According to the latest official news, the dual currency banking system developed by ACU Group and HSG Group has completed the initial development stage and is currently undergoing system testing.
ACU Group will analyze and evaluate the system for account opening, transfer, deposit, loan and exchange, and test each of them to determine the final requirements and then make targeted modifications until the system is successfully launched.
ACUxHSG dual currency banking system is developed by ACU Group and HSG Group. The dual currency banking system can support both traditional banking business and emerging electronic currency conversion system frameworks, the system supports legal tender and electronic currency conversion, providing users with intelligent and effective cross-platform user services, and exploring the infinite possibilities of the new generation banking system.
Specifically, the ACUxHSG dual currency banking system includes banking institutions from around the world as well as electronic payment programs such as ACU PAY.
The ACUxHSG Dual Currency Banking System connects two unrelated, non-business applications and opens up the channel between legal tender and electronic money.
ACUxHSG is a dual currency banking system that converts the legal tender in the bank’s account into electronic money such as ACU, which can be used in various consumer scenarios through ACU PAY. At the same time, it is also possible to convert one legal tender to another legal tender through the system to fulfill the needs of both parties to a transaction using different currencies.
The innovation of ACUxHSG dual currency banking system is that it directly solves the problem of exchange channels between legal tender and electronic money, eliminating the need for traditional banks to develop electronic money systems and the need for financial platforms to obtain licenses and then start currency exchange business.
In the ACUxHSG dual currency banking system, banking institutions can complete the connection with the system by opening the interface to complete the exchange of legal tender and electronic money.
The biggest beneficiaries of the ACUxHSG Dual Currency Banking System are trade partners with cross-border settlement needs. Through the ACUxHSG dual currency banking system, both parties can use their own legal tender to complete withdrawals.
At present, cross-border payment has problems such as long cycle time, high cost and low efficiency. When trade parties settle cross-border transactions, they usually need to find a third-party agent to help complete the transaction. The ACUxHSG Dual Currency Banking System provides a cross-border trade solution that is particularly convenient for traders who settle between different countries.
One trading party converts ACU into ACU in its own national currency, and the system converts the ACU paid by one trading party into the legal tender of the other party to complete the settlement between the two trading parties. With the electronic currency ACU as the intermediate settlement currency, there is no time or geographical limitation, no need to consider the time difference between the two sides, and the exchange service can be provided at any time. The settlement between the two sides of the trade can be completed safely and efficiently in the ACUxHSG dual currency banking system. Short time, high efficiency, simple process and low handling fee are the great features made by ACUxHSG Dual Currency Banking System to the current cross-border trade settlement problems.
As a global pioneer in electronic money and cashless payment, ACU Group strives to be one of the major players and contributors in various fields. Currently, the ACU trademark has been registered in more than 60 countries (regions) around the world, with exclusive rights to use. The development of the ACUxHSG dual currency banking system is another innovative move to address the pain points of the industry.
We look forward to the innovative changes that will be brought to the industry by the official launch of ACUxHSG Dual Currency Banking System.
