Millennium Bank in Poland updated their online FX platform, called Millennium Forex Trader, which now allows companies to place conditional orders for currency exchange transactions.
“The launch of a new conditional order module in the platform is another functionality introduced in response to the expectations and needs of companies making payments in foreign currencies. Until now, conditional orders were available to corporate banking clients by phone. From January this year, customers using the online FX platform can also submit such orders online. The availability of conditional orders, having previously introduced the “24 hours a day 5 days a week” mode, is the next step in the implementation and development plan of the Millennium Forex Trader platform “ – says Marcin Serafin, Head of the Customer Transactions Sub-unit at the Treasury Department at Bank Millennium.
The platform, which is available 24 hours a day and 5 days a week, allows business customers to place conditional orders for FX Spot transactions. Take Profit, Stop Loss as well as Call on the value dates Today, Tomorrow, or SPOT – are the examples of the above transactions. It is important to note that 1000 EUR is the minimum amount of an order or the same amount in another currency. Companies have an opportunity to set and abolish orders on business days from 8:30 a.m. till 5:00 p.m. for available currency pairs. The only requirement is a presence of a payment account in the desired currency. Conditional orders can be placed with indefinite term validity or with a term specified by the user.
Millennium Forex Trader is a module embedded in the Online Banking system for Companies (Millenet), which is available from Monday 0:00 a.m. till Friday 11:00 p.m. The new interface based on HTML5 technology supports all platform functions via the web browser. Additionally, thanks to the single-sign-on (SSO) function, logging in to Millenet gives automatical access to the Millennium Forex Trader platform.
The module permits monitoring current FX rates for 16 currency pairs simultaneously. Furthermore, it also allows concluding FX transactions on all currency pairs available in Bank Millennium’s FX rates table, including the Chinese yuan (the platform has quotations for CNY/PLN, CNY/EUR as well as CNY/USD) and opening multiple transactions at the same time. Firms have the following online transactions available:
· spot FX transactions (currency exchange/FX spot – settlement up to 2 working days)
· FX forward transactions and currency swaps up to 1 year (FX forward, FX swap)
They can also choose the way of concluding spot FX transactions:
· within available accounts’ balances online or
· within a limit granted by the bank based on the transaction history.
Due to Millennium Forex Trader, companies also can check transaction history with the export of data to a spreadsheet.
The Millennium Forex Trader platform is also available in a mobile banking app. That is why companies can monitor current rates for selected currency pairs and exchange currencies using their mobile devices.
Source: Millennium Bank`s press release from January 19, 2022