About Transaction Process Outsourcing
Hiring a Treasury manager is an expensive proposition for SME clients as the cost is high and transactions are small in number. Myforexeye enables B2B clients to outsource complete rate booking activity with their banks to Myforexeye to ensure zero pilferage in terms of rates offered by their banks.
In turn, clients get complete information on their transactions including – Voice recordings of Myforexeye discussion with their bank, exact time of transaction, corresponding charts etc. Myforexeye is looking to grow the clientele from 300 today to 5000 in the next 2 years.
- Outsource forex operations to a team of professional
- Professionals keep an eye on all forex transactions
- Hire a forex dealer starting at Rs.2500/month
- Complete transparency guaranteed by sharing complete information around the transaction
- TPO economically priced starting at Rs.30000 per annum depending on forex turnover of the company
- Get 3 complimentary Transaction Forex Risk Advisory reports
- Get 4 complimentary Buyer’s credit deals on Myforexeye App
- Subscription to Daily, Premium, Trading and Guest writers reports
- Opening & closing forex rates
- All deal vectors reported for each transaction – Exact time of Forex transaction, screenshots/graphs & voice recordings of dealer and bank
- Sensitise the entire accounts & finance team to manage forex operation, risk adequately
- Automate entire deal booking process in 2-4 weeks of signing the services
Deal Slippage Summary
What is Transaction Process Outsourcing?
Transaction process outsourcing is a service launched and pioneered by MyForexEye wherein we negotiate and provide the best rates to our clients for their import-export transactions. Importers and exporters when dealing in the international market are closely linked with foreign exchange rates. In case of an import, the importer has to make payment to the foreign exporter, for this he has to make payment in the foreign currency which takes place by converting domestic currency in the foreign currency based upon the exchange rates. Similarly, in case of exports, the exporter has to receive payment for the goods sold. The payment made by the importer in foreign currency has to be received in domestic currency, for this exchange rates based upon these two currencies are used. The whole transaction process takes place through the respective banks of the importer and exporter. These banks earn profits from their clients by charging an exchange rate that is higher than the original rate. This happens because the importers and exporters do not have access to the terminals like Thomson Routers where the actual exchange rates are displayed.
MyForexEye works to help the clients and save their money by outsourcing the transaction process. They negotiate rates with the banks on behalf of their clients so that the banks cannot charge extra to the clients. This helps the clients save money at a minimal charge. Thus the process of outsourcing the transactions is called Transaction Process Outsourcing (TPO).
How Transaction Process Outsourcing works?
The importer and exporter purchase the TPO service of MyForexEye at a minimum annual charge depending upon the annual forex transactions of the client or the company.
The company informs MyForexEye about its transactions (payment to be made or received)
Since, banks also need to ensure theirs as well as the client’s privacy and security, the client has to send their banks an authorization letter authorizing a MyForexEye dealer (professional) to deal with the bank on the customer’s behalf. The letter clearly mentions that the transaction process has been outsourced by the client to MyForexEye.
The MyForexEye dealer then gets in touch with the bank and negotiates the rates on behalf of the client. MyForexEye has an upper edge in TPO dealing since we have access to the interbank live forex rates through Reuters terminal.
MyForexEye gets the best rates for the customers and help them save money.
MyForexEye strives to provide the best and ensure transparency. The calls and discussions that take place between the bank and the dealer at MyForexEye are recorded, the exact time of the transaction and the charts at that time are kept as record for the customer.