Spot rate booking

Spot Rate booking is a useful feature for a corporate application while doing bulk fund transfers. Corporates can book in advance to make big transfers and complete the transaction at a later point of time. This gives them the opportunity to avoid currency rate fluctuations and aids in cost saving. From the bank side, these spot Rate offers are valid only for a limited time. These rates are applicable subject to a mutual commitment on the part of carrier and merchant.

spot rate dashboard

Structurelink

spot rate structure

Additional componentslink

Disclaimer

A disclaimer text to indicate that the rates are indicative and might vary

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Timer

Indicates how much time is left for the user to take action

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Layoutlink

spot rate layout gridspot rate dashboard

How it workslink

The image below represents a classic flow that works depending on the inputs provided by the user.

  1. The spot rate opening screen shows by default today’s spot rate list.

    spot rate screen
  2. The user can select an account number from drop down or enter it.

    select a account number screen
  3. The ‘Buy Currency’ gets auto populated based on the ‘Account Number’ selected. The user can enter the amount that needs to be converted. The total amount gets calculated based on the spot rate.

    buy currency screen
  4. A timer indicates the time remaining to claim the desired rate. Spot rates will be fetched from internal or external vendors . You can also refer to FFDC Exchange Rate API (Treasury)

    enter an amount screen
  5. The user gets a confirmation message to accept and confirm.

    confirmation message screen
  6. The user gets a success message. A reference code is available that can be used for future transactions

    success message screen