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Introduction
For years, the pursuit of a process-efficient and cost-effective mechanism of handling foreign exchange transactions has been in the mind of upper management at local commercial bank, fueled by increasing competition and decreasing profit margins in the banking industry here in Taiwan. At the moment, completing one foreign exchange transaction has been plagued by excessive paper slips and inflexible computer systems which result in error prone transactions and long working hours. The mission of MiTAC Bank Foreign Exchange System(M-BFXS) is to establish a commonly shared platform that will enable all current foreign exchange transactions and future ones.

The M-BFXS divided into 2 development phases, is designed to completely replace the existing EXIMBILLS that has been in service for more than 20 years at the end of the year 2007. The first phase, started from March, 2006 to March, 2007, has 4 major functions and a common platform that support Single-Sign On, some management and supporting functions. These 4 major functions are Outward Remittance, Inward Remittance, Inter-bank Transfer and Foreign Deposit. The platform, serving as a foundation for all foreign exchange transactions, will also be used for 2nd phase that will cover the remaining functions that a complete foreign exchange system should have. These remaining functions to be developed in Phase 2 are import services, export services, customer management, case management, and clean bills services.
The SOA Framework of M-BFXS
The M-BFXS is a web service system with Service Oriented Architecture (SOA). The following is a schematic diagram for 0601 system.

Benefits of Implementing MBFXS

The system should be able to handle current daily transaction volume at 4,000 and a maximum upper target of 10,000.
Transaction counter should be closed at 17:00 and clearing should be completed before 17:30 to allow currencies positions to be known to related personnel for subsequent operation purposes.
No paper-slip been generated and transmitted throughout the whole transactions process.

Rather than manually collecting data from many repositories, MBFXS can now automatically generate reports requested by the Central Bank. Reduce the number of application forms from . Unified customer ID so that customers, either domestic or international, of the bank can have access to all their accounts.

Conclusion
The aim for the M-BFXS is to vastly improve the efficiency of handling foreign exchange transactions, not only in the areas of transaction processing hours and accuracy, but also in building up the system’s ability to response to new services. At 1st phase, M-BFXS is to set up a common platform that is capable of supporting all foreign exchange transactions and some major functions. For 2nd phase, our goal is to completely replace the incumbent EXIMBILLS system and finally with a goal to consolidate the bank’s domestic and foreign branches into one single system.

　

　