Strong FX and conversion control increases your profitability and mitigates your risk. BankWORKS® FX solution provides configuration of FX rate from multiple channels triggered through API.
BankWORKS stores transactions in four different currencies:

• Transaction currency
• Settlement currency
• Local currency
• Account currency

Different exchange rates can be used between those currencies. These rates can be configured at the product level, source of the transactions, or at the customer level. Exchange rates are stored in the system based on time and not date allowing a load of multiple rate files per day without being overwritten. Historical rates are kept in the system enabling you to choose the best rate in case of chargeback using the rate from the original transaction or from the time of chargeback. BankWORKS® FX and conversion capabilities keep track of all the rates used during the processing of transactions and the generation of settlements with the respective parties. This provides you a detailed view of the currency conversions performed for all transactions.  BankWORKS® FX functionality applies the currency conversion rates loaded into the system daily  or multiple times within a day. It may also interface with a third-party system to retrieve the most effective currency rate in real-time. It allows you to support Dynamic Currency Conversion, allowing merchants to provide enhanced service offerings by converting payments in the home currency of the cardholder. Take advantage of transparent exchange rates in specialised regions.