Drive Extreme Customer Stickiness
Today treasury and foreign exchange business of banks are under mounting pressure to adapt quickly to meet evolving customer expectations. Banks need to accelerate turnaround time, enhance transparency and enable scalability required to handle the growing volumes of FX business.
By bridging the gap between the core banking and treasury, banks can standardise and automate processes to improve customer interface and thereby identifying new and profitable customer segments. This enables transactional services to be conducted through more efficient channels while freeing up resources, leading to greater market share and customer stickiness.
To address these issues banks should look for a comprehensive real-time solution that enables banks and their customers to view and negotiate FX rates in real-time across products.
Real Time FX Branch Transaction Platform
- Currency Notes
Supports buy and sell of the Currency Notes
- Demand Drafts
Supports Buy ,Sell & Reissue of the Demand drafts
- Telegraphic Transfer
Supports transfer of Funds
- Travellers Cheques
Supports Buy & Sell of Travellers Cheques
- FCY card Buy and FCY card Sell
Selling of FX Currency Card
- FCY Cheque collection/Purchase
Supports Payment for collection/Purchase
- Inward Remittance
Applicable only for corporate client with Real time notification and position update
- Cross Border Fund Transfer
Branch Automation Features
- Offer Sell, Buy, Collection, Purchase of various FX instruments
- Customized Product Maintenance & Flexible workflows
- AML OFAC and KYC Checks
- Cryptic Order Booking & Order Utilization
- End to End Stock Management for Travelers Cheque, Currency Notes, Demand Draft
- Risk Mitigation by customer Limit, Dealer Stop loss warning and FX Rate tolerance Limit
- Real-time Rate Negotiation platform
- Advice Printing & Charges
- Beneficiary Real-time Alerts & Notification
- Auto /Manual Upload of the MT messages
- AML, OFAC & KYC Check
- Disposal of transaction & FIRC Printing
- Customer wise Standing Instruction – FIRC, Fund Allocation & Beneficiary Charges
- Nostro Inward – Rule Based Message decoding Mechanism
- Real- time GL posting
- Reduce over head for manual key in of inward transaction
Customer Front-end Features
Manage Forex Portfolio online
Enable customer to request various forex products.
Dashboard with 360 degree of portfolio and A/c balances.
Alerts and notification’s for banks and corporates
Payment Anywhere through cross border funds transfer.
Inward payment now on corporate desktop
Buying Forex card and TC on a click.
Transforming Forex Operations of 2500+ Branched Driving High Volume For Business Growth.
As part of expansion agenda HDFC Bank one of the largest private sector bank in India wanted to enable FX Branch business for the corporate & retail customers with various inward and outward product flavours by bridging the gap between FX Treasury and Core Banking System.
- High volume transaction processing.
- Disparate systems increasing further complexity.
- Manual overhead due to usage of spread sheets and emails for FX rates.
- Legacy system unable to support forward and order utilization.
- Reconciliation of FX branch transactions.
FXConnect – Forex branch transaction system provided a single platform for banks inward and outward FX transactions.
Empowered with key features such as FX rate negotiation platform based on customer profile and relationship.
Enriched with Real-time integration with banks core, treasury, swift and rate feeds.