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Offshore Outsourcing

01-10-2006 12:05 PM CET | IT, New Media & Software

Press release from: Tatvasoft - Software Development India

Top 10 Reasons to Outsource FX:
Increase revenues and profits derived from fee-based services
Improve operational efficiencies and productivity level by automating administrative tasks.
Deliver values to customers to enhance business relationships
Expand services line to capture more business from existing customers
achieve more competitive exchange rate through wholesale purchasing
Control cost. If cash is not tied up in capital expenses, it can be reinvested in areas offering the greatest return on investment.
Leverage the Internet to streamline and automate product, service and processing of transaction.
Acquire industry expertise and expedite market entry
Enhance the ability to manage the rate spread on transaction
Enhance account management through real-time management report on the purchase and sale of foreign currency and the income generated from each products.

Ten Questions to be ask When Evaluating a Foreign Exchange Online Systems:
1. Is the system networked from the parent bank to branch bank?
2. Does the system provide flexibility for your bank to share revenues with the provider or to mark up rates and still have the ability to remain competitive?
3. is the system integrated seamlessly with your bank's other system.
4. Does the system allow your bank to retain controls over profit margins, processes and account management procedure?
5. Can the bank rebreed the system for its bank and subsidiary?
6. What capabilities are available to store, track, and send your customer information’s?
7. How are investigation handled?
8. What is the security feature?
9. Can your bank create a centralized or decentralized process for managing its foreign exchange transaction?
10. Does the systems enable your bank to provide customer real-time market information’s?

Choosing The Right Financial Institution-The notion of giving an outsider access to highly sensitive information can initially stir reluctance among bank. Bank often evaluate the competitive threat a correspondent banks provider poses when outsourcing because they often have access to customers confidential banking information’s. Therefore, companies must carefully assess the offering, experience, credibility and demonstrated capabilities of potential bank and non-bank service provider.
Bank has numerous choices and an effective solution need to do more than address current business functions. They should evolve as new technology evolves and business objectives develop over time. Here are a few criteria’s to keep in mind when choosing a provider.
Check the financial strength of the providers. The financial health of your providers is critical. Established provider with a history of profitability is the safest bet, particularly if the provider is less than two year old.
Check the provider's record of success. Ask prospective providers to furnish you with a representative sampling of their customer base and speak with customer references.
Establishing whether the financial institution has a clearly defined account management plans.
For more Information please visit:

TatvaSoft - Software Development Outsourcing

303, Naindhara,
Next to Mitsubishi Showroom,
Near Hotel Grand Bhagwati,
S. G. Road, Nr. Bodakdev
Ahmedabad - 380 052
Gujarat, India

Tel : +91-79-40038222

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