In the segment where the clients deal with Non resident Indian (NRI) and Indian population who have needs of remittance to India and from India to overseas, there is a huge need to track the forex prices on a real time basis. The volume of money being remitted to India and from India to overseas is a very large quantum every year. Just to quantify the Inward remittance to India in the year as $ 87 bn as per World Bank.
This presents a huge opportunity for Companies to deal in the remittance business. There are many remittance companies called Exchange houses or Forex dealers and banks which are authorised by the Reserve Bank of India who provide the service of Foreign Exchange to meet this customer need. The examples of some of these banks and Exchange companies are ICICI bank, HDFC Bank, Axis Bank, Western union, Xoom, World Remit, Moneygram etc.There are portals and websites who publish these foreign currency rates as pegged to Indian Rupee (INR) on a regular intraday intervals.
This information on Forex rates is cluttered and also varied. Bank rates differ across different exchange houses and each player tries to offer the best rates. Rates can be dynamic from different banks and exchange houses.Hence it is imperative for NRI & Forex teams of Banks and Exchange companies to be competitive for the rates.
An aggregator who can provide these rates on an would be a great opportunity to compare rates. So to aggregate there are ways of extracting information from different websites which can be consumed. Tools can be configured to extract this information from the different websites.The techniques use different python libraries (request, url, beautifulsoup etc). For doing this, one has to create sessions for extracting information from websites. Ajax techniques are used for handling requests and responses and API’s are used for extracting currency data.
Analytics dashboards can be built in this which shows history of daily inward-outward currency rates, interbank rates for the past period with across date, bank and currency and trends.
One of the examples of these tools is the Fxrator module of Narrator offered by G-Square which displays different currency rates online. It is a cloud based web application and also mobile responsive. It also has a module calculator for forward pricing and margin capabilities for relationship manager’s use and sharing with customers. In the News section, FX Market news for tracking daily FX market updates is provided.
Thus by empowering the Forex and NRI teams of these companies, they are able to offer the best competitive rates which is a win-win for the Banks, companies and customers on the other side.