SMARTS to increase the agility and scalability of First Rate’s IT infrastructure
Sparkling Logic announced today from the Building Business Capability Conference 2013 that First Rate Exchange Service, the UK’s largest supplier of foreign currency, has selected Sparkling Logic SMARTS decision management system as part of their new IT platform to support aggressive plans to diversify their customer, product, and market coverage. First Rate is one of the foremost FX experts in the industry; with a multi-billion pound retail business and over 15 years’ experience providing travel money solutions for companies in the finance, travel, and retail sectors.
“At First Rate we are constantly developing our FX offering to anticipate and satisfy the growing market’s needs. Innovation is key to both our success and the success of our customers.” says Nick Collins, Head of Business Solutions, “Sparkling Logic SMARTS will enable us to reduce costs and time to market by improving the agility of our systems and enabling the rapid and efficient implementation of business and market driven changes. We chose SMARTS for its comprehensive decision management environment with out-of-the-box integration of business rules, and predictive analytics, and focus on decision improvement. In addition to enabling flexibility in our core systems, SMARTS will allow us to proactively manage the business results of our automated decisions.”
First Rate will initially use SMARTS to implement a cross-channel pricing service to provide quotes for customer’s foreign currency requests. First Rate partners with companies such as banks, postal services, retail stores, and travel agents to provide customers with travel money in over 70 currencies, prepaid travel money cards in eight currencies, and a world-class International Payments service. Sales quotes and discounting is determined based on a number of factors including contractual agreements, wholesale prices and availability, seasonal demand and consumer behavior, marketing and promotion, and competitive pressures. Currency rate setting in many cases is based on live rates and the new pricing service will enable new levels of speed and flexibility in changing pricing rules and will replace and eliminate any duplicated logic that exists in the existing online and branch-based order capture systems.
In addition, First Rate has identified several future opportunities for SMARTS decision services including enabling alternate delivery addresses for delivery of travel money ordered online, and monitoring and optimizing stock levels of FX and Travel Money Cards.
“First Rate’s unparalleled reputation for customer service and innovation has put them at the forefront of the FX market,” says Carole-Ann Matignon, Sparkling Logic’s CEO, “We are very pleased to have been selected as First Rate’s enterprise decision management solution.“
About First Rate Exchange Services
First Rate Exchange is a joint venture between the Bank of Ireland and the Post Office and is the UK’s leading foreign exchange supplier, Europe’s premier traveler’s cheque provider and one of the world’s top wholesalers, servicing 100 commercial banks in 35 countries.
Learn more about First Rate at www.firstrate.co.uk
About Sparkling Logic
Sparkling Logic Inc. is a California-based company leading technology innovation in Decision Management. Its SMARTS™ decision management system empowers business experts and business analysts in organizations that need to automate and improve business decisions. SMARTS uniquely leverages data in the decision management environment to facilitate the capture of business rules in the context of use cases, asses the impact of changes in the decision strategy, and combine decision logic revealed in historical data with business rules based on business policy and expertise.
Learn more about Sparkling Logic at www.sparklinglogic.com.
Sparkling Logic, Sparkling Logic SMARTS, RedPen and BluePen are trademarks of Sparkling Logic, Inc. in the United States and in other countries. Patents Pending.