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Development of a Multicurrency International Transfers and FX Hedging Platform
  1. case
  2. Development of a Multicurrency International Transfers and FX Hedging Platform

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Development of a Multicurrency International Transfers and FX Hedging Platform

artkai.io
Financial services
Information technology

Challenges in International Finance

Businesses and investors face challenges in managing currency risk, processing international payments efficiently, and gaining real-time visibility into their global financial positions. Existing solutions often lack sophisticated hedging capabilities, seamless multi-currency payment automation, and comprehensive risk management tools, leading to potential financial losses and operational inefficiencies.

About the Client

Fintech company specializing in advanced international transfer solutions with a focus on exchange rate hedging and investment management tools for hedge funds, financial institutions, and individual investors.

Project Goals

  • Develop a user-friendly platform for international money transfers with integrated exchange rate hedging.
  • Provide real-time visibility into cash balances across multiple currencies.
  • Automate multi-currency payment processes for businesses.
  • Offer advanced foreign exchange risk management tools.
  • Enhance platform security through bank account validation.
  • Integrate with existing ERP and accounting systems for streamlined financial reporting.

Core System Functionalities

  • Multicurrency payment automation
  • Realtime cash and currency visibility
  • Foreign Exchange (FX) risk management with pre-booking of exchange rates
  • Bank account validation
  • ERP and Accounting system integration (Xero, QuickBooks, Sage, Microsoft Dynamics)
  • SWIFT payment tracking
  • Invoice management with automatic processing and remittance emails
  • Realtime dashboard with cash balance monitoring, analytics, and alerts

Technology Stack

React.js
TypeScript
Redux
Next.js
Node.js
Nest.Js
Google Cloud Platform (GCP)
K8S
PostgreSQL
REST APIs
Swagger
WebSockets
Socket.io
Firebase
Elasticsearch

External System Integrations

  • Xero
  • QuickBooks
  • Sage
  • Microsoft Dynamics
  • SWIFT GPI

Non-Functional Requirements

  • Scalability to handle a large volume of transactions and users
  • High performance and low latency for real-time data
  • Robust security measures to protect sensitive financial data
  • Maintainability and ease of code updates
  • Reliability and availability

Expected Business Impact

The platform is expected to significantly improve HedgeFlows' market position by offering a unique and comprehensive solution for international transfers and FX hedging. This will lead to increased customer acquisition, enhanced customer retention, and improved revenue generation. The platform's advanced features will empower users to make more informed financial decisions, manage risk more effectively, and streamline their international payment processes, resulting in increased operational efficiency and reduced financial losses.

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