Many businesses currently involved in foreign exchange either on the buy, sell, retail or wholesale side are succumbing to escalating costs and thinning profits. Despite tremendous growth in existing and emerging global foreign exchange markets, increased competition and direct costs are becoming disproportionate to profitability. With tapering profits and the cost of management, risk, compliance and technology constantly on the rise, institutions are reconsidering both the feasibility and necessity of offering such products and services. As an alternative, institutions are now outsourcing their foreign currency exchange in order to improve balance sheets, increase profitability, introduce new revenue streams and maintain client confidentiality and share holder confidence.

Offering foreign exchange services can enhance a financial institutions revenue stream while meeting a market need. Yet, the costs for creating a foreign exchange processing environment (from a technical, compliance, back office and human resource perspective alone) can be enormous. As such, banks and financial institutions are under constant pressure to keep overhead costs to a minimum so they can focus resources on developing new profit opportunities.

Companies can choose to outsource an entire foreign exchange operation to CityBook or pick the products that best complement their offering. We recognize that high quality foreign exchange is key when it comes to building customer loyalty and streamlining processes that free-up important resources.

The Online Foreign Currency Exchange services offered by CityBook includes: