OzForex Group is one of the world’s largest online foreign exchange companies. The multinational family of companies includes local operator, OzForex, plus UKForex, CanadianForex, NZForex and Tranzfers. The group provides a complete foreign exchange service including travel cards, options, money transfers, forward contracts and limit orders.
It completes more than 300,000 funds transfers per year on behalf of private and corporate clients. Its websites receive more than one million visitors per month and the organisation boasts more than 100,000 transacting customers globally.
Until late 2010 OzForex shared computer systems with part-owner, Macquarie Bank. Following changes in investor ownership and a review of operations by an external consulting company, management decided it was time for OzForex to establish its own financial software system. A separation date of 1 March 2011 was set, by which time the new system had to be up and running.
The consultant’s report recommended that OzForex adopt the Microsoft Dynamics AX financials solution as the software offered the full multi-currency and multi-country compliance essential for OzForex’s global operations. In addition, the selection of a leading Microsoft product would ensure ready access to skilled staff and support services.
Acutely aware of the tight schedule, the consultant also recommended OzForex use Professional Advantage to build and deploy the solution.
Until separation, OzForex used the services of two separate financial software packages. The company also supplemented these with heavy use of Microsoft Excel spreadsheets. Deployment of Microsoft Dynamics AX had to replace all processes associated with the two previous packages to create a single, simplified, more streamlined and controlled solution.
It was critically important that the system support OzForex’s complex reporting needs. This included meeting Australian Stock Exchange requirements, automating the management of exchange rate and currency conversions, and quarterly delivery of in-depth information to the group’s US board. The design also had to allow for the addition of ad hoc reporting tools and system growth over time.
The financial system was delivered by Professional Advantage as promised, resulting in:
- replacement of multiple processes with a single system has giving OzForex greater accountability and auditability.
- reporting being dramatically improved. The group can easily generate consolidated reports to meet domestic and overseas requirements. For example, US board reports that used to take several hours are now completed within half an hour.
- conversion rates for all OzForex Group companies are updated automatically, enabling management to instantly obtain a consolidated view of the group’s activities and position.
After the rapid schedule of early 2011, OzForex is spending time bedding down its system. However, there are already plans for the next phase. The organisation intends to integrate its custom-written trading system with Microsoft Dynamics AX, a move that will see between 50,000 and 60,000 transactions fed through the financial system each month.
You can read more about Professional Advantage and Microsoft Dynamics AX here.