Managing currency exchange rates at various locations for various time zones simultaneously is a challenging task, when it comes to accounting and operation control. ERS acts as a live currency rate calculator for banks that automates the complete foreign exchange cycle and thereby experience higher productivity & sales volume.

The Solution: Automated exchange rate solution

ERS is the automated exchange rate calculator for banks, built on a unique architecture that allows the system to fetch currency exchange rates against US Dollars from Reuters / Bloomberg based on each individual institution’s time zone and schedule. Further this foreign currency exchange rates system automates entire rate publish to various channels while enabling conversion and calculation based on defined formulae against multiple base/ cross currency pairs defined as desired by the Bank. ERS is the treasury foreign exchange system that provides the facility to configure the frequency and schedule of the live rate feed from Reuters/Bloomberg for the configured list of currencies.

As an automated currency exchange system, ERS solves the second key challenge of varying profit margins by adopting a unique flexible hierarchy model. The tree structure follows a hierarchy based on which this currency exchange services for banks allow the definition of margins for each currency pair for each institution at multiple levels as per business requirements for each business unit. The flexibility of the Treasury foreign exchange system allows the Bank to define its own variables such as the buy/sell, high/low margins, the base currencies, and the locations. Based on the logic defined, this foreign currency exchange rates system calculates the mid-rate for each currency pair defined helping the bank to derive the P&L and reconciliation purpose.