Released on = January 6, 2006, 1:48 am

Press Release Author = Jim

Industry = Software

Press Release Summary = 10 Critical Factiors to explore when choosing an offhsore
outsourcing provider for foreigh exchange service

Press Release Body = While todays competitive financial market demand that banks
respond to market needs quickly and efficiently, there was a time when only the
largest money centers could afford to offer foreign exchange (FX) service.
Technological advancement have made a foreign exchange product line accessible to
bank of all sizes. However, in today\'s economy, bank have to consider the
feasibility of offering foreign exchange product and services. As a fee-based
product offering, foreign exchanges service can enhance a bank\'s revenue stream
while meeting a market need. Yet, the cost for creating a FX processing environment
can be enormous. It is for this reason that foreign exchange is an area that
numerous bank outsource to correspondent bank or non-bank providers in order to
compete in today\'s financial market. Outsourcing FX product and services allows bank
to offer an advanced technology solution, industry expertise and superior customer
service without the costs of back office investments. Art Gillis, principal of
Computer Based Solutions, Inc. in Dallas, Texas, reported, \"About 43 percent of
America\'s 9,355 banks and thrifts currently outsources some of their operation.\"

When choosing outsourcing solutions, banks should focus on the services that will
allow them to keep overhead cost to a minimum yet enable them to focus on business
development opportunities.

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.



10 Questions to 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 rebrand the system for its bank and subsidiary?

6.What capabilities are available to store, track, and send your customer
informations?

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
informations?



Web Site =
http://www.tatvasoft.com/outsourcing%5C2005%5C05%5Coffshore-outsourcing_18.html

Contact Details = TatvaSoft - Software Development India

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

Tel : +91-79-40038222