An FX rate system SaaS (Software as a Service) can help banks generate revenue in several ways:
Attract new customers: Offering an FX rate system SaaS can be a unique selling point that can attract new customers to the bank. This is particularly true for small and medium-sized enterprises (SMEs) that may require frequent foreign exchange transactions but do not have the resources to maintain their own FX rate systems.
Cross-selling opportunities: Banks can use their FX rate system SaaS as a platform to cross-sell other financial products and services, such as international wire transfers, foreign currency accounts, and trade finance.
Transaction fees: Banks can charge transaction fees for each foreign exchange transaction that is processed through their FX rate system SaaS. These fees can vary depending on the transaction volume, size, and currency pair.
Spread revenue: Banks can also generate revenue by earning a spread on the FX rates offered through their system. This spread is the difference between the interbank exchange rate and the rate offered to customers.
Improved efficiency: By using an FX rate system SaaS, banks can automate their foreign exchange operations, reducing the need for manual intervention and improving efficiency. This can help banks lower their operational costs and improve their profitability.
An FX rate system SaaS can help banks generate revenue by improving their foreign exchange operations, attracting new customers, and offering cross-selling opportunities. By leveraging technology to automate their FX rate systems, banks can improve their efficiency and competitiveness in the market.
Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog