Saturday, November 17, 2012

IFS : International Financial System application

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

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