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INFOFX | |
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InfoFX provides an interface
for managing the entire foreign exchange contracts through all the stages of the contract, starting from booking, utilization, split and cancellation. InfoFX can be broken down into the following modules: |
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| CONTRACTS | |||||
| Bookings: Using the
Contract Bookings screen, the User can book FX Contracts, specifying the various parameters. FX Contracts are typically booked when a Customer is expecting to make a payment to a Supplier in another Country, wherein the Currency of Payment is different than the Customer’s Currency. |
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| Utilization: Suppose
a Client books a Contract to make a payment for a certain amount in the Base currency. On the Due Date, the Contract is ‘Utilized’, and the Payment is made. Contracts can be Fully Utilized or Partly Utilized. The Amount the Client has to pay the Bank in the Base currency depends on the Exchange Rate of Base v/s Cross currency at the time of booking the Contract. |
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| Cancellation: Taking
the same example, if the Client wishes to make a payment of only a partial amount of the contract and does not want to do anything further, the remaining amount is Cancelled. The Cancellation, unlike Utilization, is done at the prevailing Exchange Rate. Thus, if the Exchange Rate increases from the time of Booking, the Client stands to receive the remaining converted to Base currency at the current Exchange Rate. |
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| Split: FX Contracts
can be Split to give rise to to other FX Contracts, having a different Currency Pair. e.g., US $2,000 of the above USD - HKD Contract can be Split to give rise to a new GBP - USD Contract, as long as the Amount of the new Contract does not exceed US $2,000. |
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| SETUP | |||||
| Various parameters need to be defined to carry out
the FX transactions. These parameters are defined at the time of setup of the module. Some of the setup parameters are: |
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| REPORTS | |||||
| InfoFX has a host of reports and enquiry screens
required for checking the status of the transactions, contracts and exchange rates, etc. The FX Contracts Enquiry Screen shows the status of all the contracts by Applicant and Contract Number. The Exchange Rates Enquiry Screen shows the Exchange Rates for the last date the Rates were entered. The User can change the Reporting option to view Rates for a particular Date, and also Period Begin, Period End or Daily Rates(default). The Cross Currency Rates Enquiry shows the Exchange Rates of a Currency as compared with all the other Currencies the Bank deals in, on the specified date. |
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