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.
A disclaimer text to indicate that the rates are indicative and might vary
Indicates how much time is left for the user to take action
How it works
The image below represents a classic flow that works depending on the inputs provided by the user.
The spot rate opening screen shows by default today’s spot rate list.
The user can select an account number from drop down or enter it.
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.
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)
The user gets a confirmation message to accept and confirm.
The user gets a success message. A reference code is available that can be used for future transactions