FXConnect

Real Time FX Branch Transaction Platform

Retail Services

  • 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

Corporate Services

  • 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

Outward Remittance

  • 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

Inward Remittance

  • 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.

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.

Challenge

  • 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.

Solution

  • 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.

Business Benefit

  • Elevated processing to 15,000+ transactions covering 2500+ branches.
  • Eliminated multiple internal systems which reduced time and cost.
  • Increased efficiency by enabling the bank to serve corporate customer directly.
  • Improved customer satisfaction through competitive FX rates offered by FXConnect negotiation platform.

 

  • Significant reduction in operational overhead and improved efficiency.
  • Real time position monitoring help bank improve FX Margin
  • Rule base message mechanism improved TAT
  • Attracted more customers direct access to FX dealing rooms with FX rate negotiation platform