, it is far too early to determine whether or not this will, indeed, occur.

Hackers stolen £651 million from banks

For years, financial institutions around the world have relied upon the Swift payment system for international transactions with partner organisations, individuals, businesses etc. In a way, Swift has proven itself to be a highly efficient, ultra-reliable tool by which the world’s financial infrastructure can operate. Recently, however, a group of as yet unidentified hackers have proven that even a system as secure and heavily defended as Swift can be manipulated in order to help perpetrate cybercrime and digital theft.

According to official reports by global security experts, a team of hackers recently targeted the Bangladesh central bank as part of a massive cyber theft attack involving international money transfer. As a result of the attack, nearly 55 million pounds Sterling were diverted into the hands of these culprits. Although experts now know that the money was transferred to the Philippines, little information has been made available regarding who may have been behind this perfectly executed heist.

This crime has underscore the need for fresh thinking when it comes to designing and properly implementing theft deterrent measures within the Swift network. As it currently stands, there are nearly 11,000 banks and financial institutions which utilise the Swift payment network on a regular basis. In a recent response to the theft, representatives from Swift have stated that the company has known of “…a number of recent cyber incidents in which malicious insiders or external attackers have managed to submit Swift messages from financial institutions’ back offices”.

It is perhaps, reassuring to know that the means by which these criminals were able to manipulate the Swift system was through external means, i.e. the banking infrastructure itself as opposed to the Swift transfer mechanisms. In this heist, for example, Swift merely operated as a means by which the funds were transferred as opposed to the method by which hackers gained access to the funds.

Methods aside, however, this incident serves as a stark reminder that money transfer remains a potentially dangerous and risky tools for businesses and individuals alike. Although the Swift system may not have been directly involved in the heist, it remains the primary vehicle by which one of the world’s larger thefts was successfully completed. More information regarding this shocking crime will likely be made available in the near future. Investigators are actively searching for further information regarding this crime and the identification of possible suspects.

Keeping an Eye on the Pound

The pound is still floating around, not performing well, ever since the triggering of Article 50. It may be a long time before stability is seen and investors feel comfortable investing more. Brexit is still playing heavily on the pound, as is politics around the world, and the uncertainty that these bring has kept the already low pound under pressure.

It seems the pressure on the pound comes from many directions and numerous other countries. Even North Korea, with its missile testing, is affecting how investors interact with the pound. Since the euro is in a stronger, more stable position than the pound, investments seem to be centred more on it than the riskier Sterling. The euro, though, is rallying through all of the uncertainty.

Britain’s construction sector is a good example of how investment slumps can do harm to a sector and the pound. Growth in the construction sector hit a one-year low this month. It was hurt by an investment slump in the commercial sector as Brexit uncertainty weighed in. Data from other dominant service sectors will be very important for attempting to predict where the pound will fall.

Prime Minister Theresa May failed to win a clear mandate at a snap election in June and only has a slim majority in parliament that rests on an agreement with a smaller party. She remains vulnerable if pro-European lawmakers in her Conservative party team up with other parties to vote down legislation or support amendments. Prime Minister Theresa May warned lawmakers over the weekend that Britain could be faced with a Brexit “cliff edge” if they failed to back her EU repeal bill, which is to be debated in parliament on Thursday.

It is being speculated that there is a likelihood of a general election as Brexit talks wrap up late next year. The possibility of another general election and the uncertainty of Brexit, along with other political happenings are all combining to pressure the pound and we’ll have to watch closely as it navigates the political turmoil.

Due Diligence Required to Avoid Money Laundering Companies

Money laundering is the term used when someone transforms the profits of crime or corruption into legitimate funds. It got its name from turning ‘dirty money’ into ‘clean money’ through various channels, including money exchange. There are certain day-to-day responsibilities a business must abide by in order to avoid being an unwilling participant in money laundering. There are customer due diligence measures, along with internal controls and monitoring systems that you must have in place.

The regulations surrounding the responsibilities of businesses in regards to money laundering are based on the size and scope of the business. The UK government website has all of the details laid out and it would be wise to read the material they have so that your business is in line and acting accordingly. This article gives a rough view of these regulations, but it is not exhaustive nor is it to be construed as a guideline.

One of the main areas that needs to be controlled is customer due diligence. You’ll need to apply this due diligence when: you establish a business relationship, you suspect money laundering or terrorist financing, you have doubts about identification information you obtained previously, or when an existing customer’s circumstances change. There are monetary markers or thresholds that you must be aware of, as well. Even if you only carry out the occasional transaction in your business, customer due diligence is still necessary.

Customer due diligence means taking steps to identify your customers and checking they are who they say they are. In practice this means obtaining a customer’s name, a photograph on an official document which confirms their identity, their residential address and their date of birth. Asking for a government issued document like a passport is a good start. You will also have to ask for documents that confirm they reside at the address they give you. This can be in the form of a utility bill or bank statement that has been sent to their address, in their name. If you have doubts about a customer’s identity, you shouldn’t deal with them until those doubts have been assuaged.

Enhance due diligence is necessary in cases where, for instance, the customer isn’t physically present or where the customer is another Money Service Business. When the customer is trying to do business with you online, they are not physically present. In our global world, this is not uncommon but enhanced due diligence is necessary to ensure you are not getting yourself involved in a money laundering scheme. To safeguard yourself and your business you must obtain further information to establish the customer’s identity. You should also apply extra measures to check documents supplied by a credit or financial institution. Finding out where funds have come from and what the purpose of the transaction is, is common sense and good practice.

If you find yourself dealing with another money service business, you need to seriously consider applying enhanced due diligence. This situation presents a higher risk of money laundering or terrorist financing because the money you receive will be a ‘bulk transfer’ representing a collection of underlying transactions placed with your customer. The extent of enhanced due diligence measures you apply should be based on the risk and circumstances of each case.

Internal controls and monitoring systems are a must for your business. Creating an anti-money laundering policy, including what controls and procedures are in place to prevent money laundering, provides a good framework. Keeping this document updated, and your employees trained on what they should be looking for, will help to secure your business from the risks of money laundering. Ensure that your business is compliant by visiting the UK government website and carrying out a risk assessment. You can keep your business safe by following these rules and regulations.

The differences between an online forex software to broker forex

Trying to introduce a newly minted investor to the forex marketplace can be quite challenging. Unlike standardised stock exchanges, the world of foreign exchange is a dynamic, round-the-’clock affair, filled with a sophisticated array of strategies and tactics which contain their fair share of risk and reward. In today’s investing environment, there are two predominant forms of forex trading, those being online forex software and broker-managed forex accounts. Depending upon your previous experience with forex and your level of interest in the day-to-day workings of your forex holdings, each of these two forms of trading may be a perfect match for your needs. With that in mind, we’ve taken the time to outline the key differences between these two platforms in order to help you determine what your next steps should be.

On a very basic level, the primary difference between a broker-managed forex account and online forex software is the level of oversight by investment professionals. As could be expected, broker-managed accounts are managed exclusively by a seasoned foreign exchange broker. In exchange for expert-level advice, casual investors will be required to pay their broker through either a commission basis or recurring fee. Although this will likely reduce profits over time, it’s important to note that the overall gains secured through this form of collaboration may exceed those obtained by a casual investor with little to no knowledge of the forex marketplaces who chooses to manage their own account.

For those who feel very comfortable with the fine details of the forex marketplace, forex online software will likely prove to be an excellent alternative to a broker managed account. Using forex online software, investors can access virtually all of the data that brokers rely upon to make their strategic decisions for clients. Although investors who choose to rely on software instead of a broker will likely be unable to solicit advice from investment professionals, they will also be the exclusive recipient of their profits. This is a significant advantage which will most appeal to those with extensive experience in this marketplace.

Regardless of where you may find yourself in the process of determining whether to hire a broker or become your own day trader, it’s worth taking the time to download all available trials of forex online software so that you can better assess the current state of the industry. We wish you the best of luck in your investment endeavours!

Exchange Rate Forecast for GBP Post-Brexit

It should come as no surprise that recent developments in British politics have proven to be a catalyst for significant fluctuations across a wide array of financial markets. The GBP has proven itself to be particularly sensitive to a post-Brexit reality, with a dramatic free fall in currency value occurring as the vote began to swing towards a Brexit victory. Now that the vote has passed and lawmakers have vowed to heed the will of the people on this issue, the next step for the British government is to trigger the much-discussed Article 50, which will kick off a two-year process of formal negotiation before the UK is no longer an EU member. Precise-ly when Article 50 will be executed however, is unknown, and this is uncertainty is keeping the GBP in rather tepid water as investors remain hesitant as to whether or not a re-investing is in their best interest. Although currency exchange software is not, in itself, a source of knowledge or advice, the charts for recent GBP activity found in these programs will provide no short supply of drama and suspense.

This is not to say, however, that the GBP has not regained some its value since hitting a mul-ti-decade low the day after the vote was completed. In fact, it could be viewed as some form of optimism that the GBP was able to weather as well as it did not only the Brexit results, but also the sudden resignation of David Cameron, a credit downgrade, and bitter infighting amongst members of Parliament. With this in mind, it seems reasonable to assume that, alt-hough progress may be slow, the GBP will continue to regain value as the world comes to grips with the new face of the EU and a starkly independent Britain.

In the more immediate future, many fx investors are waiting to see if the Bank of England opts to pursue a rate cut as a means to encourage business growth and investment in this critical time. Monetary policy easing is definitely one method by which supports can be erected to prop up the GBP and ensure that future declines will be limited in scope. At the moment, the GBP is hovering comfortably at 1.32 GBP / USD. Although many professionals are somewhat bearish regarding future price movements, it is widely acknowledged that the Bank of England pending announcements will significantly influence both short and long-term pricing. Those with currency exchange software are advised to watch the GBP closely in the upcoming weeks.

Category: Money Exchange Software