At IMS, we are dedicated to providing the best International Payment Systems available along with our Exclusive Reporting system that finally brings 100% true accounting to Global Currency Payment market that still has no real standard of reporting.
Here is an Example showing why common Currency Transaction is Un-secure:
One day a business associate called the founders of IMS because he had a problem. $50,000 dollars had disappeared from his bank account. He wanted help to find his missing $50,000.
What happened. He had requested a wired transfer of $1,000,000 from his US bank account to a Bank account in London. Without his instruction, the bank had converted the $1,000,000 into English Pounds. The problem was that this account was for US dollars and so the London bank refused the transfer and sent it back. His US bank account then converted the Pounds back to dollars and redeposited his money back into his US account. However only $950,000 arrived in the account.
When he asked the bank what happened, they had told him that because of market fluctuations(i.e. the value of the dollar went down), $50,000 dollar had been lost. This would have made sense, however, the market had actually shown a 5% gain.
The bank management had no accounting for why the $50,000 really disappeared. After extensive interviewing of the multiple layers of bank management and traders involved, IMS uncovered that the bank had used there own currency conversion prices which were in there favor. IMS estimates that some layer or layers of the bank possibly gained as much as $100,000 from this transaction error.
One of the reasons that no money was returned was that the friend's banker did not have an accounting of what had transpired. Because of the multiple layers involved in the transaction.
These type of situations are not unique. It happens everyday in nearly every transaction. See the wall street journal report 10-24-2013 and in September 2014 on Global Payments Fraud. It is inherent in the process due to multiple layers of non-transparency and the nature of the system. In most cases your banking relationship will not prevent this from happening to you. We at IMS believe the accounting of Currency Conversion needs to change. Our founder was motivated to do something about this. IMS now has the worlds best, state of the art International Payment system. Coupled with our Exclusive POC report (Point of Conversion), for the first time, you are secure in knowing the precise value of your currency and the cost of the exchange.
Contact us today and discover how IMS can bring more to your International payments.
