What is ERS?
For any institution dealing with foreign currency trade and transfers, exchange rate information is very critical. The nature of the business is such that the minor change in the rate of currency conversion impacts the business to large scale. For large and complex bank with many branches and locations over the globe it will be a challenge to keep up with the volatility of the market.
A centralized robust, steady and flexible system, that can pull in real time/near real time market feeds from the providers , distribute it to downstream systems, execute complex calculation based on variety of parameters and apply margins as desired by the bank’s policies at various levels ie Treasury foreign exchange system, is the most sought after solution to address these challenges.
Unity’s Exchange Rate System (ERS) is the best in breed solution for any financial institution across the globe. This Treasury foreign exchange system is built on a modern, flexible framework with inbuilt adaptors to pull in data feeds from various providers like Reuters and Bloomberg. The rules, logic and the workflow is configurable and adheres to industry standards. The unique architecture opted by our engineers in building the ERS, allows it to fetch currency rates against US Dollars from Reuters and convert it against multiple currencies as desired by the bank.
ERS provides the facility to configure the frequency and schedule the live rate feeds from Reuters/Bloomberg for the configured list of currencies. The Automated exchange rate solution offers extensive flexibility to configure various kinds of margins against diverse and dynamic hierarchies / customer segments and publish the rates across downstream channels. ERS (Exchange rate system) has a rapidly growing user base with a clientele that include some of the largest banks in UAE.
Why ERS is the best exchange rate solution for your business?
- Premium solution with extensive flexibility / configurability
- Seamless currency conversion feature
- Dynamic margin defining – multi institution, segment and channel wise
- Highly user friendly treasury foreign exchange system
- Real time exchange rate fetch from Reuters/ Bloomberg
- Dynamic hierarchy / customer segment definition
- Configurable margin definition
- Multi location/ multi time zone / multi institution
- Intuitive alerting if rate variance is above defined tolerance
- Extensive reporting feature with graphical reports for fluctuating exchange rate pattern
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Simplify Treasury foreign exchange system with ERS
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 unique architecture that allows 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 feeds 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 allows 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 Midrate for each currency pair defined helping the bank to derive the P&L and reconciliation purpose.
Benefits include Automate Foreign exchange Treasury Operations, Minimize human errors while enabling complex formulae at institution level, Automate currency conversion rate calculation upon applying hierarchical margins, Track average buy, sell, Mid rates, Auto publish rates on an LCD panel and/or website / various channels, Alerts for market rate fluctuation.