This is a Bidvest Bank promotional feature
Dealing Room transactions are at the heart of foreign
currency activities involving companies and their banking partners.
Though a specialist like Bidvest Bank invests continually in
automated systems, many company orders still come in via the dealing room and
and depend on word of mouth typically on the phone.
It is a trusted, reliable and extremely time-efficient
channel. Though billions move without a hitch every month, basic safeguards should
not be forgotten.
When these relationships are set up between bank and the
company concerned, the client will sign a 'Authority to Deal’ document and an
indemnity document.
The client also submits an authorised list of ‘transactors’
giving the names and positions of those employees who are permitted to place
and verify orders with the dealing room.
It is essential this list is kept secure and is regularly
reviewed by the client. When changes occur in a company’s employees, the list
should be updated and the bank informed.
All phone conversations with dealers are recorded. At
Bidvest Bank these tapes are stored on a secure server and kept safe within the
bank. Should any recollection issues arise on any verbal instruction, the bank
will check the recordings at the client’s request.
Clients typically phone the dealing room, identify
themselves and give the particulars of the type of deal they would like to
transact. Once concluded, the client is given a deal number for their
reference.
Often, they are happy to speak to any member of the dealing
room team. In cases where they have developed a personal relationship with a
trusted dealer they may request that a specific team member take their call.
Written confirmation from the back office may be requested
immediately after a transaction has been done. The client is required to fund
their account and will await transaction completion and automatic notification
that the relevant account has been debited.