B2B forex platform for agents

BuyForexOnline has launched a new B2B forex platform. The Total Agent Module (TAM) allows them to place forex and remittance orders for their clients.

HAZEL JAIN

A new platform launched by Bengaluru-based BuyForexOnline is targeted purely at travel agents that will enable them to place forex and remittance orders for their clients offering online payment option free of charge through net banking. Sales, payment, delivery, escalations and customer support is then completely handled by the BuyForexOnline team, leaving the agent free to focus on business. A pilot launch in Bengaluru saw more than 250 agents register for the platform. BuyForexOnline, on the other hand, is a B2C platform where clients can transact themselves.

The platform called the Total Agent Module (TAM) will now be rolled out across India to primarily target SME travel agents and student consultancies specialising in overseas education. Ananth Reddy, Founder and Managing Director, BuyForexOnline, says, “Forex in the B2B space is a largely disorganised sector with agents ordering forex for their clients through multiple offline channels, often requiring additional resources both in time and manpower for coordinating the transaction. This becomes challenging, especially when it comes to determining rates, arranging for delivery, and collecting payments. TAM was launched to address these challenges and to streamline the process. It is an easy lead generation tool, and once the lead is triggered, the BuyForexOnline team then takes over and contacts the client to close the lead.”

The key advantage of TAM is that since all clients are mapped to the agent in the system, their commission is automatically captured by the system even for all subsequent transactions by that client. “This is unique and provides a steady revenue stream for agents. Our rates are the lowest in the market, and travel agents are free to add-on a further margin for their clients,” added Reddy. TAM has already been launched in 70 locations pan India including Tier-I, Tier-II and Tier-III cities. Some of the key locations are NCR, Chandigarh, Bhopal, Mumbai, Pune, Ahmedabad, Kolkata, Hyderabad, Kochi, Chennai, Madurai and Coimbatore.