The International Financial System application (IFS) is a standalone application, which takes care of the electronic transfer of international money orders. IFS uses electronic data interchange (EDI) to send international money order data electronically, using sophisticated data encryption techniques to ensure the integrity of the data sent over the postal network. IFS also helps Posts provide electronic domestic money order services.
IFS is a complete management tool that responds perfectly to the needs of Posts in the electronic transfer of money orders especially at a time when the money transfer market is becoming increasingly competitive.
Its Gross National Index (GNI) based costing structure and low transaction-tax enables a very fast return on investment. The goal of the IFS system is to provide postal enterprises with reliable, secure, and timely electronic financial services, which in turn allows Posts to be more competitive in the global marketplace. The IFS system not only handles all phases of international and domestic money processing but also provides advanced features that facilitate cash management and accounting.
IFS
has a wide range of functions,
including:
Money
order data collection, such
as registration of any processing
up to the final payment,
reimbursement or cancellation
of the transaction
Tracking
and tracing of individual
transactions or groups of
transactions
Money
order service monitoring
and production of statistics
Quality
control measurements
Bi-lateral
agreement definition and
automatic validation of
transactions against the
agreements
Production
of UPU standard international
accounting documents
IFS also supports a variety of money order and fund transfer services, from ordinary cash-to-cash orders to urgent wired transfers. On the IFS network, any transfer of data is protected by strong software encryption techniques. Network members are part of a Public Key Infrastructure (PKI) operated by the PTC.
The IFS operational front-end is run as a Web application. This is specifically adapted for easy deployment over an Intranet or even over the Internet. It is possible to secure the protocol between the Web browser and the Application server.
IFS can easily be interfaced with an existing application, such as a counter operations system. In addition, the system user interface can be localised into any language.
The
advantages of the International
Financial System include:
IFS can be used as a simple gateway for accessing the postal network or as a complete money order management tool
IFS
complies with all UPU regulations
IFS is easy to deploy and staff training can be provided during the installation phase. In most cases, no additional hardware is required
IFS
is an end-to-end solution and
can be used from the point of
sale (at the origin) to the point
of final payment (at the destination)
IFS supports multiple international and domestic services and service definitions are free. Each network member is free to negotiate and configure the service conditions, rules and prices bilaterally with each of its partners
IFS
is scalable ensuring that the
same software supports from very
low to very high volumes of transactions
IFS functions are constantly enhanced, based on requests from all network members
IFS offers various options for connecting to the postal network, including leased line or dial-up over the Internet or using SITA lines
