Browser-based customer foreign exchange transaction work-flow management solution
Credence MercuryFx helps the organization improve its Money Changing Process efficiency, and is scalable to keep pace with business growth.
It is a trend setter in putting Enterprise Instant Messaging to business in treasury. Mercury is a browser-based customer foreign exchange transaction work-flow management solution.It enables straight through processing to completely automate Retail Fx products business including TCs, DDs, prepaid FX cards, Wire Transfer and Remittances.
MercuryFx solution has built in controls for inventory management of TCs/DDs and compliance support in respect of walk-in customers.
MercuryFx is tailored for
Information dissemination from a central unit to
Dynamic FX card rate publication, special rate negotiation with dealing room
Real time transaction reporting
Intuitive MIS reports
Foreign Exchange Transaction
Features
Direct to Customer Dealing (DCD)
The DCD module provides a direct bank to customer channel for a bank's customers to obtain competitive FX quotes. The system has a well designed margin set up feature including skewing and widening options. Using this facility, Treasury can pre define margins for different customers based on different set parameters. "Request for Quotes" (RFQ), with Auto Quoting and dealer intervention is fully supported with chat facility to directly connect to clients.
Centralised Pricing and Risk Management
Mercury Fx has a powerful pricing engine that centrally calculates prices for forex products offered by Banks to customers. It accepts underlying market prices from providers of indicative market rates. Dealers can add spreads and make adjustments to the rates based on factors like currency pairs, transaction tenors and sizes, customer types etc.The system monitors exchange rate risk via price bands to limit highly volatile rate fluctuations. Other limits for retail customers based on product type and purpose code and umbrella limits across both can also be monitored.
Interfacing Capabilities
Mercury can be interfaced with multiple legacy systems to enable seamless flow of data among these systems. Key interfaces : 1. Treasury - Real time interface with Treasury system for impacting positions 2. Core Banking - For Balance Inquiry, Posting of Accounting Entries,Uploading of FCNB Deposit Rollovers 3. Trade Finance - Fetching transaction & update rates 4. Prepaid Cards - Load/Reload/Refund Transaction related data
Retail Module
This module facilitates increasing wallet share in retail forex business with efficient forex delivery to customers. The module supports operations in Currency Notes, Stored Value Cards, Outward TT, Travellers Cheques and Demand Drafts. Right from inventory setup to transactions, billing, SWIFT message generation, limit monitoring to reporting, the entire workflow is managed within the system. MIS reports can be generated to measure turnover of branches / customers which facilitates decisions on tweaking the margins for best performering branches / customers.
Large Transaction Volumes
Mercury is designed to handle large transaction volumes from multiple branches on a real time basis for rate-taking and updating of position and gaps. Benchmarking exercise to assess the capacity of the system has been done at IBM Innovation center.
Usage Across Industries
Regulatory and economic reforms, increasing cost of compliance, changing global economic perspectives and technology disruptions are transforming bank's trading and treasury functions today. This puts pressure on Banks to become more efficient and agile while exceeding the needs of their customers. Banks of all sizes are looking to drive true transformation so they can link human needs with banking offerings while leveraging investments in their existing core banking systems.
