In Conversation with Andy Wu of Conexus Credit Union
One of the first credit unions to use the Concentra FX online currency trading platforms was Conexus Credit Union. Let’s check out what Andy Wu, Financial Analyst at Conexus shares with our Foreign Exchange Services Manager, Heather Verkoczy about the advantages that his credit union has experienced using the platform.
Andy, let’s start with what your credit union members are looking for in foreign exchange services.
Our members value convenience and cost in foreign exchange services. This means convenient foreign exchange transactions at competitive, up-to-the-minute rates.
The world is becoming more streamlined and technical and it seems foreign exchange is no exception with a movement towards electronic trading becoming more popular. Conexus has adopted the Concentra FX web-based foreign exchange trading platform as a solution for your credit union. What have been the results for your members? For your credit union?
Our members benefit from being able to get this service at their credit union and not have to go elsewhere while the competitive, up-to-the minute rates help keep them at our credit union.
From the business perspective, the web-based tool also allows our Corporate Finance department to actively book offsetting trades required to manage foreign exchange risk at the corporate level.
Efficient internal procedures and processes are important to business success. How has online trading platform enhanced these around your foreign exchange business?
As mentioned previously, the online trading platform helps the Corporate Finance department manage the credit union’s foreign exchange risk. The platform offers the capability to book trades throughout the day and that helps us manage the risk. This is especially the case since we have same day cash settlement, rather than the standard T+1 (cash settlement the next business day).
Can you explain more about the advantage of the same day cash settlement?
This is one of my favourite features of the trading platform. Same day cash settlement helps us manage our cash position efficiently and effectively. One daily sweep of our account is very convenient.
What patterns, if any, do you find with commercial clients and their trading habits? Do you find having a platform available whenever the market is open to be an advantage in meeting members FX needs?
Many commercial members convert to and from USD as required to efficiently and effectively run their operations. We currently have one commercial member piloting the Concentra Tier II platform (Credit Union FX). We’ve received feedback from the member that they enjoy the ability and convenience to track live foreign exchange pricing and lock in a live rate as required.
Do you find Concentra pricing competitive for your credit union and for your members?
I think Concentra’s pricing is competitive given the functionality and same day cash settlement.
Would you recommend this service to other credit unions?
Certainly. It is an easy and intuitive platform.
I would like to extend a big thanks to Andy for sharing the Conexus member and credit union experience with us. If your credit union is interested in learning more about our foreign exchange platform, contact us at Concentra FX team or 1-306-566-1747.
Heather Verkoczy, Foreign Exchange Services Manager