Foreign Exchange Rate update process in Core Banking System
10xDS automated and streamlined the Foreign Exchange Rate Distribution and Mind Market process for a leading commercial Bank in Bahrain. The process involved extracting daily rates from authorized portals and comparing it with offer and bid rates to arrive at a mid-rate. These rates are further updated in the Core Banking Systems and the rate discrepancies are notified to analysts. The automated process eliminated errors and delays in notifying discrepancies. The solution offers faster results with a significant reduction in operational risk.