Synthellect Tessa Currency Control

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2023: Announcement of the release of a ready-made solution for banks

On December 15, 2023, SYNTHELLECT announced the release of a finished solution - TESSA Currency Control, designed to optimize the tasks of collecting, storing and online use in electronic form of currency control documents. The system was developed taking into account the requirements of Federal Law N 173-FZ "On Currency Regulation and Currency Control" and is based on market practices.

Synthellect Tessa Currency Control

As reported, currency control is a procedure that a bank client must go through to confirm that the company complies with the currency legislation of the Russian Federation when performing foreign exchange transactions. The main law that regulates it is the Federal Law of December 10, 1993 N 173 "On Currency Regulation and Currency Control."

Currency control is carried out by the bank through which the transaction is carried out. Further along the chain, information is transmitted to higher authorities. The key regulatory bodies are the Central Bank and the Government of the Russian Federation. The purpose of currency control is to ensure transparency and legality of the transaction.

Digital technologies allow companies to optimize all processes related to document preparation and monitoring of events in foreign exchange transactions. However, existing solutions presented on the Russian IT market often do not correspond to market practices. Among the main problems are different systems for accounting and storage of documents, unbalanced competencies and roles, loss of documents during forwarding, a long processing process and opacity of the process.

SYNTELLECT specialists have developed a tool for optimizing the processing of documents accompanying currency transactions - TESSA Currency Control. The solution includes the workplace of the currency controller, the end-to-end process of registration and maintenance of currency contracts, automatic processing of incoming requests and the construction of transparent reporting. It also provides for ready integration with the bank's automated currency control system (ASVKB) and remote banking systems (SDBO).

TESSA Currency Control can be used in combination with other products and solutions developed on the basis of the TESSA platform. For example, the electronic client dossier in terms of currency control can be supplemented with other sections of the product dossier. During the review of customer documents, all information will be available in one window, without having to switch between windows or systems. In addition, you can configure communication with clients directly from the system, which will provide a single entry point and a convenient view of message history. Implementation of TESSA Currency control helps banks optimize labor costs employees, comply with the deadlines for submitting documents, monitor events, exclude errors when submitting documents to regulatory authorities.

The ready-made solution "TESSA Currency Control" consolidated our expertise, experience and various practices in solving problems related to conducting foreign exchange transactions. Using a ready-made solution as a basis for automating currency control tasks will help banks bring operational work in terms of conducting foreign exchange transactions to the next level. The platform on which the solution was created is universal and allows you to build a whole ecosystem of solutions both for automating the tasks of the operational unit and for other processes of the bank. told Pavel Kashtanov, General Director of SYNTHELLECT