Case Study 18: Remittance Tool

For a Large Private Sector Bank

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  • The Client is a leading Private sector bank in India.
  • It has strong customer base in retail, corporate and NR space.
  • The Bank wanted to build a Remittance tool for NR team for them to pitch their proposition strongly knowing competition very well and with some analytics.
  • They needed to have an Online Currency Comparison, Analytics section, FX calculator and FX News Section .
  • Fetch inward and outward currency rates, whichever available from different bank and scrapable websites either from HTML page/.pdf format through automated web scraping approach.
  • OTP based login access: Login access to tool is given through one-time password (OTP) on email ids of relationship managers of IDFC First.
  • Created Forward pricing Calculator: Indicative calculator for forward pricing and remittance margins.
  • Fetch FX market news for daily forex market news updates using our Newsrator tool libraries.
  • Fxrator: Remittance Tool called Fxrator was implemented which is a cloud-based application and is mobile responsive.
  • Analytics: The Tool is capable of showing history of daily inward-outward currency rates, interbank rates up to 20 days with a functionality of selecting date, bank and currency and trends.
  • Calculator: It has forward pricing and margin capabilities for relationship manager’s use and sharing with customers.
  • News: FX Market news section for tracking daily FX market updates.
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