Simply put, an exchange rate is the value of one currency versus another. Usually, exchange rates fluctuate based on supply and demand in the market. But sometimes, they are strictly regulated by governments or central banks.
Corefy offers a variety of connected exchange rate sources that get automatic updates. They are used in transaction processing if the payee's and the payer’s currency do not match.
Our payment orchestration platform allows for implementing different exchange rates and set fees per each client and currency pair based on an array of sources (central and commercial banks or FX-rate providers). To increase the overall efficiency, choose from the following types of exchange rates: direct, indirect, commercial, and fixed.
Use the Corefy default schemes or create an unlimited set of customised ones to get maximum efficiency of each transaction. Later, you can edit the name, description, and other features of the scheme rules, or remove the scheme at all.