Achieving Transparent and Accurate Foreign Currency Exchange
Achieving Transparent and Accurate Foreign Currency Exchange
In today's interconnected global economy, cross-border transactions and remittances have become a fundamental part of business operations. However, ensuring transparency and accuracy in foreign currency exchange rates remains a paramount concern for businesses and individuals. Fable Fintech, a leading provider of cross-border payment solutions, recognizes this challenge and has developed innovative mechanisms to address it effectively. In this blog post, we will delve into the ways in which Fable Fintech ensures transparency in inward remittances by leveraging cutting-edge technologies and connectivity options.
| Table of contents |
|
Connectivity to Market Rate Providers
Fable Fintech's advanced platform is seamlessly integrated with renowned global foreign exchange rate providers. This integration empowers the platform to access reliable market or indicative rates in real-time. By utilizing these trusted sources, Fable Fintech ensures that its customers have access to accurate and up-to-date exchange rates. Moreover, the platform offers flexible options to apply different margins tailored to specific requirements. These options include Groups of Companies, Specific Entities, Customer Segments, and Branches, enabling the generation of tradable rates that align precisely with the unique needs of the customers.
Connectivity to Bank's Internal Treasuries
To further enhance transparency and accuracy, Fable Fintech's platform establishes seamless integration with the internal Treasury systems of partner banks, whenever available. This integration facilitates the retrieval of the bank's own rates, which can then be supplemented with specific margins to generate tradable rates. For instance, the Interbank Reference Rate (IBR) can serve as the base rate, with applicable margins applied to ensure fair and competitive exchange rates. Additionally, the platform provides comprehensive information by presenting all margin-applied rates, including Card Rates for transactional purposes. This comprehensive approach empowers customers with a range of options to make well-informed decisions. To know more about remittance costs read Understanding The Hidden Costs And Overlooked Expenses Of Remittances.
Deal Booking and Application
Fable Fintech's platform streamlines deal booking and application processes, ensuring accuracy and efficiency. Users can conveniently book deals as part of the treasury services or retrieve deals from the integrated treasury system. By leveraging these deals, transactions are processed with real-time rates, maintaining accuracy throughout the payment journey. The platform also seamlessly updates the treasury application with deal consumption data, enabling proper record-keeping and ensuring precise deal value updates.
Tolerance Limit
To mitigate the risks associated with significant fluctuations in foreign exchange rates, Fable Fintech's platform incorporates a tolerance limit feature. This intelligent functionality continuously monitors exchange rate variations during transaction processing. If a substantial change, such as a deviation of more than 5% to 10%, is detected, the system automatically halts the automated processing of that particular transaction. This mechanism triggers an alert for the operations team, prompting them to review the transaction manually and take necessary actions. By implementing this tolerance limit, Fable Fintech safeguards against potential errors or anomalies, ensuring that customers receive fair and accurate exchange rates.
Data Security and Compliance
In addition to transparency, Fable Fintech prioritizes data security and compliance in its inward remittance solutions. The platform employs robust security measures to protect sensitive financial information and customer data. Fable Fintech adheres to stringent regulatory standards and compliance requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These measures contribute to a secure and trustworthy environment for cross-border transactions.
Conclusion
Fable Fintech's unwavering commitment to transparency, accuracy, data security, and compliance in inward remittances shines through its innovative solutions. By leveraging connectivity to market rate providers, seamless integration with internal treasuries, efficient deal booking and application processes, and the implementation of a tolerance limit, Fable Fintech ensures that its customers receive reliable, fair, and secure exchange rates. These robust mechanisms empower businesses and individuals to engage in cross-border transactions with confidence, knowing that transparency, accuracy, and compliance are at the forefront of Fable Fintech's cutting-edge solutions.
To acquire the platform, book a demo with the Fable Fintech cross-border platform experts;
