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Offshore Outsourcing

While today's competitive financial marketcan be reinvested in areas offering the
demands that banks respond to market needsgreatest  return  on  investment.
quickly and efficiently, there was a time
when only the largest money centers couldLeverage the Internet to streamline and
afford to offer foreign exchange (FX)automate product, service and processing of
service. Technological advancement has made atransaction
foreign exchange product line accessible to
banks of all sizes. However, in today'sAcquire industry expertise and expedite
economy, banks have to consider themarket entry Enhance the ability to manage
feasibility of offering foreign exchangethe rate spread on transaction Enhance
product and services. As a fee-based productaccount management through real-time
offering, foreign exchanges service canmanagement report on the purchase and sale of
enhance a bank's revenue stream while meetingforeign currency and the income generated
a market need. Yet, the cost for creating afrom  each  products.
FX processing environment can be enormous. It
is for this reason that foreign exchange is10 Questions to Ask When Evaluating a Foreign
an area that numerous bank outsource toExchange  Online  Systems:
correspondent bank or non-bank providers in
order to compete in today's financial market.- Is the system networked from the parent
bank  to  branch  bank?
Outsourcing FX product and services allows
bank to offer an advanced technology- Does the system provide flexibility for
solution, industry expertise and superioryour bank to share revenues with the provider
customer service without the costs of backor to mark up rates and still have the
office investments. Art Gillis, principal ofability  to  remain  competitive?
Computer Based Solutions, Inc. in Dallas,
Texas, reported, "About 43 percent of- Is the system integrated seamlessly with
America's 9,355 banks and thrifts currentlyyour  bank's  other  system?
outsources  some  of  their  operation."
- Does the system allow your bank to retain
When choosing outsourcing solutions, bankscontrols over profit margins, processes and
should focus on the services that will allowaccount  management  procedure?
them to keep overhead cost to a minimum yet
enable them to focus on business development- Can the bank rebrand the system for its
opportunities.bank  and  subsidiary?
Top  10  Reasons  to  Outsource  FX:- What capabilities are available to store,
track,  and  send your customer informations?
Increase revenues and profits derived from
fee-based services Improve operational-  How  are  investigation  handled?
efficiencies and productivity level by
automating  administrative  tasks-  What  is  the  security  feature?
Deliver values to customers to enhance- Can your bank create a centralized or
business relationships Expand services linedecentralized process for managing its
to capture more business from existingforeign  exchange  transaction?
customers
- Does the systems enable your bank to
Achieve more competitive exchange rateprovide customer real-time market
through wholesale purchasing Control cost. Ifinformations?
cash is not tied up in capital expenses, it



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