Foreign Currency payments with Bank Chain when Intermediary bank is not static

[former_member228896]

Hi All,

Can you share your thoughts for the below scenario on foreign currency via bank chain especially when the intermediary bank is not static

Scenario

Company ABC has comp code currency as USD , the house bank is with CITI Bank US

and Vendor XYZ has to be paid in say 1000 EUROs.

Company ABC gets the competitive spot rate from say Wells Fargo ( THIS IS NOT A HOUSE BANK)

CITI bank transfers to Wells Fargo 1000 EUROS deducting 1200 USD from Comp ABC bank acct

Wells Fargo transfers 1000 Euros to the vendor XYZ

Query

1.How can we automate this type of payment process using bank chain

Generated wire format should include -

1.1. Sender Bank Data - CITI BANK ( House Bank)

1.2 Intermediary Bank - Wells Fargo (This bank may not be static, Company ABC can buy currency from other bank due to competitive price) - Should the business users manually update the intermediary bank here as this is dynamically changing on a day today basis

1.3 When the bank statement is received from CITI Bank can we auto clear respective payment documents

Thanks

Sanjai