Automate the forex booking for hedge forwards, premium paid and zero paid option
Challenges
- manual processes for invoice processing, order referencing, manual approval process and bank limit control
- excel-based data keeping
- single point of access and human dependence
- difficulty in maintaining records and sequence of activities
- manual report generation
- Voucher entry of bank charges
Strategies and solutions
- automated alert to requestor before 45 days of hedge expiry
- timely reporting, easy tracking, record keeping and automated backup
- transparent system and reduced human dependency
Key benefits
- provision for booking of hedge forward, premium paid, and zero-cost options
- online validation and controls to avoid erroneous entry
- provision for online verification of front office entries by back office
- online deal confirmation and FYI alerts to requestor
- online bank charges and exchange gain | Loss calculation after deal settlement of deal
- auto booking of bank charges and exchange gain | Loss entries as bank receipts in Oracle
- auto booking of premium receipt as bank receipt in Oracle on deal settlement