Trade Finance processing continues to be manual & paper based, highly regulated & lack of proper digital platforms along with non-integrated IT landscapes add to the processing inefficiencies.
Foreign Exchange Transactions Electronic Reporting System (FETERS) is a Reserve Bank of India (RBI) system for the electronic reporting of foreign exchange transactions by authorised dealer (AD) banks in India. The system was implemented to ensure timely and accurate reporting of foreign exchange transactions, thereby enhancing the foreign exchange market's transparency and efficiency.
Submission timelines, frequency, and compliance obligations
Ensuring data accuracy and adherence to RBI regulations.
Facilitating prompt submission of R-Returns within specified deadlines.
Accuracy and Compliance: Ensuring data accuracy and adherence to RBI regulations
Facilitating prompt submission of R-Returns within specified deadlines
Snapshot view of the customer accounts, commission charges, forex rates.. Complete View of Trade Finance business across all channels. Improved Audit & Compliance. Automated Workflow designed exclusively for Trade Finance.
Workflows for trade origination, Document Examination/Compliance, Product Lifecycle & Straight Thru Transaction Processing. Complete Configuration of Bank’s Approval Matrix & Deviation Hierarchy. Chain based approval as per Bank’s SOP AML, Sanctions & Blacklist Country Checks via Integrations.
Web Based Portal accessible across the bank departments
The Solution can process large quantities of data quickly and effectively, providng access to concerned teams, reducing the time and effort required for manual data entry and validation.
Reporting of Vostro, Treasury, all Forex Transactions types, etc
In-built Validations as per RBI requirements. Validations for Vostro Accounts - Country Code, Currency, etc
Validated Output obtained as per RBI Requirement
Validations for Vostro A/c Country Code, Currency Consistency Checks at Level 1, 2 and 3
Automated QE Purpose Code defined based on Transaction Purpose Codes
Auto Computation of Opening balance and its related Closing balance. Zero restriction on past data incorporation
BOP and QE File uploads for Record Rectification
Cascading the rectified records and regeneration of BOP and QE files Subtotal computation with Previous balances Generating requisite files post classifying transactions in appropriate QE Purpose Codes
Data Provision and Rules Management as per banks requirements
Maintenance of historical data from Reserve Bank of India. Complete file history for all records maintained.
Enabling Digital Transformation in Trade Finance, Customer Communication, Compliance, Audit and Regulatory Reporting
We deliver technology-driven solutions that drive digital transformation for banks, their customers and help them get ahead of today’s challenges to capitalize on what’s next.
Providing the critical tech infrastructure that powers Trade Finance, Corporate Portal, Foreign Exchange, Regulatory Reporting, Compliance, Audit and Corporate Communications to enable better financial lives.
Decades of global experience across Banking and Technology enables us to visualise the transformation journey that increases efficiency and reduces risk.
Designing Experience centric, customer focused, digital first journeys with the latest technology implementations.
Clear focus on BFSI Automation, Compliance, Regulatory Reporting. Customer Centric Approach. Comprehensive solutions used by thousands of bank users & corporates.
Product Presentation
