Amidst the enforcement and implementation of the ECO-6 Exchange Rate Mechanism (ERM), swifin has just added new functionality features on its TRANSACT platform.
The new functions suggest easy conversion to fiat currencies or even crypto investment and lending. Some of the noticable functionality features that has just been added are:
- Loan
- DPS (Deposit Plus Schemes)
- FDR (Fixed Deposit Receipts)
- Request Money
- Deposit
- Wire Transfer
Users may soon begin to take lumi credit facility on the TRANSACT platform while also having the opportunity to save money through its fixed deposit plan.[irp]
The wire transfer function will make it easy for users to make cross-border payments. A wire transfer is a method of transmitting money electronically between people or businesses in which no physical money is exchanged. The sender is the one who provides all the instructions for the transfer, which may include the recipient’s name, bank, account number, amount, and sometimes a pickup location. Today, with the help of the SWIFT Code, wire Transfer is the most effective way of sending money across countries without stress.
The functionality features will make users have a seamless experience of the platform and also suggesting that Lumi-to-fiat currency exchange is very possible in the near future.