I&M Bank has launched I&M FX DIRECT, a cutting-edge online foreign exchange (forex) trading platform aimed at transforming how businesses in Kenya manage their forex transactions.
The platform introduces Straight-Through Processing (STP) technology to deliver instant, error-free trade execution, eliminating the delays and inefficiencies common in traditional manual forex dealings.
Speaking during the launch, Kihara Maina, Interim Chief Executive Officer of I&M Bank Kenya, said the innovation marks a major step in the bank’s ongoing digital transformation strategy. “The launch of I&M FX DIRECT marks a significant milestone in our commitment to leading digital transformation of treasury operations.
We are empowering our business clients by giving them direct control over their forex trades. We want to encourage the adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control,” said Maina.
With I&M FX DIRECT, businesses can execute forex conversions in less than 30 seconds, significantly improving transaction efficiency. The platform also offers customized exchange rates tailored to clients’ business sectors and transaction volumes, targeting corporate, business, and institutional customers who transact a minimum of $50,000 per month.
Beyond speed, the system provides several advanced features designed to give users a competitive edge. These include real-time pricing for live streaming currency rates, comprehensive dealing capabilities to manage both Spot and Forward forex deals, and advanced order management, which allows automatic execution of trades when market conditions meet pre-set criteria.
The platform’s web-based accessibility enables users to trade securely from anywhere in the world via desktop or mobile browsers without any installation requirements. This ensures flexibility and ease of use for businesses operating in fast-paced environments.
As part of I&M’s broader digital transformation agenda, I&M FX DIRECT underscores the bank’s focus on security, reliability, and innovation in serving business clients. The bank is encouraging interested clients and new customers to reach out to their Relationship Managers or email globalmarkets@imbank.co.ke to begin the onboarding process.
Earlier in the year, I&M Bank extended its partnership with Mastercard to enhance digital payment solutions for consumers and businesses.
This collaboration, alongside the introduction of I&M FX DIRECT, reinforces the bank’s strategic vision to deliver smart, secure, and efficient digital financial solutions that empower its customers in an increasingly competitive global marketplace.