FX Connect

Bridging the gap between FX treasury and core banking

Overview

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.

What it Provides

Explore how industry leaders leverage Aurionpro’s AI platforms to solve high-stakes challenges, optimize operations, and drive scalable transformation.

Retail
Services

  • Currency Notes
  • Demand Drafts
  • Telegraphic Transfer
  • Travellers Cheques
  • FCY card Buy and FCY card Sell

Corporate Services

  • FCY Cheque collection/Purchase
  • Inward Remittance
  • Cross Border Fund Transfer
  • Advice Printing
  • Inventory Management

Branch Automation Features

  • Outward Remittance
  • Inward Remittance
  • Capturing beneficiary identification proof
  • Doorstep delivery of cash through Vendor

Customer Front-end Features

  • Manage Forex Portfolio online
  • Enable customers to request various forex products.
  • Dashboard with 360 degree of portfolio and A/c balances.
  • Alerts and notifications for banks and corporates
  • Payment Anywhere through cross border funds transfer.
  • Inward payment now on corporate desktop
  • Buying Forex cards and TC on a click.

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

Case Study

Transforming Forex Operations of 2500+ Branched Driving High Volume For Business Growth.

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.

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.

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.

How it Helps

Business Benefit

With iCashpro Deliver A Real Customer Intuitive Experience through best solutions facilitated as a part of corporate internet banking suite.

Elevated processing to 15,000+ transactions covering 2,500+ branches

Eliminated multiple internal systems which reduced time and cost

Increased efficiency by enabling the bank to serve corporate customer directly

Attracted more customers direct access to FX dealing rooms with FX rate negotiation platform

Improved customer satisfaction through competitive FX rates offered by FXConnect negotiation platform

Real time position monitoring help bank improve FX margin

Significant reduction in operational overhead and improved efficiency

Rule base message mechanism improved TAT

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