In-built intelligence to send alerts
Automated weekend support
Customer segment-driven margin definition
Auto calculate forex rates based on live market rate feeds
Automated and easy currency conversion
Live currency rates fetched from Reuters/Bloomberg
Preferential margin setup based on segment and channel
In-built intelligence for alerting bank users during a major rate fluctuation
Automated rates publish for weekends and holidays with zero manual intervention
Extensive configurability supporting multiple institutions for enterprise forex operations
Exchange Rate System (ERS), is an automated foreign exchange solution for treasury operations for automating Financial Institution’s Foreign Exchange business. As a money service business (MSB), this automated exchange rate solution helps FI stay on top of the game. ERS is the best foreign exchange solution for banks that empowers them to operate with a multi-institution enterprise setup with N-level definable hierarchies supporting multiple currencies serving various regions for various time zones with utmost automation.
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.