To attract and to satisfy the needs of large corporations in the area of international transaction processing, a financial institution needs to provide:
Sophisticated booking software that covers (among others) the following:
- Automatic transactions pool downloading from client's accounting system directly into the payment processing system of a financial institution;
- Pooling facility in order to consolidate multiple payments with the same currency pair;
- Ability to offer different payment options to clients based on the quality of payment instrument;
- Proper value date processing considering holidays in jurisdictions involved into each transaction;
- Currency rate services that include automatic rate feed and automatic price calculation for a currency pair (including crosses) based on the client type, payment type, the timing, currency pool in processing and other parameters;
- Ability to process payment deals in the same currency;
- Support for the approval process that the client has in place for this type of financial transaction (for example, sending e-mail notifications to several higher authorities when a lower authority approved the rates for a payment pool);
- Sufficient compliance-related checks and controls;
- Sufficient logging for subsequent processing and audit;
- Sufficient notification services about transaction processing;
- Adequate facilities to log client’s inquiries and history of dealings with a client.
Advanced settlement software to include (but not limited to):
- Reconciliation of incoming payments;
- Integration with banking software in order to facilitate funds delivery;
- Position management for all the currencies and accounts based on value dating;
- Reconciliation and release of outgoing payments;
- Sufficient compliance-related checks and controls;
- Sufficient logging for subsequent processing and audit;
- Compliance reporting to governmental agencies in jurisdictions of operations;
- Sufficient notification and alarm services to halt potential losses.
Premium feature set may include among others:
- Ability to cater to the specifics of particular verticals;
- Localization;
- White labeling;
- Integration with different payment gateways like PayPal, smart, credit and debit cards, etc.
Evident Point's offers FX and payment software and business solutions for FX departments of large international banks that are looking for opportunities to expand operations in Canada and USA.