The Risk of Embedding Your FX Provider

 

June 2017

 

In this article we will outline risks that are more prevalent today for financial institutions who outsource their FX via a correspondent provider and embed that provider into their back-end wire system. If your financial institution outsources the sending of your customers’ foreign currency wires to a correspondent provider, it is possible that the provider is embedded in your processes. This is especially likely if your wires are keyed into your back-end wire system and an exchange rate is automatically applied to the wire once it is keyed.

 
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