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  • Grain for Supply Chains

    FREIGHT FORWARDS Safeguard Supply Chains From Currency Volatility Protect profits from currency fluctuations and offer shippers enhanced cargo protection with Grain Book a Demo Watch the Video CROSS CURRENCY HEDGING Explore Our Solutions Explore the powerful capabilities of our solution designed to simplify and enhance your cross-currency transactions. Empower Shippers with Cargo Value Protection Offer shippers the option to protect their cargo value against currency loss Learn More Protect Your Business from Currency Risk Shelter your business from currency related volatility and safeguard your bottom line. Learn More CARGO VALUE PROTECTION Elevate Your Freight Service with Cargo Value Protection Grain's solution allows freight forwarders to offer shippers a value-added-service that protects of their cargo value during transit from cross-currency volatility. Cost Certainty for Shippers Secure cost certainty for international trade, enabling accurate forecasting and seamless budget planning. Competitive Advantage Differentiate your freight forwarding services by empowering shippers with peace of mind and financial stability. Win New Profit Streams Grain shares with you the premiums paid by shippers for the cargo protection services we provide. Cargo Value Protection HOW IT WORKS Currency Stability in Freight Forwarding Provide shippers with unprecedented peace of mind by safeguarding their cargo's value from currency fluctuations throughout the entire shipping process. From PO to delivery. Booking the Shipment The shipper books their shipment through your freight forwarder platform. Choose Cargo Value Protection During the checkout process, shippers are offered the option to protect their cargo value & freight costs from currency changes. Compensate for Currency Loss In the event of currency headwinds, Grain compensates the shipper upon arrival. Shippers can be paid directly or via your platform. END-TO-END SOLUTION Full-Scale Hedging for Freight Forwarders Empower your supply chain with our seamless Currency Hedging solution. Streamline cross-border payments, eliminate currency risks, and safeguard your profits with our intuitive API or file-sharing integration. Financial Certainty Shield your business from currency fluctuations and navigate the global market with unwavering financial certainty. Pricing Transparency Offer upfront and transparent pricing quotes that factor in currency risk, eliminating hidden costs and ensuring financial clarity. Customer Satisfaction Provide consistent pricing that aligns with actual costs, fostering trust and loyalty within our customer base. End to End Why Choose Grain? Unveiling the Key Benefits for Your Business Reduce FX Pains Grain assumes 100% of your currency risk, guaranteeing your FX rates without the hassle of managing FX volatility on your own. Save Costs Lower your cost of hedging and cross-border payments by a typical factor of 80% relative to existing solutions. Boost Sales Integrate a menu of FX modules that brings measurable financial value to your customers. Simplify Financials Enable your customers to pay you over their local rails without any FX risk and without requiring expensive markups. See Grain in Action Add FX certainty - without the complexity. Get Started Why is currency protection crucial for my business? Currency volatility can lead to unpredictable financial outcomes, affecting your bottom line. Grain's currency protection ensures stability in your international transactions, allowing for more consistent financial planning and reduced risk exposure. How does Grain protect my business from currency volatility? Grain protects your business from currency volatility through our innovative embedded currency hedging solution. Our data-driven cross-currency approach is designed to shield your transactions from currency fluctuations, ensuring stability on future accounts receivables or payables. Using a straightforward data stream via API or file sharing, Grain assumes all currency risks away from you. What kind of data does Grain require to provide currency protection? Grain focuses on transactional data related to your cross-currency activities. This includes details of international transactions, payment histories, and related financial data. We are committed to maintaining the highest standards of data security and privacy. How does Grain's Machine Learning model enhance FX protection? Our Machine Learning model analyzes past transaction patterns to create FX protection strategies specifically for your business or your end users. This includes creating pricing based on customer behavior, like cancellations and payment delays, thereby minimizing risk and maximizing efficiency. What security measures does Grain take to protect my data? At Grain, we prioritize your data's security and privacy. We use advanced encryption and security protocols to ensure that all data processed through our system is protected. Our commitment to data privacy is backed by continuous monitoring and adherence to the latest security standards. Which currencies does Grain support for transactions? Grain supports a wide range of currencies, facilitated by our multi-currency wallet feature. This allows you to create and manage accounts in various currencies, enhancing your ability to conduct and receive payments globally. Whether you're dealing in major world currencies or more localized ones, our platform is designed to cater to your diverse currency needs. How does Grain currency volatility protection work? Grain's currency volatility protection works through an AI-driven solution. Firstly, it integrates with your platform to report transactions. Then, it provides real-time local currency quotes to your users, ensuring exchange rate certainty. Grain assumes 100% of the FX risk, guaranteeing the rates promised. Finally, on the due date, Grain automates the currency exchange at the guaranteed rate, completing the transaction seamlessly. Do I need the entire payment amount to be processed via Grain? No. You can elect whether to convert the entire transaction amount via Grain, or to only settle the currency offsets How does the Grain Local Collection functionality work? Grain opens multiple cross-currency bank accounts, facilitating seamless local collections for global business operations. FAQ

  • Privacy Policy and Online Privacy Notice | Grain

    Grain Financial Technology Ltd. Privacy Policy and Online Privacy Notice Last Revised on June 15, 2022 Last Revised on June 15, 2022 Overview And Policy Statement Record Retention Policy Administration Our Commitment To Privacy Updates To Our Privacy Policy Information We Collect Information Collected Via Technology How We Use The Information We Collect About You Information We Share Social Networking Links To Other Websites How We Protect Personal Information Retention Of Information How To Contact Us California Consumer Privacy Statement OVERVIEW AND POLICY STATEMENT It is the policy of Grain Financial Technology Ltd. (“Grain Finance” or the "Company”) to safeguard consumer data. While Grain Finance's business activity does not fall within the scope of the Gramm-Leach-Bliley Act (“GLBA”), the Company is committed to maintaining the privacy and confidentiality of consumer personal information in accordance applicable State laws and regulations, including the California Consumer Privacy Act (“CCPA”), and that is consistent with industry standards and best practices. Both Grain Finance's Privacy Notice and California Consumer Privacy Statement are publicly available on the Company’s website, mobile app, and other online properties. RECORD RETENTION Grain Finance will maintain all documentation related to its Privacy Notice and California Consumer Privacy Statement for a period of 5 years, including all policies, procedures, and communications. POLICY ADMINISTRATION The company, or qualified designee, is responsible for the administration, revision, interpretation, and application of Grain Finance's Privacy Notice and California Consumer Privacy Statement. These notices will be reviewed at least annually and/or revised as required. OUR COMMITMENT TO PRIVACY This website is developed and maintained by Grain Financial Technology Ltd. (hereinafter “Grain Finance,” “we,” or “us”). When you visit our website, official social media sites, or other online properties, collectively “Sites” or “Services,” Grain Finance may collect and use certain information about you. Grain Finance recognizes that you care about how your information is used, and your privacy is important to us. This Privacy Policy explains how we may collect and use your information, particularly your personal information, and the choices you can make about what information you share. This Privacy Policy applies to all Services offered by Grain Finance to U.S. consumers, except where a product or service has a separate privacy notice that does not incorporate this Privacy Policy. Certain individuals also may be provided with additional privacy notices as described below: Grain Finance Customers – When you sign up for an account with Grain Finance, we may collect and use your personal information on behalf of our merchant clients (“Merchant Clients”) and/or our bank partner (“Bank Partner”) to facilitate the provision of banking services pursuant to the merchant customer/partner bank Privacy Notice as applicable. Federal law requires our Merchant Customer/Bank Partner to provide notice to certain consumers to explain what personal information they collect, how they share it, and how consumers may limit our Bank Partner’s sharing of the information. The privacy practices of our Bank Partner are subject to their privacy notice, which we strongly suggest you review. Grain Finance is not responsible for our Bank Partner’s information practices or privacy notices. Notice to California Residents – If you are a resident of California, please see our California Consumer Privacy Statement . UPDATES TO OUR PRIVACY POLICY We ask that you read this Privacy Policy from time to time. We may change this Privacy Policy from time to time. The “ Last Updated ” legend at the top of this Privacy Policy indicates when this Privacy Policy was last revised. Any changes will become effective when we post the revised Privacy Policy. Use of the Services following these changes, or your continued provision of personal information to us, signifies acceptance of the revised Privacy Policy INFORMATION WE COLLECT INFORMATION YOU PROVIDE TO US Grain Finance collects information about you when you interact with our Sites and Services. When you use our Sites and Services, we collect information about one or more devices associated with you that you use to access the Sites, such as a computer, mobile phone, or tablet. We collect, store, and use information you provide to us from one or more devices associated with you when you use our Sites, including when you log into the Sites or Services from one or more of your devices, register for an account, complete a web form, add or update your account information, apply for a job at Grain Finance, or otherwise correspond with us regarding the Sites. Information that we collect may include: Identifiers such as name, email address, phone number, date of birth, physical address, and country of residence, when you create an account to log in to our Platform; Login credentials, including username and password, for your Grain Finance Account; When you request Services on our Sites, open an Account, conduct a transaction, or use our Sites for any reason, we may collect information you provide, including as necessary to complete the transaction, including your name, legal address, last four digits of your SSN, and credit or debit card billing information; Social media handles; Voice recordings (such as when you call Grain Finance's Customer Service); If you use our Application on your mobile device, we may also collect mobile device information like operating system and hardware type, numbers or codes that are unique to your particular device, device information, default device language, the location of your device, and app usage information; Information you provide through customer service interactions and that you provide about your experience with Grain Finance, including responses to surveys offered by the Company; If you provide us feedback or contact us via email, we will collect your name and email address, as well as any other content included in the email, in order to send you a reply; If you tell us where you are by allowing your mobile device to send us your location (geolocation data), we may store and use that information for fraud prevention purposes; Your subscriptions to our newsletters; In addition to the above, we may need to verify your identity in order for you to use some aspects of the Service. For purposes of verification, we may also collect the following personal information from you. If requested for compliance reasons, providing this information is mandatory to use our Service: Valid government issued identification such as a passport or driver’s license; Other identification documents as deemed appropriate; Tax-related information such as a tax identification number (“TIN”) or social security number (“SSN”); and/or Any other information as may be required to verify your identity in accordance with applicable laws and regulations; We may also collect information at other points in our Sites and Services where it is clear we are collecting such information; and/or Other information you choose to provide, such as through our “Contact Us” feature, emails or other communications (such as with customer service), referrals, on social media pages, or in registrations and sign-up forms. INFORMATION COLLECTED VIA TECHNOLOGY Information We Automatically Collect We automatically collect information about the devices you use to interact with our Sites. We automatically collect your device identifier, web browser type and version, IP address, precise geolocation, and browsing information collected through cookies and beacons. We also automatically collect information about how you use the Sites, such as what you have searched for and viewed on the Sites. The information automatically collected will be associated with any personal information you have provided. We collect certain information by automated means when you visit our Sites, such as how many users visited our Sites and the pages accessed. By collecting this information, we learn how to best tailor our Sites to our visitors. We collect this information through various means such as “cookies” and “web beacons.” Cookies Like many companies, we use “cookies” on some of our Sites. Cookies are pieces of code placed on your devices when you visit certain websites. We use cookies to tell us, for example, whether you have visited us before or if you are a new visitor, and to help us identify features of the Sites in which you may have the greatest interest. Cookies may enhance your online experience by saving your preferences while you are visiting a particular website. Most web browsers will tell you how to stop accepting new cookies, how to be notified when you receive a new cookie, and how to disable existing cookies. Please note, however, that without cookies you may not be able to take full advantage of the features and functionality of the Sites. Web Beacons Certain pages on our website contain “web beacons” (also known as Internet tags, pixel tags, and clear GIFs). These web beacons allow third parties to obtain information, such as the IP address of the computer that downloaded the page on which the beacon appears; the URL of the page on which the beacon appears; the time the page containing the beacon was viewed; the type of browser used to view the page; and the information in cookies set by the third party. IP Addresses An IP address is a unique identifier that certain electronic devices use to identify and communicate with each other on the Internet. When you visit our website, we view the IP address of the device you use to connect to the Internet. We then use this information to determine the general physical location of the device and understand the general locations of our website visitors. We also use this information to enhance our Sites. Collection of Data in Connection with Advertising We may use third parties to serve ads on the Sites. In connection with the delivery of advertising, certain third parties may automatically collect information about your visits to this and other websites, your IP address, your ISP, and the browser you use to visit our Sites. They do this by using cookies, web beacons, or other technologies. Information collected may be used, among other things, to deliver advertising targeted to your interests and to better understand the usage and visitation of our Sites and the other sites tracked by these third parties. This policy does not apply to, and we are not responsible for, Cookies or Pixel Tags in third party ads, and we encourage you to check the privacy policies of advertisers and/or ad services to learn about their use of Cookies and other technologies. Mobile Services We may also collect non-personal information from your mobile device if you have downloaded our mobile app. This information is generally used to help us deliver the most relevant information to you. Examples of information that may be collected and used include how you use the mobile app, and information about the type of device you use. In addition, in the event our mobile app crashes on your mobile device, we will receive information about your mobile device model software version and device carrier, that allows us to identify and fix bugs and otherwise improve the performance of our mobile app. Location Information If you have enabled location services on your phone, tablet, or other mobile device, we may collect your location information including for the purpose of verifying whether you are eligible to participate in a channel, service, or promotion. Information Collected from Other Sources We may also collect information about you from third parties, such as marketing partners, identity verification services, anti-fraud services, and other service providers. We may also supplement the information we have about you with information received from other sources such as commercially available sources (e.g., data brokers and public databases). The information we receive may include demographic data such as age, gender, and income level, your interests and purchase data and other information that is necessary or useful to assist our marketing efforts or for user verification, authentication, fraud detection or to comply with regulatory requirements. HOW WE USE THE INFORMATION WE COLLECT ABOUT YOU We may use your information for the following purposes: TO COMMUNICATE WITH YOU To provide you with customer support; To communicate with you about our products and services, including promotions and offers; or To send you further notices, financial news notifications, promotions, solicitations, brochures, or other marketing materials regarding our Sites, our products, and the services of our businesses, affiliates, business partners or authorized dealers. TO MANAGE AND IMPROVE OUR BUSINESS OPERATIONS To tailor specific promotions according to your preferences; To provide you with access to the Services; To serve the functions of the Sites; To manage everyday business needs, such as administering and improving the Sites; To analyze the performance and functioning of the Sites; To analyze how you use the Sites and to perform other market research; For internal operations, including troubleshooting, testing, and analytics; and To assist us in developing new products and improving our Services. TO ENSURE A SECURE ONLINE ENVIRONMENT AND COMPLY WITH LEGAL OBLIGATIONS To protect against and detect fraud, abuse, or other unlawful activity; To enforce our Terms and Conditions, other corporate policies, and industry standards; and To comply with all applicable laws and reporting obligations. WE MAY SHARE YOUR INFORMATION WITH THIRD PARTIES To help us operate our business and the Sites or administer activities on our behalf, such as sending out newsletters or surveys for those limited purposes provided that you have given us your permission; To verify your eligibility for other services; and To provide you with offers and marketing that may be of interest to you. If you notify us that you do not wish to be contacted for marketing purposes, we will not send you marketing information. THIRD-PARTY ANALYTICS SERVICES We may use Google Analytics or similar analytics services to help analyze how users use our services. These services may use cookies to collect information such as how often users visit our Sites, the pages they visit, and what other sites they used prior to coming to our Services. We use the information to improve our Sites, Application(s), and Services. DO NOT TRACK Our Sites do not collect personal information about your online activities over time and across third-party websites or online services. Therefore, “do not track” signals transmitted from web browsers do not apply to our Sites, and we do not alter any of our data collection and use practices upon receipt of such a signal. BUSINESS STRUCTURE CHANGES We reserve the right to disclose and transfer all information related to our Sites, including personal information: To a subsequent owner, co-owner, or operator of one or more of the Sites; or In connection with a corporate merger, consolidation, or restructuring, the sale of substantially all of our ownership interests and/or assets, or other corporate change, including, without limitation, during the course of any due diligence process. INFORMATION WE SHARE We share your information with third-party service providers who perform services and functions on our behalf to support our interactions with you including, for example, providing our products and services or communicating with you. These third parties are not authorized by us to use or disclose the information, except as necessary to perform services on our behalf or comply with legal requirements. These third parties have no independent rights to the data. In addition, we will disclose information about you: If we are required to do so by law or legal process; To law enforcement authorities or other government officials, as necessary; When we believe disclosure is necessary or appropriate to prevent physical harm or financial loss or in connection with an investigation or suspected or actual illegal activity; If necessary to protect the vital interests of a person; To enforce our Terms and Conditions; To protect our property, services, and legal rights; To prevent fraud against Grain Finance, our affiliates, business partners, or authorized dealers; To support auditing, compliance, and corporate governance functions; or To comply with any and all applicable laws. In certain situations, Grain Finance may be required to disclose personal information in response to lawful requests by public authorities, including to meet national security or law enforcement requirements. SOCIAL NETWORKING This website allows users to sign into and associate social media accounts, including but not limited to, Facebook and LinkedIn, with the Sites and Services. By using this functionality, you give Grain Finance permission to access all of the elements of your social network profile information that you have made available to be shared and to use it in accordance with the social network’s terms of use and this Privacy Policy. Please refer to the privacy settings in your social network account for information about what data is shared with Grain Finance and other connected applications and to manage the data that is shared through your account, including information about your activities using our Sites. Grain Finance does not retain your username or password for social networking platforms for any longer than is necessary to complete an interaction. If you would like to disconnect a social media account from Grain Finance, please refer to the settings of that social media account and its provider. LINKS TO OTHER WEBSITES Our Sites may provide links to other websites for your convenience and information. These websites may operate independently from our Sites. Linked websites may have their own privacy notices or policies, which we strongly suggest you review if you visit any linked websites. To the extent any linked websites you visit are not part of this website, we are not responsible for their content, any use of the websites, or the privacy practices of any of those websites. HOW WE PROTECT PERSONAL INFORMATION We maintain administrative, technical, and physical safeguards to protect against loss, misuse, unauthorized access, disclosure, alteration, or destruction of the information you provide when visiting or using the Sites. RETENTION OF INFORMATION Grain Finance retains all personal information for the duration of the relevant business relationship or, where required, in accordance with its information management policies and schedules, subject to applicable laws. When deleting personal information based on a request from the individual to whom the information relates, Grain Finance will make reasonable attempts to ensure that all instances of the information are deleted in their entirety. HOW TO CONTACT US If you have any questions or comments about this Privacy Policy, please contact: support@grainfinance.co If you would like to update your contact information or preferences, have your information removed from our mailing lists, or no longer receive marketing emails that we may send based on information collected via product registration cards or other sources, you may do so by: Adjusting the settings in an account you created through the Sites; or Unsubscribing via the links contained in emails from us. CALIFORNIA CONSUMER PRIVACY STATEMENT This California Consumer Privacy Statement (“Statement”) supplements the Grain Finance Privacy Policy and applies solely to California consumers. This Statement does not apply to Grain Finance personnel or job applicants. This Statement uses certain terms that have the meaning given to them in the California Consumer Privacy Act of 2018 and its implementing regulations (the “CCPA”). NOTICE OF COLLECTION AND USE OF PERSONAL INFORMATION We may collect the following categories of personal information about you: Identifiers : identifiers such as a real name, postal address, unique personal identifier (such as a device identifier; cookies, beacons, pixel tags, mobile ad identifiers and similar technology; customer number, unique pseudonym, or user alias; telephone number and other forms of persistent or probabilistic identifiers), online identifier, internet protocol address, email address, account name, Social Security number, driver’s license number, passport number, and other similar identifiers. Additional Data Subject to Cal. Civ. Code § 1798.80 : signature, physical characteristics or description, state identification card number, education, bank account number, credit card number, debit card number, and other financial information. Protected Classifications : characteristics of protected classifications under California or federal law, such as race, color, national origin, age, sex, gender, marital status, citizenship status, and military and veteran status. Commercial Information : commercial information, including records of personal property, products or services purchased, obtained, or considered, and other purchasing or consuming histories or tendencies. Online Activity : Internet and other electronic network activity information, including, but not limited to, browsing history, search history, and information regarding your interaction with websites, applications, or advertisements. Geolocation Data. Sensory Information : audio, electronic, visual, and similar information. Employment Information : professional or employment-related information. Inferences : inferences drawn from any of the information identified above to create a profile about you reflecting your preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes. We may use your personal information for the purposes described in our Grain Finance Privacy Policy and for the following business purposes specified in the CCPA: Performing services, including maintaining or servicing accounts, providing customer service, processing or fulfilling orders and transactions, verifying customer information, processing payments, providing advertising or marketing services, providing analytics services, or providing similar services; Auditing related to a current interaction with you and concurrent transactions, including, but not limited to, counting ad impressions to unique visitors, verifying positioning and quality of ad impressions, and auditing compliance; Short-term, transient use, including, but not limited to, the contextual customization of ads shown as part of the same interaction; Detecting security incidents, protecting against malicious, deceptive, fraudulent, or illegal activity, and prosecuting those responsible for that activity; Debugging to identify and repair errors that impair existing intended functionality; Undertaking internal research for technological development and demonstration; and/or Undertaking activities to verify or maintain the quality or safety of a service or device that is owned, manufactured, manufactured for, or controlled by us, and to improve, upgrade, or enhance the service or device that is owned, manufactured, manufactured for, or controlled by us. SALE OF PERSONAL INFORMATION We do not “sell” personal information (as such term is defined in the CCPA). CALIFORNIA CONSUMER PRIVACY RIGHTS You have certain choices regarding your personal information, as described below. Access : You have the right to request, twice in a 12-month period, that we disclose to you the personal information we have collected, used, disclosed, and sold about you during the past 12 months. Deletion : You have the right to request that we delete certain personal information we have collected from you. Shine the Light Request : You also may have the right to request that we provide you with (1) a list of certain categories of personal information we have disclosed to third parties for their direct marketing purposes during the immediately preceding calendar year and, (2) the identity of those third parties. How to Submit a Request To submit an access or deletion request, please email support@grainfinance.co a request through our webform. To submit a Shine the Light request, email us at support@grainfinance.co. If you designate an authorized agent to make an access or deletion request on your behalf using one of the channels described above, we may require you to provide the authorized agent written permission to do so and to verify your own identity directly with us (as described below). For questions or concerns about our privacy policies and practices, please contact us as described in the How to Contact Us section of our Privacy Policy. Verifying Requests To help protect your privacy and maintain security, we will take steps to verify your identity before granting you access to your personal information or complying with your request. We may require you to provide any of the following information: your name, date of birth, the last four digits of your Social Security number, the email and physical addresses associated with your Grain Finance account, one or more recent transactions, and the last four digits of one or more Grain Finance-branded cards associated with your account. If you have never had an account with us and you request access to or deletion of your personal information, there is no reasonable method by which we can verify your identity to the level of certainty required by the CCPA. The reason for this is that Grain Finance does not maintain information about non-account holders in a way that is linked to named actual persons (and historically has not linked IP addresses, device identifiers or other information collected by automated means to named actual persons). In addition, if you ask us to provide you with specific pieces of personal information, we may require you to sign a declaration under penalty of perjury that you are the consumer whose personal information is the subject of the request. Additional Information If you choose to exercise any of your rights under the CCPA, you have the right to not receive discriminatory treatment by us. To the extent permitted by applicable law, we may charge a reasonable fee to comply with your request. Overview And Policy Statement Record Retention Policy Administration Our Commitment To Privacy Updates To Our Privacy Policy Information We Collect Information Collected Via Technology How We Use The Information We Collect About You Information We Share Social Networking Links To Other Websites How We Protect Personal Information Retention Of Information How To Contact Us California Consumer Privacy Statement

  • Terms Of Service | Grain Financial Technology Ltd.

    Grain Financial Technology Ltd. Terms Of Serv ice Last Revised on October 16th , 2023 1. Services and Accounts 2. No Advice 3. Your Rights & Obligations 4. Ownership and Content 5. Third Party Services and Materials 6. Disclaimers, Limitations of Liability and Indemnification 7. Arbitration 8. Additional Provisions 1. Services and Accounts 2. No Advice Welcome to the Terms of Service (these “ Terms ”) for the website, https://www.grainfinance.co/ and its subdomains (collectively, the “ Website ”), the online platform (the “ Platform ”) and associated services operated on behalf of Grain Financial Technology Ltd. (“ Company ”, “ Grain ”, “ we ” or “ us ”). The Website, Platform, and any content, tools, features and functionality offered on or through our Website and the Platform are collectively referred to as the “ Services ”. These Terms govern your access to and use of the Services. Additional terms and conditions relating to specific services or products may be provided by the Company from time to time and will apply only if you use such specific services or products. Please read these Terms carefully, as they include important information about your legal rights. By clicking “I Agree” upon registering for an account or otherwise accessing and/or using the Services, you are agreeing to these Terms. If you do not agree to these Terms, please do not use the Services. For purposes of these Terms, “ you ” and “ your ” means you as the user of the Services. You must be 18 years of age or older to use the Services. If you use the Services on behalf of a company or other entity then “you” includes you and that entity, and you represent and warrant that (a) you are an authorized representative of the entity with the authority to bind the entity to these Terms and (b) you agree to these Terms on the entity’s behalf. YOU ACKNOWLEDGE AND AGREE THAT WE ARE NOT PROVIDING ANY ADVICE, CONSULTATION, ENDORSEMENT, PROFESSIONAL OR FINANCIAL SERVICES, OR RECOMMENDATION IN RELATION TO THE SERVICES, TRANSACTION(S), OR ANY PART THEREOF, OR YOUR USE OF THE SERVICES. YOUR USE OF THE SERVICES IS ENTIRELY AT YOUR OWN RISK. THE COMPANY DISCLAIMS ALL RESPONSIBILITY OR LIABILITY FOR ANY DECISION YOU MAKE IN RELATION TO THE SERVICES (INCLUDING ANY TRANSACTION). ALL USERS SHOULD SEEK PROFESSIONAL ADVICE ON THE RISKS INVOLVED IN THE USE OF THE SERVICES, INCLUDING UNDERTAKING TRANSACTIONS. 1. Services and Account a. The Services may offer certain customers the opportunity to carry out cross-currency transactions through the Platform (“ Transaction(s) ”). Each Transaction shall form a separate, individual contract between you and the Company, and is not transferable, negotiable, or assignable by you to or with any third party. The Company may reasonably refuse to accept any request to carry out any Transaction, without giving any reason, and the Company will have no liability to you or any other party as a result of doing so. b. You hereby agree and acknowledge that your access to and use of certain Services or features of the Platform may be subject to the Company (including Third Parties and its service providers) completing a user assessment, diligence, identification, and verification process, including having the right, in Company’s sole discretion, to approve, reject, or cancel any Account, request submitted through or in relation to the Services/Platform (including any Transaction) at any time, if the Company or its service providers reasonably believes such Account, request, or Transaction is not in compliance with, or poses a risk, under Company’s policies or not in compliance with applicable laws, rules, or guidelines (including without limitation BSA/AML, fraud, Know Your Customer (KYC), Know Your Business (KYB)). In the event of non-approval or cancellation of any Account, request, or Transaction, the Company shall make reasonable commercial efforts to inform the applicable user, subject to applicable law and regulations. The Company will review and approve/reject prospective accounts, user requests, and transactions, and will have the sole discretion of determining the relevant criteria for using the applicable Services and determining whether such criteria were met. The Company will have no liability for the non-completion of or a delay in completing any Transaction in relation to (i) circumstances that prohibit or restrict the execution or performance of a Transaction, including, without limitation, abnormal or unforeseeable circumstances beyond the Company’s reasonable control; (ii) applicable laws, regulations or Rules; (iii) occurrence of errors in quoted rates as a result of the automation of the Services that resulted in erroneous rates being presented when a Transaction is placed; (iv) your violation of these Terms. Costs and losses arising from the cancellation of your Transaction will be charged to, and payable by you. c. Creating and Safeguarding your Account . To use certain Services, you need to create an account (“ Account ”). You will only be eligible to use certain Services once we have successfully completed AML checks on you and we have sent you confirmation of the opening of your Account. You agree to provide us with accurate, complete and updated information for your Account and any action performed therein. You can access, edit and update your Account via the following means: navigate to “settings”, and choose to delete your data and/or disconnect any connected accounting software, or email us at: support@grainfinance.co . You are solely responsible for any activity on your Account and for maintaining the confidentiality and security of your password. We are not liable for any acts or omissions by you in connection with your Account. You must immediately notify us at support@grainfinance.co if you know or have any reason to suspect that your Account or password have been stolen, misappropriated or otherwise compromised, or in case of any actual or suspected unauthorized use of your Account. You agree not to create any Account if we have previously removed your, or we previously banned you from any of our Services, unless we provide written consent otherwise. d. Availability of Your Account. We will use commercially reasonable efforts to maintain the availability of the Services and do not guarantee that the Services will be available at all times. You agree to use the Services at your own risk and discretion, and you accept and acknowledge that software is prone to unforeseen issues, which may cause the Services to be unavailable or data to be lost. You agree that we will not be liable or accountable for any reason for any loss as a result of the unavailability of the Services. In such an event, you agree that your only recourse is to cease using the Services. The Company is entitled, at its sole discretion, to suspend access to the Platform, Account, and/or Services, or otherwise restrict functionality thereof, if (i) you are in breach of these Terms; or (ii) you (or anyone on your behalf), is using the Services in a manner that may cause us or our partners legal liability or disrupt the Services; We may continue any such suspension or restriction as we deem necessary at our discretion. e. In the event that you are unable to fully settle Transaction(s) payment, Grain may deduct any losses or costs from any funds held in your Account, and any overdue shortfall will be charged interest pursuant to applicable law. Subject to applicable law, you hereby acknowledge and agree that the Company can, in its sole discretion at any time and without notice, set off any sum standing to the credit of you in your Account against any payments, costs, charges, or other liabilities which you owe to the Company with respect to the Company’s Services. If you are unable to fully settle the Transaction(s) payment, any and all losses, costs, damages, liabilities, and other amounts shall be borne by you. 2. No advice a. You acknowledge and agree that we are not providing any advice, consultation, endorsement, professional or financial services, or recommendation in relation to the Services, Transaction(s), or any part thereof, or your use of the Services, including, without limitation, whether or not to proceed with any particular transaction or the potential implications of any particular transaction. Your use of the Services is your decision and responsibility, based solely on your own judgment. The Company disclaims all responsibility or liability for any decision you make in relation to the Services (including any Transaction). The Company will not be liable to you, or to any third party, for any loss of opportunity or other loss in relation to exchange rate changes or movements around the transaction time. Users should seek professional advice on the risks involved in the use of the Services, including undertaking Transactions. b. We may provide content, information, data, market information, and materials (“ Content ”) as part of our Services, and/or on our Website, social media pages, blogs, or otherwise in connection with the Services and the use thereof. Such Content does not constitute, nor should be deemed as, investment, financial, or professional advice. Please seek professional advice from a duly qualified and authorized financial services professional before you use the Services and enter into a Transaction. 3. Your Rights & Obligations a. Right to Use Services . We hereby permit you to use the Services for your internal business purposes, provided that you comply with these Terms in connection with all such use. Your access and use of the Services may be interrupted from time to time for any of several reasons, including, without limitation, the malfunction of equipment, periodic updating, maintenance or repair of the Service or other actions that Company, in its sole discretion, may elect to take. b. Your Obligations . You must timely perform all obligations that may be required to establish your use of the Services, including but not limited to (i) providing information relating to your organization, technology platforms, systems configurations, business processes and any other information that is reasonably requested by us; (ii) providing contact information for each bank that you want to use the Services in connection with; (iii) make your personnel available to us as may be reasonably necessary for us to perform under these Terms; and (iv) complete in a timely manner all your responsibilities in connection with the Services. Your delay or failure to perform your responsibilities shall result in an extension of our dependent obligations due to such delay or failure. You hereby represent, warrant, and covenant to the Company that (i) at all times, you will comply with all applicable laws, agency regulations, and instructions applicable to you, and any order or judgment of any court; (ii) you will not use, nor allow anyone to use the Services or any part thereof for any illegal or fraudulent purposes (including, without limitation, money laundering, tax evasion, terrorist financing, or any other illegal activities); and (iii) all information you supplied to the Company in relation to the Services shall be retained complete, accurate, up to date, and truthful. c. The Platform and Services may be used only in connection with lawful future payment needs and not for any speculative or investment purpose. You agree to provide the Company with such information as may reasonably request to assess your use of the Platform, Transaction, and/or Services in relation to a lawful future payment need. We may refuse any transaction, suspend any pending Transaction, or terminate any Account if We or any Third Party suspects that a user is using or intends to use the Platform, Transaction, or Services for investment or speculative purposes, or in violation of these Terms. d. Rules. To enable the Company to provide you with certain of the Services, applicable operating rules, regulations, manuals, policies, and procedures, promulgated by any regulatory authority or third-party service providers (“ Rules ”), may need to be met before and during your use of such Services. You agree, upon the Company’s request, to provide us with the required information and reasonably cooperate with us in order to meet such Rules and applicable requirements. e. Restrictions On Your Use of the Services . You may not do any of the following in connection with your use of the Services, unless applicable laws or regulations prohibit these restrictions or you have our written permission to do so: i. download, modify, copy, distribute, transmit, display, perform, reproduce, duplicate, publish, license, create derivative works from, or offer for sale any information contained on, or obtained from or through, the Services, except for temporary files that are automatically cached by your web browser for display purposes, or as otherwise expressly permitted in these Terms; ii. duplicate, decompile, reverse engineer, disassemble or decode the Services (including any underlying idea or algorithm), or attempt to do any of the same; iii. use, reproduce or remove any copyright, trademark, service mark, trade name, slogan, logo, image, or other proprietary notation displayed on or through the Services; iv. use cheats, automation software (bots), hacks, modifications (mods) or any other unauthorized third-party software designed to modify the Services; v. exploit the Services for any commercial purpose, including without limitation communicating or facilitating any commercial advertisement or solicitation; vi. access or use the Services in any manner that could disable, overburden, damage, disrupt or impair the Services or interfere with any other party’s access to or use of the Services or use any device, software or routine that causes the same; vii. attempt to gain unauthorized access to, interfere with, damage or disrupt the Services, accounts registered to other users, or the computer systems or networks connected to the Services; viii. circumvent, remove, alter, deactivate, degrade or thwart any technological measure or content protections of the Services; ix. use any robot, spider, crawlers, scraper, or other automatic device, process, software or queries that intercepts, “mines,” scrapes, extracts, or otherwise accesses the Services to monitor, extract, copy or collect information or data from or through the Services, or engage in any manual process to do the same; x. introduce any viruses, trojan horses, worms, logic bombs or other materials that are malicious or technologically harmful into our systems; xi. submit, transmit, display, perform, post or store any content that is inaccurate, unlawful, defamatory, obscene, lewd, lascivious, filthy, excessively violent, pornographic, invasive of privacy or publicity rights, harassing, threatening, abusive, inflammatory, harmful, hateful, cruel or insensitive, deceptive, or otherwise objectionable, use the Services for illegal, harassing, bullying, unethical or disruptive purposes, or otherwise use the Services in a manner that is obscene, lewd, lascivious, filthy, excessively violent, harassing, harmful, hateful, cruel or insensitive, deceptive, threatening, abusive, inflammatory, pornographic, inciting, organizing, promoting or facilitating violence or criminal or harmful activities, defamatory, obscene or otherwise objectionable; xii. violate any applicable law or regulation in connection with your access to or use of the Services; or xiii. access or use the Services in any way not expressly permitted by these Terms. 4. Ownership and Content a. Ownership of the Services. The Services, including their “look and feel” (e.g., text, graphics, images, logos), proprietary content, information and other materials, are protected under copyright, trademark and other intellectual property laws. You agree that the Company and/or its licensors own all right, title and interest in and to the Services (including any and all intellectual property rights therein) and you agree not to take any action(s) inconsistent with such ownership interests. We and our licensors reserve all rights in connection with the Services and its content, including, without limitation, the exclusive right to create derivative works. You may not, without our prior written consent and the consent of any other relevant rights owners, broadcast, republish, upload to a third party, transmit, post, distribute, display in public, or change in any way the Services for any purpose. b. Ownership of Trademarks . The Company’s name, GRAIN FINANCE, the Company’s logo and all related names, logos, product, branding, and service names, designs and slogans are trademarks of the Company or its affiliates or licensors. Other names, logos, product and service names, designs and slogans that appear on the Services are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by us. c. Ownership of Feedback . We welcome feedback, comments and suggestions for improvements to the Services (“ Feedback ”). You acknowledge and expressly agree that any contribution of Feedback does not and will not give or grant you any right, title or interest in the Services or in any such Feedback. All Feedback becomes the sole and exclusive property of the Company, and the Company may use and disclose Feedback in any manner and for any purpose whatsoever without further notice or compensation to you and without retention by you of any proprietary or other right or claim. You hereby assign to the Company any and all right, title and interest (including, but not limited to, any patent, copyright, trade secret, trademark, show-how, know-how, moral rights and any and all other intellectual property right) that you may have in and to any and all Feedback. 5. Third Party Services and Materials a. You acknowledge that the Platform, Content, and Services include, may rely on, or otherwise facilitate or act as merely a conduit to functionalities, infrastructures, services, and/or operations which are made available by third parties (“ Third Party(ies) ”), including, for example, currency exchange brokers, and financial banking institutions. Third Parties’ functionalities, infrastructures, services, and/or operations are not operated or controlled by the Company. Notwithstanding anything else in these Terms or otherwise, the Company makes no warranties or representations express or implied, as to the quality, capabilities, operations, performance, or suitability of Third Parties or their functionalities, infrastructures, services, and/or operations and disclaims all liability resulting from or related to the foregoing, including any effect on the Services or any part thereof. b. Certain Services may display, include or make available content, data, information, applications or materials from third parties (“ Third Party Materials ”) or provide links to certain third party websites. By using the Services, you acknowledge and agree that the Company is not responsible for examining or evaluating the content, accuracy, completeness, availability, timeliness, validity, copyright compliance, legality, decency, quality or any other aspect of such Third Party Materials or websites. We do not warrant or endorse and do not assume and will not have any liability or responsibility to you or any other person for any third-party services, Third Party Materials or third-party websites, or for any other materials, products, or services of third parties. Third Party Materials and links to other websites are provided solely as a convenience to you. 6. Disclaimers, Limitations of Liability and Indemnification a. Disclaimers . The Services may have limited features and functionalities and may contain errors, defects, bugs, or inaccuracies that could cause failures, corruption or loss of data and information from any connected device. Additionally, the beta version of the Services may have different standards of security, privacy, availability or reliability that can affect your use of the Services. Your access to and use of the Services are at your own risk. You understand and agree that the Services are provided to you on an “AS IS” and “AS AVAILABLE” basis. Without limiting the foregoing, to the maximum extent permitted under applicable law, the Company, its parents, affiliates, related companies, officers, directors, employees, agents, representatives, partners and licensors (“ the Company Entities ”) DISCLAIM ALL WARRANTIES AND CONDITIONS, WHETHER EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. The Company Entities make no warranty or representation and disclaim all responsibility and liability for: (a) the completeness, accuracy, availability, timeliness, security or reliability of the Services; (b) any harm to your computer system, loss of data, or other harm that results from your access to or use of the Services; (c) the operation or compatibility with any other application or any particular system or device; and (d) whether the Services will meet your requirements or be available on an uninterrupted, secure or error-free basis. No advice or information, whether oral or written, obtained from the Company Entities or through the Services, will create any warranty or representation not expressly made herein. b. Limitations of Liability . TO THE EXTENT NOT PROHIBITED BY LAW, YOU AGREE THAT IN NO EVENT WILL THE COMPANY ENTITIES BE LIABLE (A) FOR INDIRECT, SPECIAL, EXEMPLARY, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, LOSS OF USE, DATA OR PROFITS, BUSINESS INTERRUPTION OR ANY OTHER DAMAGES OR LOSSES, ARISING OUT OF OR RELATED TO YOUR USE OR INABILITY TO USE THE SERVICES), HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY, WHETHER UNDER THESE TERMS OR OTHERWISE ARISING IN ANY WAY IN CONNECTION WITH THE SERVICES OR THESE TERMS AND WHETHER IN CONTRACT, STRICT LIABILITY OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) EVEN IF THE COMPANY ENTITIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE OR (B) FOR ANY DAMAGES IN EXCESS OF ONE HUNDRED DOLLARS ($100.00), OR THE AMOUNT YOU PAID THE COMPANY ENTITIES, IF ANY, IN THE PAST SIX (6) MONTHS FOR THE SERVICES (OR OFFERINGS PURCHASED ON THE SERVICES) GIVING RISE TO THE CLAIM. THE FOREGOING LIMITATIONS WILL APPLY EVEN IF THE ABOVE STATED REMEDY FAILS OF ITS ESSENTIAL PURPOSE. c. Indemnification . By entering into these Terms and accessing or using the Services, you agree that you shall defend, indemnify and hold the Company Entities harmless from and against any and all claims, costs, damages, losses, liabilities and expenses (including attorneys’ fees and costs) incurred by the Company Entities arising out of or in connection with: (a) your violation or breach of any term of these Terms or any applicable law or regulation; (b) your misuse of the Services; or (c) your negligence or wilful misconduct. If you are obligated to indemnify any Company Entity hereunder, then you agree that Company (or, at its discretion, the applicable Company Entity) will have the right, in its sole discretion, to control any action or proceeding and to determine whether Company wishes to settle, and if so, on what terms, and you agree to fully cooperate with Company in the defence or settlement of such claim. 7. ARBITRATION a. Informal Process First . You agree that in the event of any dispute between you and the Company Entities, you will first contact the Company and make a good faith sustained effort to resolve the dispute before resorting to more formal means of resolution, including without limitation, any court action. b. Arbitration Agreement . After the informal dispute resolution process, any remaining dispute, controversy, or claim (collectively, “ Claim ”) relating in any way to your use of the Company’s services and/or products, including the Services, will be resolved by arbitration, including threshold questions of arbitrability of the Claim. You and the Company agree that any Claim will be settled by final and binding arbitration, using the English language, administered by JAMS under its Comprehensive Arbitration Rules and Procedures and the JAMS Consumer Minimum Standards (together, the “ JAMS Rules ”) then in effect (those rules are deemed to be incorporated by reference into this section, and as of the date of these Terms). Arbitration will be handled by a sole arbitrator in accordance with the JAMS Rules. The seat of the arbitration will be in New York, New York. Judgement on the arbitration award may be entered in any court that has jurisdiction. 8. Additional Provisions a. Services Changes; Updating These Terms. The Company reserves the right to make changes and modifications to the Platform and/or Services at any time and from time to time. We may modify these Terms from time to time in which case we will update the “Last Revised” date at the top of these Terms. If we make changes that are material, we will use reasonable efforts to attempt to notify you, such as by e-mail and/or by placing a prominent notice on the first page of the Website. However, it is your sole responsibility to review these Terms from time to time to view any such changes. The updated Terms will be effective as of the time of posting, or such later date as may be specified in the updated Terms. Your continued access or use of the Services after the modifications have become effective will be deemed your acceptance of the modified Terms. b. Termination. If you breach any of the provisions of these Terms, all licenses and rights granted by the Company will terminate automatically. Additionally, the Company may suspend, disable, or delete your Account and/or the Services (or any part of the foregoing) with or without notice, for any or no reason. If the Company deletes your Account for any suspected breach of these Terms by you, you are prohibited from re-registering for the Services under a different name. All sections which by their nature should survive the termination of these Terms shall continue in full force and effect subsequent to and notwithstanding any termination of these Terms by the Company or you. Termination will not limit any of the Company’s other rights or remedies at law or in equity. c. Injunctive Relief. You agree that a breach of these Terms will cause irreparable injury to the Company for which monetary damages would not be an adequate remedy and the Company shall be entitled to equitable relief in addition to any remedies it may have hereunder or at law without a bond, other security or proof of damages. d. U.S. Government Restricted Rights. The Services and related documentation are “Commercial Items”, as that term is defined at 48 C.F.R. §2.101, consisting of “Commercial Computer Software” and “Commercial Computer Software Documentation”, as such terms are used in 48 C.F.R. §12.212 or 48 C.F.R. §227.7202, as applicable. Consistent with 48 C.F.R. §12.212 or 48 C.F.R. §227.7202-1 through 227.7202-4, as applicable, the Commercial Computer Software and Commercial Computer Software Documentation are being licensed to U.S. Government end users (a) only as Commercial Items, and (b) with only those rights as are granted to all other end users pursuant to the terms and conditions herein. e. Export Laws. You agree that you will not export or re-export, directly or indirectly, the Services and/or other information or materials provided by the Company hereunder, to any country for which the United States or any other relevant jurisdiction requires any export license or other governmental approval at the time of export without first obtaining such license or approval. In particular, but without limitation, the Services may not be exported or re-exported (a) into any U.S. embargoed countries or any country that has been designated by the U.S. Government as a “terrorist supporting” country, or (b) to anyone listed on any U.S. Government list of prohibited or restricted parties, including the U.S. Treasury Department’s list of Specially Designated Nationals or the U.S. Department of Commerce Denied Persons List or Entity List. By using the Services, you represent and warrant that you are not located in any such country or on any such list. You are responsible for and hereby agree to comply at your sole expense with all applicable United States export laws and regulations. f. Use of the Platform. You are responsible for providing the mobile device, wireless service plan, software, Internet connections and/or other equipment or services that you need to download, install and use the Platform. We do not guarantee that the Platform can be accessed and used on any particular device or with any particular service plan. We do not guarantee that the Platform will be available in, or that transactions can be placed from, any particular geographic location. g. Relationship to Customer Agreement. You acknowledge that any Customer Agreement entered into between you and us contains terms applicable to the Services and therefore these Terms are not an exhaustive list of terms applicable to the Services. In the event of any inconsistency between these Terms and your Customer Agreement, your Customer Agreement shall control. h. Privacy Policy. Our Privacy Policy describes how we handle the information you provide to us when you use the Services. For an explanation of our privacy practices, please visit our Privacy Policy located at https://www.grainfinance.co/privacy-policy . For additional terms applicable to the Services regarding the privacy and security of your data and the parties’ confidentiality obligations, please see your Customer Agreement. i. Miscellaneous. If any provision of these Terms shall be unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from these Terms and shall not affect the validity and enforceability of any remaining provisions. These Terms and the licenses granted hereunder may be assigned by the Company but may not be assigned by you without the prior express written consent of the Company. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default. The section headings used herein are for reference only and shall not be read to have any legal effect. The Services are operated by us in the United States. Those who choose to access the Services from locations outside the United States do so at their own initiative and are responsible for compliance with applicable local laws. These Terms are governed by the laws of the State of New York, without regard to conflict of laws rules, and the proper venue for any disputes arising out of or relating to any of the same will be the arbitration venue set forth in Section 6, or if arbitration does not apply, then the state and federal courts located in New York, New York. You and the Company agree that the United Nations Convention on Contracts for the International Sale of Goods will not apply to the interpretation or construction of these Terms. You agree to receive email notifications from us and acknowledge that these emails are required to notify you of updates in relation to the Services. j. How to Contact Us. You may contact us regarding the Services or these Terms at: 8 Shaul HaMelech Blvd, Israel, or by email at support@grainfinance.co . k. Payment services for Grain Finance Ltd. are provided by TransferMate Limited. 3. Your Rights & Obligations 5. Third Party Services and Materials 4. Ownership and Content 7. Arbitration 6. Disclaimers, Limitations of Liability and Indemnification 8. Additional Provisions

  • Embedded Cross-Currency Solution | Grain

    WHY CHOOSE GRAIN Protect Your Business Against Currency Volatility Grain provides businesses with an embedded cross-currency solution, reducing FX risk, driving new revenues, and improving competitiveness. First Name Last name Company Work Email Request a Demo Today OUR BENEFITS Explore the Advantages of Grain Assure Hedge, Alt21, Kantox, Fluenccy and Reach & Bound provide specialized FX services. Our API-based solution integrates these features into a single embeddable solution, enabling clients to hedge global transactions and extend these services to their customers. AI-Driven Hedging Efficiency Our AI technology enhances hedging effectiveness, ensuring your financial strategies are more accurate. Complete Risk Offloading With our insurance-based approach, Grain takes on 100% of the risk, providing you with peace of mind. Lower Operational Costs We lower operational costs through netting positions, directly passing savings onto our customers. Comprehensive Tech Ecosystem Our full tech stack supports every stage of the hedging transaction lifecycle, from initiation to cash settlement. Hedge 100% of Transactions Grain offers unparalleled support for cancellations and refunds, without any additional costs to our customers. Seamless Integration We offer both real-time and offline integration options, whether you want API or file sharing. Localized Fund Collection We enable the collection of funds locally at the point of transaction with secured FX rates. Embeddable Currency Protection Our solution can be fully integrated into any platform, offering end-to-end currency protection. Revenue Sharing Model Grain shares revenue generated from hedging activities with platform-type customers.

  • Integrated FX Hedging for Smooth Payments and Global Reach

    MARKETPLACES Unlock Possibilities and Opportunities for Marketplaces We help marketplaces in enabling smooth collaboration between buyers and sellers by safeguarding their transactions from FX risk. Book a Demo Watch the Video END-TO-END FX HEDGING Gain Financial Control with Our Integrated Solution With Grain, you can elevate your performance, reduce costs, and drive higher sales. Empower your buyers and sellers with the best-in-class cross-currency solution. Streamlined Integration Easily integrate Grain into your platform's payables and receivable process. Smooth Payment Execution Grain takes care of moving funds to their destination, hassle-free. Currency Rate Protection Grain ensures that exchange rates are locked in for future transactions. Complete Payment Control Allow your platform customers to view, analyze, edit, delete, or schedule payments. HOW IT WORKS Empowering Marketplaces for Risk free Transactions Control payables and receivables, protect against currency volatility, and ensure effortless payment execution with Grain's solutions. Payables & Receivable Control Users can view, edit, and schedule payments or receipts with locked-in exchange rates for future transactions. Currency Rate Protection Grain ensures that exchange rates are locked in, eliminating currency volatility risks. Payment Execution We handle the transfer of funds to their destination, making payments effortless and certain. Enhancing Efficiency, Stability & Reach Discover the Grain benefits designed specifically for Marketplaces. Financial Certainty Lock in exchange rates for payables and receivables, even for future transactions, protecting your users from currency volatility. Global Reach Seamlessly connect buyers and sellers from around the world, facilitating international collaborations with ease. Efficiency Streamline your payment process and eliminate manual entry, saving time and reducing errors. Competitive Advantage Gain a competitive edge by offering seamless currency risk protection attracting a wider user base. Why Choose Grain? Unveiling the Key Benefits for Your Business Reduce FX Pains Grain assumes 100% of your currency risk, guaranteeing your FX rates without the hassle of managing FX volatility on your own. Save Costs Lower your cost of hedging and cross-border payments by a typical factor of 80% relative to existing solutions. Boost Sales Integrate a menu of FX modules that brings measurable financial value to your customers. Simplify Financials Enable your customers to pay you over their local rails without any FX risk and without requiring expensive markups. See Grain in Action Add currency certainty - without the complexity. Get Started Why is currency protection crucial for my business? Currency volatility can lead to unpredictable financial outcomes, affecting your bottom line. Grain's currency protection ensures stability in your international transactions, allowing for more consistent financial planning and reduced risk exposure. How does Grain protect my business from currency volatility? Grain protects your business from currency volatility through our innovative embedded currency hedging solution. Our data-driven cross-currency approach is designed to shield your transactions from currency fluctuations, ensuring stability on future accounts receivables or payables. Using a straightforward data stream via API or file sharing, Grain assumes all currency risks away from you. What kind of data does Grain require to provide currency protection? Grain focuses on transactional data related to your cross-currency activities. This includes details of international transactions, payment histories, and related financial data. We are committed to maintaining the highest standards of data security and privacy. How does Grain's Machine Learning model enhance FX protection? Our Machine Learning model analyzes past transaction patterns to create FX protection strategies specifically for your business or your end users. This includes creating pricing based on customer behavior, like cancellations and payment delays, thereby minimizing risk and maximizing efficiency. What security measures does Grain take to protect my data? At Grain, we prioritize your data's security and privacy. We use advanced encryption and security protocols to ensure that all data processed through our system is protected. Our commitment to data privacy is backed by continuous monitoring and adherence to the latest security standards. Which currencies does Grain support for transactions? Grain supports a wide range of currencies, facilitated by our multi-currency wallet feature. This allows you to create and manage accounts in various currencies, enhancing your ability to conduct and receive payments globally. Whether you're dealing in major world currencies or more localized ones, our platform is designed to cater to your diverse currency needs. How does Grain currency volatility protection work? Grain's currency volatility protection works through an AI-driven solution. Firstly, it integrates with your platform to report transactions. Then, it provides real-time local currency quotes to your users, ensuring exchange rate certainty. Grain assumes 100% of the FX risk, guaranteeing the rates promised. Finally, on the due date, Grain automates the currency exchange at the guaranteed rate, completing the transaction seamlessly. Do I need the entire payment amount to be processed via Grain? No. You can elect whether to convert the entire transaction amount via Grain, or to only settle the currency offsets How does the Grain Local Collection functionality work? Grain opens multiple cross-currency bank accounts, facilitating seamless local collections for global business operations. FAQs

  • Grain for Travel Platforms

    TRAVEL PLATFORMS Protect & Drive More Bookings with Currency Solutions Secure your earnings and ensure cross-currency stability for your customers, from booking to payment. Book a Demo Watch the Video CROSS CURRENCY PROTECTION Explore Our Solutions Grain simplifies cross-currency transactions, ensuring profit security, while protecting travel agents and enhancing platform competitiveness. End-to-end Currency Solution for CFOs Safeguard your travel business profits and ensure currency stability. Learn More Improve top line revenue by offering FX protection Protect your travel agent from FX losses and generate new revenue streams. Learn More END-TO-END FX HEDGING Streamlined FX Hedging Solution Our solution simplifies FX hedging for CFOs. Using a straightforward data stream via API or file sharing, Grain assumes all FX risks away from you. 100% Hedged Grain provides complete hedging for all transactions, including future cancellations. Keep Your Focus We handle FX volatility, allowing you to concentrate on growing your travel business. Financial Certainty Our solution ensures stable financial planning free from unexpected FX volatility. Competitive Pricing With no currency risk, you can offer more competitive pricing without static markups. CFO's FOR COMMERCIAL TEAMS Win New Customers with Cross-Currency Rate Protection Differentiate your platform by offering customers a choice to eliminate downside from currency risk. Save Money for Your Customers Differentiate your platform by offering customers a choice to eliminate downside from currency risk. Stand Out from the Competition Offer unique value with FX Rate protection to give customers added financial certainty and assurance. Generate New Profit Streams Grain shares premiums with you while we manage all FX claims, creating new profit streams for you without a hassle. No Risk for You Grain shares premiums with you while we manage all FX claims, creating new profit streams for you without a hassle. CRO's Why Choose Grain? Unveiling the Key Benefits for Your Business Reduce FX Pains Grain assumes 100% of your currency risk, guaranteeing your FX rates without the hassle of managing FX volatility on your own. Save Costs Lower your cost of hedging and cross-border payments by a typical factor of 80% relative to existing solutions. Boost Sales Integrate a menu of FX modules that brings measurable financial value to your customers. Simplify Financials Enable your customers to pay you over their local rails without any FX risk and without requiring expensive markups. See Grain in Action Add currency certainty - without the complexity. Get Started Why is currency protection crucial for my business? Currency volatility can lead to unpredictable financial outcomes, affecting your bottom line. Grain's currency protection ensures stability in your international transactions, allowing for more consistent financial planning and reduced risk exposure. How does Grain protect my business from currency volatility? Grain protects your business from currency volatility through our innovative embedded currency hedging solution. Our data-driven cross-currency approach is designed to shield your transactions from currency fluctuations, ensuring stability on future accounts receivables or payables. Using a straightforward data stream via API or file sharing, Grain assumes all currency risks away from you. What kind of data does Grain require to provide currency protection? Grain focuses on transactional data related to your cross-currency activities. This includes details of international transactions, payment histories, and related financial data. We are committed to maintaining the highest standards of data security and privacy. How does Grain's Machine Learning model enhance FX protection? Our Machine Learning model analyzes past transaction patterns to create FX protection strategies specifically for your business or your end users. This includes creating pricing based on customer behavior, like cancellations and payment delays, thereby minimizing risk and maximizing efficiency. What security measures does Grain take to protect my data? At Grain, we prioritize your data's security and privacy. We use advanced encryption and security protocols to ensure that all data processed through our system is protected. Our commitment to data privacy is backed by continuous monitoring and adherence to the latest security standards. Which currencies does Grain support for transactions? Grain supports a wide range of currencies, facilitated by our multi-currency wallet feature. This allows you to create and manage accounts in various currencies, enhancing your ability to conduct and receive payments globally. Whether you're dealing in major world currencies or more localized ones, our platform is designed to cater to your diverse currency needs. How does Grain currency volatility protection work? Grain's currency volatility protection works through an AI-driven solution. Firstly, it integrates with your platform to report transactions. Then, it provides real-time local currency quotes to your users, ensuring exchange rate certainty. Grain assumes 100% of the FX risk, guaranteeing the rates promised. Finally, on the due date, Grain automates the currency exchange at the guaranteed rate, completing the transaction seamlessly. Do I need the entire payment amount to be processed via Grain? No. You can elect whether to convert the entire transaction amount via Grain, or to only settle the currency offsets How does the Grain Local Collection functionality work? Grain opens multiple cross-currency bank accounts, facilitating seamless local collections for global business operations. FAQs

  • Our Story | Grain - Embedded Currency Solution

    WE ARE GRAIN! We Set Out to Eliminate FX Risk Delivering an embedded cross-currency solution that empowers software platforms and B2B marketplaces to secure their transactions against FX volatility. OUR STORY The Origin of Grain The first hedge dates back to the mid-1800s in Chicago, when farmers sought to lock-in prices for grain. To ensure price stability, the dealers committed to buy grain at a specific agreed-upon price, which they paid when the grain was delivered. As the evolution of commerce lifted the international borders of trade for small businesses, certainty in currency exchange rates has become essential for savvy global business owners. Grain mitigates your risk, and your end-users’ exposure to cross-currency volatility. Gain peace of mind, lower costs and drive higher sales with a simple, automated hedging solution without the hassle of bank bureaucracy. Dor Golan Founder & CEO "Currency hedging is crucial, particularly in uncertain times, but often limited to big firms. Grain aims to democratize this, offering every online marketplace and software platform the ability to provide currency hedging to their customers, leveling the global business field." Our Team We are entrepreneurs formerly of Barclays, Deutsche Bank, Wix, Melio and other top fintech startups who are passionate about making financial solutions accessible for businesses of all sizes. Dor previously served as the head of two successful hedge funds and as the co-founder of Horizon, a crypto liquidity provider. He has over 18 years of financial experience. Dor Golan CEO Michal spent 15 years in the financial sector, serving as the Global Head of Barclays FinTech Platform and the COO of Barclays Israel. Michal Beinisch COO As the former head of Barclay’s CEEMEA FX trading platform and the co-founder of Israel's largest FX Hedging non-bank, Aharon brings over 20 years of FX and risk management experience to Grain. Aharon Navon CBO Nir brings over 10 years of experience building and scaling fintech products. Prior to Grain, Nir led product organizations in companies such as Melio, BlueVine and Intuit. Nir Galon CPO Shilo has led engineering teams at Wix for over 6.5 years, earning recognition for developing globally impactful solutions. His decade-long experience includes leading R&D groups, specializing in building large-scale platforms and applications. Shilo Magen VP R&D Our team What We Believe In Our industry specific solutions are engineered to fit your needs and goals. You Come First We care about our customers. We are focused on providing value and helping our customers succeed. We Get Things Done We are efficient and effective on our mission to simplify an overly complex world. You’re In Good Hands We are experts in our field, we are passionate about what we do, and we are committed to protecting your interests. We Do the Right Thing We challenge the status quo in the pursuit of excellence to always provide the best solutions.

  • Embedded Hedging Solution | Grain

    AI-Driven Currency Hedging Solution Embrace Seamless, Risk-Free Multi-Currency Commerce with Our Automated Cross-Currency Solution Get Started Watch the Video Adaptive Integration, Diverse Platforms Grain is designed to solve the challenges of cross-border commerce in diverse sets of environments, including Software Applications, Marketplaces, and Payment Service Providers. Software Platforms Embed Grain’s API to allow your users to automatically hedge Receivables and Payables from inside your application. Payment Service Providers B2B marketplaces GRAIN'S FLOW This is How it Works Report Platform Transactions Effortlessly integrate via our API or our file uploader. Get Quotes for Your Users Show your customer prices in their local currencies. Let Grain Take 100 % of the Risk Grain takes on the risk of delivering the FX rate promised. Automate Settlement on Due Date Grain exchanges currencies at the guaranteed rate and delivers to you or your customer. Learn More OUR DASHBOARD FX Insights & Management Gain complete visibility and control over your cross-currency activities with our intuitive dashboard. Additional Features for Optimal FX Management Explore the powerful capabilities of our solution designed to simplify and enhance your cross-currency transactions. Seamlessly convert currencies with our efficient spot transactions. Spot Transactions Simplify payments with local currency collections. Local Currency Collection Manage multi-currency wallets to withdraw & handle currencies easily. Virtual FX Accounts See Grain in Action Add FX certainty - without the complexity. Get Started Why is currency protection crucial for my business? Currency volatility can lead to unpredictable financial outcomes, affecting your bottom line. Grain's currency protection ensures stability in your international transactions, allowing for more consistent financial planning and reduced risk exposure. How does Grain protect my business from currency volatility? Grain protects your business from currency volatility through our innovative embedded currency hedging solution. Our data-driven cross-currency approach is designed to shield your transactions from currency fluctuations, ensuring stability on future accounts receivables or payables. Using a straightforward data stream via API or file sharing, Grain assumes all currency risks away from you. What kind of data does Grain require to provide currency protection? Grain focuses on transactional data related to your cross-currency activities. This includes details of international transactions, payment histories, and related financial data. We are committed to maintaining the highest standards of data security and privacy. How does Grain's Machine Learning model enhance FX protection? Our Machine Learning model analyzes past transaction patterns to create FX protection strategies specifically for your business or your end users. This includes creating pricing based on customer behavior, like cancellations and payment delays, thereby minimizing risk and maximizing efficiency. What security measures does Grain take to protect my data? At Grain, we prioritize your data's security and privacy. We use advanced encryption and security protocols to ensure that all data processed through our system is protected. Our commitment to data privacy is backed by continuous monitoring and adherence to the latest security standards. Which currencies does Grain support for transactions? Grain supports a wide range of currencies, facilitated by our multi-currency wallet feature. This allows you to create and manage accounts in various currencies, enhancing your ability to conduct and receive payments globally. Whether you're dealing in major world currencies or more localized ones, our platform is designed to cater to your diverse currency needs. How does Grain currency volatility protection work? Grain's currency volatility protection works through an AI-driven solution. Firstly, it integrates with your platform to report transactions. Then, it provides real-time local currency quotes to your users, ensuring exchange rate certainty. Grain assumes 100% of the FX risk, guaranteeing the rates promised. Finally, on the due date, Grain automates the currency exchange at the guaranteed rate, completing the transaction seamlessly. Do I need the entire payment amount to be processed via Grain? No. You can elect whether to convert the entire transaction amount via Grain, or to only settle the currency offsets How does the Grain Local Collection functionality work? Grain opens multiple cross-currency bank accounts, facilitating seamless local collections for global business operations. FAQs

  • Embedded FX Solution for Financial Services

    FINANCIAL SERVICES Elevate your Payment Services with Currency Rate Stability Whether you're a BNPL looking to secure rates for loan payments or a PSP aiming to protect customers from currency risk, Grain has you covered. Book a Demo Watch the Video HOW IT WORKS Secure Currency Transactions Made Simple Effortlessly protect any transactions from currency fluctuations with grain's automated solutions User-Initiated Transaction Your user creates an Account Payable or Receivable in a foreign currency through your platform. Automatic Rate Lock Our automatic hedging engine locks in the exchange rate to protect against currency fluctuations. Payment Execution On the due date, Grain automates the currency exchange at the guaranteed rate for you or your customers. Explore Our Solutions See how Grain empowers BNPLs and PSPs to navigate currency fluctuations with ease. End- to-end Currency Protection for BNPLs Lock rates for delayed payments & sell in more currencies. Learn More FX Rate Lock for Payment Service Providers Protect your users’ transactions from currency risk and enhance your competitiveness. Learn More END-TO-END FX HEDGING Cross-Currency Rate Lock for PSPs Enhance your payment platform with rate-locking capabilities and ensure currency rate stability, providing added to your customers. Expand to New Markets Unlock new markets and reach a wider customer base with our rate-locking solution, enabling sales in multiple currencies. Boost Your Revenues Increase in revenues, including a share of the rate lock fee, leading to higher profitability. Keep Customers Happy Delight your customers with easy-to-use currency rate stability, enhancing their experience and loyalty. Make Integration Easy Grain seamlessly into your platform via API, with the assurance that Grain assumes 100% of the risk. BNLP Streamlined Currency Solution for BNPLs Unlock profits and expand sales with our end-to-end currency solution for BNPLs. Don't let FX risk affect your bottom line. Protect Your Profit Margins Safeguard your profit margins by eliminating the impact of currency fluctuations when customers pay later, ensuring financial stability. Financial Certainty Grain's AI minimizes FX complexities in new markets, ensuring stability amid diverse consumer behaviors. Integrate Simply with Our API Grain's API seamlessly integrates currency features, eliminating the need for system overhauls. PSP Why Choose Grain? Unveiling the Key Benefits for Your Business Reduce FX Pains Grain assumes 100% of your currency risk, guaranteeing your FX rates without the hassle of managing FX volatility on your own. Save Costs Lower your cost of hedging and cross-border payments by a typical factor of 80% relative to existing solutions. Boost Sales Integrate a menu of FX modules that brings measurable financial value to your customers. Simplify Financials Enable your customers to pay you over their local rails without any FX risk and without requiring expensive markups. See Grain in Action Add currency certainty - without the complexity. Get Started Why is currency protection crucial for my business? Currency volatility can lead to unpredictable financial outcomes, affecting your bottom line. Grain's currency protection ensures stability in your international transactions, allowing for more consistent financial planning and reduced risk exposure. How does Grain protect my business from currency volatility? Grain protects your business from currency volatility through our innovative embedded currency hedging solution. Our data-driven cross-currency approach is designed to shield your transactions from currency fluctuations, ensuring stability on future accounts receivables or payables. Using a straightforward data stream via API or file sharing, Grain assumes all currency risks away from you. What kind of data does Grain require to provide currency protection? Grain focuses on transactional data related to your cross-currency activities. This includes details of international transactions, payment histories, and related financial data. We are committed to maintaining the highest standards of data security and privacy. How does Grain's Machine Learning model enhance FX protection? Our Machine Learning model analyzes past transaction patterns to create FX protection strategies specifically for your business or your end users. This includes creating pricing based on customer behavior, like cancellations and payment delays, thereby minimizing risk and maximizing efficiency. What security measures does Grain take to protect my data? At Grain, we prioritize your data's security and privacy. We use advanced encryption and security protocols to ensure that all data processed through our system is protected. Our commitment to data privacy is backed by continuous monitoring and adherence to the latest security standards. Which currencies does Grain support for transactions? Grain supports a wide range of currencies, facilitated by our multi-currency wallet feature. This allows you to create and manage accounts in various currencies, enhancing your ability to conduct and receive payments globally. Whether you're dealing in major world currencies or more localized ones, our platform is designed to cater to your diverse currency needs. How does Grain currency volatility protection work? Grain's currency volatility protection works through an AI-driven solution. Firstly, it integrates with your platform to report transactions. Then, it provides real-time local currency quotes to your users, ensuring exchange rate certainty. Grain assumes 100% of the FX risk, guaranteeing the rates promised. Finally, on the due date, Grain automates the currency exchange at the guaranteed rate, completing the transaction seamlessly. Do I need the entire payment amount to be processed via Grain? No. You can elect whether to convert the entire transaction amount via Grain, or to only settle the currency offsets How does the Grain Local Collection functionality work? Grain opens multiple cross-currency bank accounts, facilitating seamless local collections for global business operations. FAQs

  • Press | Grain

    GRAIN'S ARTICLES Grain in the Press Stay in the know with the latest news from Grain. Newsroom Fintech Weekly Navigating the Future of Currency Risk Management with AI Köln, April 3, 2024 - The article discusses the revolutionizing impact of AI on FX hedging, emphasizing how traditional methods lack in addressing the dynamic challenges of currency risk management. It showcases AI's potential to offer tailored, automated strategies that simplify operations and provide strategic advantages in global trade. This approach not only mitigates risks but also enhances competitiveness by allowing for precise, real-time adjustments to market changes. treasuryXL An overview of cross-currency transactions and how to master them Amsterdam, March 20, 2024 - The article dives into the topic of cross-currency transactions. It explore the challenges and opportunities these transactions present for companies operating internationally, with a particular focus on managing foreign exchange risk. Hitech Wizards Best practices, benchmark data & wisdom for tech finance executives Tel Aviv, 18 February, 2024 - Aharon Navon, Co-founder & CBO of Grain Finance Offers some Best-Practices and Benchmarks for FX Management and Solutions. Prequel Ventures Startup of the month: Grain - Interview with Grain’s Supply Chains January 4 - In this month's interview we asked Ofir Bronhaim, VP of Digital Supply Chain at Grain, 8 questions about his company. Based out of Israel, Grain offers end-to-end cross-currency solutions. Grain addresses a critical issue for its customers by providing solutions that mitigate the challenges posed by currency volatility, particularly for freight forwarders and their shippers operating in international markets. TechCrunch Vesey Ventures closes on $78M debut fund to back fintech startups New York, April 20, 2023 - Vesey’s self-described mission is to back companies “transforming financial services” at the seed to Series B stages. It plans to invest $1.5 million to $3 million as initial checks, and larger amounts for follow-ons. Based in the United States and Israel, the fund has so far backed five startups, including Coast, Cyrus, Grain, Equi and Proper. HOTELBEDS Spotlight On Grain, the winner of Wayra x Hotelbeds’ Pitch Day Challenge Madrid, 29 November, 2023 - In this ‘Spotlight On’ blog series, we’ll be shining the light of attention on each of the start-ups that were shortlisted during this Pitch Day Challenge, to bring their work to the forefront of the travel industry’s focus. The second in this series, this ‘Spotlight On’ will focus on the development of Grain from its beginning to fully formed start-up, which captured our attention thanks to its embedded cross-currency solution that protects travel platforms and their customers from FX volatility. Travolution How bed banks are tackling FX challenges head-on in today's economy London, November 6, 2023 - While one size doesn’t fit all when it comes to FX and needs, Grain’s embedded cross-currency solutions can advise what would work best for each organisation. We interviewed Gerardo Del Río, CFO of Didatravel, to get his insights on how he as a CFO would approach it. treasuryXL Top 3 questions about managing cross-currency transactions answered Amsterdam, August 22, 2023 - Forex trading can be a complex and challenging topic for treasurers, but it’s important to understand that the decisions you make can have a significant impact on the company. In this article, experts from Grain, Kantox and Ebury answers the top 3 questions about forex trading that every treasurer MUST know about. treasuryXL treasuryXL and Grain Finance announce premium editorial partnership VENLO, The Netherlands, July 10, 2023 – treasuryXL, a leading community platform for professionals in the treasury industry, and Grain Finance, a unique end-to-end embedded cross-currency solution that enables software providers and marketplaces to eliminate FX volatility for their customers, have entered into a premium partnership. HOTELBEDS Hotelbeds announce first start-ups to be part of the TravelTech Lab Madrid, June 8, 2023 - Hotelbeds and Wayra, Telefónica's open innovation initiative, have announced the winners of the first TravelTech Lab by Hotelbeds challenge. The four start-ups chosen after presenting innovative solutions to connect B2B global travel ecosystem stakeholders are BotsLovers , Grain, Smartvel and Chekin.

  • Financial Terms to Know | Grain Glossary

    KNOWLEDGE BASE Grain Glossary Get an overview of financial terms and their definitions. ALL A B C D E F G H I K L M N O P Q R S T U V W X Z A At The Money (ATM) In finance, an option is at the money if the current market price of its underlying asset equals its strike price. Because the underlying asset cannot be bought or sold at a price other than the current market price, at-the-money options have no intrinsic value. Accounts payable A company's accounts payable is the amount of money it owes to its creditors for goods or services it has received, but has not yet paid for. In the context of accounting, accounts payable is classified as a liability, as it represents a company's obligation to pay off its debts. It is recorded in a company's balance sheet under the category of current liabilities, along with other debts and financial obligations that are due within the next year. Appreciation in currency A currency appreciation in the currency market refers to an increase in the value of one currency relative to another. Simultaneously, the currency appreciation benefits importers as they have to pay less in domestic currency for imported goods. Alt 21 Alt 21 is a digital financial platform designed to let individuals and businesses hedge currency risks. The company's platform offers customizable forex hedging software including options and forwards with real-time rates for pricing in multiple currencies, enabling banks, credit unions, and corporate treasury departments to automate their forex hedging processes and deliver tailor-made financial services. Actual/360 A day count convention is used for calculating interest accrued on Treasury bills and other money market instruments . Uses actual number of days in a month and 360 days in a year for calculating interest payments. B Balance sheet hedging A balance sheet hedging technique involves using financial instruments to offset potential losses or gains on the balance sheet of a company. Companies typically use it to protect themselves against adverse movements in foreign exchange rates, interest rates, or commodity prices, which can affect the value of their assets and liabilities. Base currency The base currency is the primary currency that is used to quote prices for financial instruments, such as currency pairs in the foreign exchange market. It is also the currency in which financial statements, such as balance sheets and income statements, are typically reported. Bid Bids are offers made by buyers to purchase securities at a specified price. In an auction-style market, such as a stock exchange, bids are made by buyers who want to purchase securities, and offers (also called "asks") are made by sellers who want to sell them. "Bid-ask spread" refers to the difference between prices at which buyers and sellers are willing to buy at a particular moment. Bid prices are typically lower than ask prices, and spreads are the difference between them. Bill of Landing A Bill of Lading (B/L) is a document used in shipping to acknowledge the receipt of goods and to serve as proof of title. The B/L is issued by the carrier (such as a shipping company or a trucking firm) and lists the type, quantity, and destination of the goods being transported. It also serves as a contract between the carrier and the shipper, setting out the terms and conditions of the shipment. Basis Points (bps) Basis points are used to measure a percentage change in a financial instrument's value or rate. One basis point is equal to 1/100th of 1% or 0.01%, which is used to express very small changes in value. A basis point represents a very small percent change in an easy-to-understand manner and is often used to describe changes in interest rates, yields, and other financial metrics. Bond A bond is a debt security issued by a government, municipality, or corporation for the purpose of raising capital. An investor who purchases a bond is essentially lending money to the issuer in return for interest payments and the return of principal at maturity. Companies and governments often use bonds to finance long-term projects and to smooth out their cash flow. Bonds come in many types, including corporate, municipal, and government bonds. Binary Option Binary options are financial instruments that allow speculating on the movement of various assets, such as stocks, commodities, currencies, and indices. It is called a binary option because the outcome is either a fixed payout or a loss. Broken Date Broken dates refer to contracts and financial instruments that have a non-standard or irregular tenor, or length of time until maturity. It is possible to use broken dates in a variety of financial instruments, such as bonds, loans, and derivatives. Butterfly Option The butterfly option is a type of option strategy that involves combining two vertical spreads, which each have four different options with three different strike prices. This strategy takes advantage of a neutral market environment, where the underlying asset's price is expected to remain stable. It involves purchasing two call options at a lower strike price, two put options at a higher strike price, and selling one call option and one put option at the same middle strike price. Budget Rate In the context of foreign exchange (FX), a budget rate is a financial projection that estimates the expected exchange rate for a particular currency pair at a future point in time. It is used to help plan and manage resources for international transactions, and to ensure that the costs of the transactions are within the allocated budget. Blocked Currency Block currencies are effectively non-convertible or inconvertible. Generally, currencies are blocked because of government restrictions, such as foreign exchange regulations, physical barriers, political sanctions, or extremely high volatility. Barrier Option A barrier option is a type of derivative where the payoff depends on whether or not the underlying asset has reached or exceeded a predetermined price. A barrier option can be a knock-out, or a knock-in. C Cash Flow Hedge A cash flow hedge is a type of hedge that is used to protect against potential losses or gains on a company's future cash flows. It involves using financial instruments, such as derivatives, to offset the impact of changes in foreign exchange rates, interest rates, or commodity prices on the value of the company's cash flows. Consumer Price Index (CPI) Consumer Price Index (CPI) measures the average price level of a basket of goods and services consumed by households. The Consumer Price Index (CPI) is a critical indicator of pricing pressures in an economy and provides a gauge of inflation. Forex traders monitor the CPI, as it can lead to changes in monetary policy by the central bank that will either strengthen or weaken the currency against others in the markets. Collateral In the context of foreign exchange (FX), collateral refers to assets that are pledged as security for a financial obligation, such as a loan or a derivative contract. Collateral is often used in FX transactions to reduce the risk of default by one of the parties. Collateral can be used in other types of FX transactions as well, such as currency forwards, options, and non-deliverable forwards. In these cases, the collateral may be used to cover the potential risk of loss due to changes in exchange rates or other market conditions. Commodity Commodities are raw materials or primary agricultural products that can be bought and sold, such as copper, oil, wheat, gold, etc. Because commodities are standardized products with little differentiation between their qualities, they can be interchanged with other commodities of the same type. They are often produced and traded in large quantities and can be used as inputs for further production or as sources of energy. Calendar Spread A calendar spread, also called a time spread or a horizontal spread, involves simultaneously buying and selling options on the same underlying asset but with different expiration dates. Calendar spreads aim to profit from differences in option time decay. Call Option Call options are financial contracts that give the holder the right, but not the obligation, to buy a specific asset at a predetermined price (the strike price) before or on a certain date (the expiration date). The underlying asset is the asset that the call option gives the holder the right to purchase. Call Spread The call spread is an option strategy where one call option is purchased and another call option is simultaneously sold on the same underlying asset. Call options have different strike prices, and the option that is purchased has a lower strike price than the option that is sold. Call spreads are designed to profit from an upward move in the price of the underlying asset while limiting losses. CAPS Caps are financial contracts used to hedge against currency fluctuations, similar to options. By using it, a currency's upside potential is limited while the holder benefits from its potential depreciation. The holder of a cap has the right to buy or sell a currency, but is not obligated to do so, at a specific strike price, on a specific date or period of time. A cap rate is the strike price that determines a currency's maximum rate. Credit Default Swap (CDS) Credit default swaps (CDS) are financial derivatives that are used to transfer credit risk from one party to another. A CDS provides protection against the risk of debt default by the issuer. Cross rate In the context of foreign exchange (FX), a cross rate is the exchange rate between two currencies, both of which are not the official currency of the country in which the exchange rate quote is given. It is calculated by using the exchange rates of the two currencies relative to a third currency, which is typically a more widely traded currency such as the US dollar. Cross border payment A cross border payment is a financial transaction that involves the transfer of money between countries, typically in different currencies. Cross border payments can be made for a variety of purposes, such as to pay for goods or services, to transfer money to or from foreign bank accounts, or to make international wire transfers. There are a number of factors to consider when making a cross border payment, such as exchange rates, fees, and regulatory requirements. Cross Border Trade As defined by the OCDE, cross-border trade is the exchange of goods and services between residents and non-residents. It is measured in USD as a percentage of GDP for net trade (exports minus imports) and also in annual growth for imports and exports. Convertible Bond Convertible bonds are bonds that can be converted into shares of the issuer's stock or another security at the holder's discretion. Convertible bonds are a hybrid security that combine the features of both bonds and stocks. They offer the stability and regular income of a bond, as well as the opportunity to participate in the company's potential growth. Corporate Bond Corporate bonds are debt securities issued by corporations to raise capital. There are a variety of maturities available for corporate bonds, ranging from a few months to more than 30 years. The bondholder receives periodic interest, known as a coupon, and the principal is returned at maturity. Currency Forward (FX forward) A currency forward is a financial contract that involves the exchange of two currencies at a predetermined exchange rate on a future date. It is a type of derivative instrument that is used to hedge against the risk of fluctuations in exchange rates. Currency Hedging Currency hedging is the practice of using financial instruments or strategies to reduce the risk of losses due to fluctuations in foreign exchange rates. It is a common risk management strategy for companies and investors with international operations or exposures, as it can help to protect against the impact of currency fluctuations on the value of their assets, liabilities, and cash flows. Currency Volatility Currency volatility refers to the fluctuations in the value of a currency relative to other currencies. It is a measure of the risk associated with holding or trading assets in a particular currency, and is an important consideration for companies and investors with international operations or exposures. Currency Exposure Currency exposure refers to the potential impact of changes in foreign exchange rates on the value of a company's assets, liabilities, and cash flows. It is a measure of the extent to which a company is exposed to risk from movements in foreign exchange rates. A company with significant foreign currency exposure may be at risk of losses due to changes in exchange rates, which can impact the value of its assets and liabilities, as well as the cash flows from its international operations. Currency Depreciation Currency depreciation occurs when the value of a currency falls against other currencies. The depreciation of currencies can be caused by economic fundamentals, interest rate differentials, political instability, or investor risk aversion. Currency Convertibility In terms of foreign transactions, currency convertibility refers to the ability to exchange one currency for another at a given conversion rate. A range of degrees of convertibility can be identified, ranging from total convertibility to total inconvertibility. Convertible Currency A currency is said to be freely convertible when it has an immediate value on the different international markets, and few restrictions on the manner and amount that can be traded for another currency . Free convertibility is a major feature of a hard currency. Cross Currency Triangulation In cross currency triangulation, monetary amounts are first converted from one national currency unit (source currency) into an intermediate currency (anchor currency). Calculation then converts the intermediate currency amount into the designated national currency unit (target currency). Cash Collection In cash collection, companies recover money from other businesses (or individuals) to whom they have previously provided invoices. Cash collection primarily aims to get invoices paid by the due date. Currency controls Currency controls (or exchange controls) limit the purchase and/or sale of currencies by governments. By limiting inflows and outflows of currency, these controls help countries stabilize their economies. Exchange controls are not available to every nation, at least not legitimately; the 14th article of the IMF's Articles of Agreement only permits their use in transitional economies. D Day Count Convention The day count convention is a standardized method for calculating the number of days between two dates in a given year. For financial instruments such as bonds, loans, and derivatives, day count conventions determine the number of days of interest accrual. Delta In finance, delta is a measure of how sensitive an option's price is to changes in the underlying asset's price. It is a Greek letter used in options pricing formulas to represent the amount by which the price of an option is expected to change in response to a $1 change in the price of the underlying asset. Delta is typically expressed as a decimal number between 0 and 1 for call options, and between 0 and -1 for put options. Developed Markets The developed markets are those with advanced economies and well-developed financial systems. Generally, these countries have high per capita incomes and well-developed financial markets. Japan, the United States, Canada, and Western European countries are examples of developed markets. Discrete Hedging Discrete hedging is a risk management strategy that involves taking specific, individual positions in financial instruments to offset losses from other positions. Unlike continuous or ongoing hedging strategies, such as dynamic hedging, discrete hedging involves specific trades in response to specific risks or events. For example, a company might use discrete hedging to protect against a potential loss from an upcoming foreign currency payment by buying a forward contract or currency option. Dow Jones Dow Jones Industrial Average (DJIA) is a U.S. stock market index that consists of 30 large publicly traded companies. Stock market performance is largely influenced by the index, which is generally viewed as a leading indicator. Dollar DXY Index A U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") measures the value of the dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trading partners' currencies. Direct Quotation Direct quotation is where the cost of one unit of foreign currency is given in units of local currency, whereas indirect quotation is where the cost of one unit of local currency is given in units of foreign currency. E Electronic Invoicing Electronic invoicing (e-invoicing) refers to the creation, exchange, and processing of invoices electronically instead of on paper. E-invoicing involves sending invoices electronically between a supplier and a buyer, usually via the internet. There are several benefits to this method of invoicing over traditional paper invoicing, including increased efficiency, reduced errors and fraud, improved cash flow, and lower costs for printing and mailing. In addition, e-invoicing can be integrated with financial systems, making the accounts payable process easier to automate and improving cash flow visibility. Embedded Finance Embedded finance refers to the integration of financial services into non-financial products or services. This can take many forms, such as adding payment or lending functionality to a mobile app or website, or bundling insurance or investment products into a larger offering. Embedded finance aims to make financial services more accessible for consumers by bringing them directly into the products and services they use. Emerging Markets Emerging markets refer to countries that are in the process of developing their economies and are considered to be of high growth potential. These countries are often classified as being less developed than more industrialized nations and are characterized by a lower level of per capita income, less developed financial markets, and less mature political systems. Exotic Currency An exotic currency is a term used to describe a currency that is not widely traded or used in international transactions. These currencies are typically from smaller or less developed countries, and may be less liquid or more volatile than major currencies. Examples of exotic currencies are the Brazilian Real (BRL), South African Rand (ZAR), Mexican Peso (MXN). Turkish Lira (TRY), Indian Rupee (INR) and Russian Ruble. Exchange Rate An exchange rate is the price at which one currency can be exchanged for another currency. It is the value of one currency in terms of another currency, and is determined by the supply and demand for the two currencies in the foreign exchange market. F Federal Funds Rate The federal funds rate is the interest rate at which banks lend and borrow overnight balances from each other, known as federal funds, in the U.S. The federal funds rate is an important benchmark for short-term interest rates in the U.S. financial market, and is used as a reference rate for various financial products, such as adjustable-rate mortgages, credit card loans, and small business loans. Fintech The term fintech refers to the use of technology to provide financial services. It can include everything from robo-advisors to mobile banking apps. Fintech is constantly evolving and has the potential to disrupt traditional financial systems by providing more efficient and accessible financial services. Floor In finance, a floor refers to a minimum that cannot be dropped below. An interest rate floor means that a loan is not subject to any other contingent interest rates. Regardless of market conditions, a price floor prevents an item's price from falling below a certain limit. Forward Points Forward points in finance refers to the amount added to or subtracted from the current spot rate of a currency to determine the forward exchange rate for a future delivery date. The forward exchange rate determines the rate at which a currency can be exchanged for another at a future date, based on an agreement made on the spot date. In addition to accounting for the time value of money, forward points are used to correct for differences in interest rates between the currencies being exchanged. The size of the forward point will depend on the difference between the interest rates of the two currencies and the time until the forward contract is set to expire. Foreign Exchange (FX) Foreign exchange (FX) refers to the buying and selling of currencies on the foreign exchange market. The foreign exchange market is a global decentralized market for the trading of currencies, and is the largest financial market in the world. Foreign Exchange (FX) Option A foreign exchange (FX) option is a financial contract that gives the holder the right, but not the obligation, to buy or sell a specified currency at a predetermined exchange rate on or before a certain date. It is a type of derivative instrument that is used to hedge against the risk of fluctuations in exchange rates. Foreign Exchange (FX) Hedging FX hedging is a risk management strategy used by companies to protect themselves from potential losses resulting from changes in currency exchange rates. FX hedging involves buying and selling financial instruments, such as forwards, options, and futures, to offset potential currency exposures in order to minimize the impact of exchange rate fluctuations on a company's financial statements. The goal of FX hedging is to reduce or eliminate the risk of loss due to currency movements, allowing companies to better manage their financial risk and focus on their core business operations. Foreign Exchange (FX) Swap An FX swap is a foreign exchange derivative that allows two parties to exchange an agreed amount of one currency for another currency at a specified rate, on a specified date, and then reverse the trade at a later date. The two legs of the trade are carried out simultaneously for a fixed amount of time, and then reversed later. FX swaps are usually used to hedge currency risk or obtain financing in a different currency. FX swaps are commonly used by banks and other financial institutions, but are also used by companies and individuals to manage their foreign exchange exposures. Foreign Exchange (FX) Risk - exchange rate risk Foreign exchange (FX) risk is the risk that a company or investor will incur losses due to fluctuations in exchange rates. It is a type of market risk that can impact the value of assets, liabilities, and cash flows denominated in different currencies. Forward Forwards are financial derivatives that allow two parties to exchange assets at a specified price at a specific future date. Contracts are customized to the needs of the parties involved, and terms include the type of asset, the quantity of the asset, and the delivery date. Forwards are often used to hedge against currency risk, commodity price risk, or interest rate risk. In a forward contract, one party agrees to buy the asset at the agreed-upon price on a specific date from the other party. The other party agrees to sell the asset at that price on that date. The forward contract is not traded on an exchange, and the terms of the contract are not standardized. The terms are negotiated between the two parties, and the contract is usually customized to meet their specific needs. Although forward contracts are similar to futures contracts, they differ in some important ways. A futures contract is standardized and traded on an exchange, whereas a forward contract is customized and traded over the counter. Additionally, futures contracts have margin requirements and are marked to market daily, whereas forwards do not. Foreign Exchange (FX) Forward Contract FX forwards are contracts between clients and their bank, or non-bank provider, to exchange currencies at a set rate on a future date. Contract pricing is determined by the exchange spot price, interest rate differentials between the two currencies, and the length of the contract, which is determined by the buyer and seller. Future Futures contracts are financial derivatives that obligate the buyer or seller to purchase or sell an asset at a predetermined price at a future date. The terms of futures contracts, including the quantity and quality of the assets, the delivery date, and the price, are all determined in advance. Futures contracts are standardized and traded on exchanges. Futures contracts are used to hedge against price risk, or to speculate on the price movements of an asset. The buyer and seller of a futures contract are required to put up a margin, which is a small percentage of the value of the contract. The margin is used to cover any potential losses on the contract. Functional Currency A functional currency is the currency of the primary economic environment in which an entity operates. It is the currency in which an entity primarily generates and expends cash, and the currency in which it primarily holds assets and liabilities. For a business, the functional currency is typically the currency of the country in which the business is headquartered. The functional currency is used to determine the appropriate exchange rate to use when translating the financial statements of an entity into a different currency. The functional currency is also known as accounting currency. FX Translation Currency translation is the process of converting one currency in terms of another, often in the context of the financial results of a parent company's foreign subsidiaries into its functional currency. FX Swap In a foreign currency swap, two foreign parties agree to swap interest payments on a loan made in one currency for interest payments on a loan made in another currency. Foreign currency swaps can also involve exchanging principal. When the agreement ends, this will be exchanged back. In most cases, however, notional principal is just used to calculate interest and is not actually exchanged. Floating Exchange Rate In a floating exchange rate system, the currency price of a nation is set according to supply and demand relative to other currencies. A fixed exchange rate, on the other hand, is determined entirely or predominantly by the government. FX Forward Transaction The FX Forward Deal is a foreign exchange transaction based on a foreign exchange rate agreed by the buyer and seller under a foreign exchange contract, delivered on a specified date after the second working day of the transaction, in most cases. FX Netting Netting FX (or Forex Netting ) involves offsetting receivables and payables in one currency with receivables and payables in the same currency. As currency rates move, FX gains (losses) on one position should be offset by FX losses (gains) on the other. Foreign Transaction Fee A foreign transaction fee is a charge assessed by a financial institution to a consumer who uses an electronic payment card to make a purchase in a foreign currency. Foreign transaction fees usually apply to card purchases made in foreign countries while traveling, but they can also apply to purchases made online from your home country where the vendor is foreign and processes the transaction in its local currency. FX Gain / FX Loss An FX gain or loss is reflected in the income statement as a change in value of a foreign exchange-denominated transaction. A sales transaction creates a foreign exchange gain (loss) when the foreign currency appreciates (depreciates) against the company's home currency. Fedwire Fedwire is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to transfer funds electronically between the system's more than 9,289 participants (as of March 19, 2009). Upon receiving the proper wiring instructions from the receiving bank, the sending bank can initiate transfers. Foreign Exchange Broker A forex broker, or currency trading broker is a financial services company that provides traders access to a platform for buying and selling currencies. Transactions in the foreign exchange market are always between a pair of two different currencies. G Gamma A gamma is a measure of how sensitive the delta of an option is to changes in the price of the underlying asset, used in options pricing formulas to represent the amount by which the delta of an option is expected to change in response to a $1 change in the price of the underlying asset. Gamma is typically expressed as a decimal number, and it reflects the impact that changes in the price of the underlying asset can have on the delta of an option. Government Bond A government bond is a debt security issued by the government to raise capital. Due to the fact that government bonds are backed by the full faith and credit of the issuing government, they are considered a safe investment. Greeks in Finance Variables used to assess risk in the options market are commonly referred to as "the Greeks." A Greek symbol represents each risk. Greek variables result from imperfect assumptions or relationships between the option and another underlying variable. Greek values, such as delta, theta, and others, are used by traders to assess options risk. G10 Currencies The G10 currenc ies are a group of selected major currencies that are used in international marketplaces. The name of the group originated from a meeting of finance ministers from the G10 nations on the 10th of September of 1975. The G10 currencies are: United States Dollar (USD), Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Swiss Franc (CHF), Norwegian Krone (NOK), Swedish Krona (SEK). H Hedger Hedgers are investors or financial institutions that engage in financial transactions to reduce the risk of potential losses on assets. Hedging involves taking offsetting positions in financial instruments to mitigate the impact of price movements on the underlying asset. There are many different ways that investors and financial institutions can hedge their risks, depending on their specific needs and the nature of the underlying asset. Some common hedging strategies include the use of financial derivatives such as options and futures, as well as the use of diversification and portfolio optimization techniques. Historical Volatility Historical volatility refers to the fluctuations in the price of a security over a specific period of time. Calculated by taking the standard deviation of the natural logarithm of the asset's price over a specified number of trading days. The higher the historical volatility, the greater the price fluctuations of the asset. Historical volatility can be used to help predict future volatility and risk, but it is important to note that past performance is not necessarily indicative of future results. I International Monetary Fund (IMF) The International Monetary Fund (IMF) is an international organization that promotes global monetary cooperation, financial stability, and international trade. The IMF was founded in 1944 at the Bretton Woods Conference and is headquartered in Washington, D.C. It is funded and owned by its member countries, which contribute financial resources to the organization and are represented by a board of directors. Implied Volatility The implied volatility of a financial instrument, such as a stock or an option, indicates its expected volatility over its lifetime. Due to its derived nature, it is implied as it cannot be observed directly. Options contracts are commonly priced using implied volatility because it determines the likelihood that the underlying asset will reach a certain price by a certain date. An asset with a high implied volatility is likely to experience price swings in the future, while one with a low implied volatility is less likely to experience price movements. Implied volatility is typically expressed as an annualized percentage. Interest Rate Curve An interest rate curve represents the relationship between interest rates and debt maturity. The curve plots the interest rates of securities with different maturities on the y-axis and the maturities of the securities on the x-axis. Several factors, such as monetary policy, inflation expectations, and market conditions, can influence the shape of the interest rate curve over time. Interest Rate Swap (IRS) Interest rate swaps are financial derivatives that allow two parties to exchange or swap cash flows based on a notional principal amount. During the inception of the swap, the parties agree on a set of fixed or floating interest rates. The swap involves one party paying a fixed rate of interest on the notional amount, while the other party pays a floating rate. Floating rates are typically based on an index, such as London Interbank Offered Rate (LIBOR), which is the average rate at which banks can borrow funds. By using interest rate swaps, parties can hedge against changes in interest rates, manage the risk of fluctuating interest rates, or speculate on future changes in interest rates. In The Money (ITM) In finance, an option is considered to be in the money if the current market price of the underlying asset is higher than the strike price for a call option, or lower than the strike price for a put option. For example, if a stock is trading at $60 per share, and a call option with a strike price of $50 is available, the option is in the money. Similarly, if a put option with a strike price of $70 is available, it is also in the money. In-the-money options have intrinsic value, which is the difference between the current market price of the underlying asset and the strike price of the option. International Transaction International transactions are cross-border trade agreements or credit operations involving a foreign currency. A typical international transaction involves the exchange of goods or services, and the settlement date is the last step. ISO 4217 A standard published by the International Organization for Standardization (ISO) provides information about the relationships between individual currencies and their minor units by defining alpha and numeric codes. J K Knock-in Option A knock-in option is a type of option that becomes active or "knocks in" to the market only when the price of the underlying asset reaches a predetermined trigger price. Until the trigger price is reached, the option remains dormant and has no value. Knock out Option A knock-out option is a type of option that becomes inactive or "knocks out" of the market when the price of the underlying asset reaches a predetermined trigger price. When the trigger price is reached, the option is automatically exercised, and the trader either receives a payout or incurs a loss, depending on the terms of the option. Kantox Kantox is a multinational fintech company that offers Currency Management Automation software for corporate clients. Their software automates the pre-trade, trade, and post-trade stages of the corporate foreign exchange workflow. L Landed Cost A landed cost is the total cost of bringing a product from the origin to its destination, including transportation, insurance, duties, tariffs, and other fees. Importing businesses must consider the landed cost, as it affects the final price of the product and ultimately their competitiveness. By calculating the landed cost, companies can determine the true cost of their imports, make informed purchasing decisions, and price their products accurately. Letter of Credit A Letter of Credit (LOC) is a document issued by a bank on behalf of a buyer, guaranteeing payment to a seller under the terms and conditions agreed upon by the buyer and seller. The seller can use the LOC as a guarantee of payment as long as they meet the conditions outlined in it. If the buyer fails to pay the seller, the issuing bank will pay the seller. It is commonly used in international trade transactions to mitigate the risk of non-payment by the buyer. Liquidity Liquidity refers to the ease with which an asset can be bought or sold in the market without affecting its price. Highly liquid assets, such as cash, can be easily bought or sold with minimal impact on the price, while less liquid assets, such as real estate or collectibles, may take longer to sell and may be subject to larger price fluctuations. There are several measures of liquidity, including the bid-ask spread (the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept), the volume of trading activity, and the speed at which an asset can be bought or sold. Local currency payment Local currency payments are financial transactions that are conducted in the local currency of a client or supplier, rather than the company's own functional currency. These payments can be made for sales transactions, exports, or purchases transactions, imports. Operating in the local currency allows companies to avoid costly markups and expand sales by avoiding passing on exchange rate markups to clients. Effective currency hedging is necessary for companies to protect against exchange rate risk when making local currency payments. London Interbank Offered Rate (LIBOR) The London Interbank Offered Rate (LIBOR) is a benchmark interest rate that is used as a reference rate for short-term interest rates around the world. It is calculated and published daily by the ICE Benchmark Administration (IBA), a financial services company, based on the interest rates at which a panel of banks in London are willing to lend to each other. There are different LIBOR rates for different currencies and maturities, ranging from overnight to one year. The most commonly quoted LIBOR rate is the three-month U.S. dollar rate. LIBOR is used as a reference rate for a wide variety of financial products, including adjustable rate mortgages, student loans, and floating rate bonds. It is also used as a benchmark for the pricing of derivatives such as interest rate swaps. Long In finance, the term "long" refers to the buying of a security or other financial instrument with the intention of holding it for an extended period of time. The term "going long" or "taking a long position" refers to investing in a security with the expectation that it will appreciate in value over the long term. By holding the security, the investor hopes to sell it at a higher price in the future and make a profit. Live exchange rate The live exchange rate is a currency exchange rate that is updated in real time. The current exchange rate on the market or between banks. Customers of money transfer companies receive exchange rates that change in real time, but also include a small margin. M Market Maker A market maker is a firm or individual that buys or sells securities at any time with the goal of providing liquidity to the market and facilitating trade. Market makers typically hold an inventory of securities that they buy and sell, and they provide quotes to buyers and sellers using their capital and liquidity. Market makers play a crucial role in facilitating price discovery and trade execution by providing a source of demand and supply for securities. Market makers may operate on exchanges or in the over-the-counter (OTC) market. Market Taker A market taker buys or sells securities by accepting the price quoted by market makers or other traders. By contrast to market makers, who can buy and sell securities at any time and provide quotes to the market, market takers are passive participants who rely on quotes provided by others in order to execute trades. Market takers do not provide liquidity to the market in the same way that market makers do, but they can benefit from the liquidity provided by market makers and other traders by being able to quickly and easily buy and sell securities at quoted prices. Market takers may also be referred to as "buyers" and "sellers," depending on whether they are buying or selling securities. Major Currency A major currency is a term used to describe a currency that is widely traded and used in international transactions. Major currencies are typically from economically and politically stable countries, and are considered to be relatively liquid and stable compared to other currencies. Mark to Market Mark to market (MTM) is a method of measuring the fair value of accounts that can fluctuate over time, such as assets and liabilities. Mark to market aims to provide a realistic appraisal of an institution's or company's current financial situation based on current market conditions. Monetary Assets A monetary asset is one that is readily convertible into money, such as cash on hand, bank deposits, investment accounts, accounts receivable (AR), and notes receivable. Midmarket Exchange Rate The midmarket exchange rate (sometimes called the interbank or middle rate) is the midpoint between any two currencies' buy and sell prices. As the demand for and supply of a currency is constantly changing, the mid-market rate is also constantly changing. Managed floating exchange rate A managed floating exchange rate, or "dirty float," blends elements of fixed and floating rates. Central banks, like China's, intervene to keep the currency within a set range against others, such as the USD, with daily fluctuations capped at 2%. This system helps prevent extreme currency misvaluations. For credibility, it relies on a central bank with ample reserves and a market-aligned exchange rate corridor. N Negative Carry A negative carry occurs when the cost of holding a financial asset exceeds the income generated by it. It occurs typically when an asset pays a lower return than what it costs to finance its purchase. Nominal Effective Exchange Rate An unadjusted weighted average rate at which one country's currency exchanges for a basket of multiple foreign currencies is called the nominal effective exchange rate (NEER). Nominal exchange rates indicate the amount of domestic currency needed to purchase foreign currency. Non-Deliverable Forward Non-deliverable forwards (NDF) are cash-settled, and usually short-term, forward contracts. The notional amount is never exchanged, hence the name "non-deliverable." Two parties agree to take opposite sides of a transaction for a set amount of money—at a contracted rate, in the case of a currency NDF. Notional Value The notional value of an underlying asset is often used by derivatives traders to refer to the contract's value. This can be the total value of a position, the amount that a position controls, or an agreed-upon amount. A financial asset's face value is used to determine its payment. In the options, futures, forward, and currency markets, this term describes derivative contracts. O OECD The Organisation for Economic Co-operation and Development (OECD) is an international organization that promotes economic and social well-being around the world. It was founded in 1961 and is headquartered in Paris, France. The OECD is made up of 36 member countries, which are primarily developed countries, but also include a few emerging economies. Offer An offer is a proposal from a seller to sell a product or service at a specified price. In securities trading, an offer is often expressed as an "ask," which is the price at which a seller is willing to sell a particular security. In an auction-style market, such as a stock exchange, offers are made by sellers and paired with bids made by buyers. The lowest ask and the highest bid at a given time make up the "bid-ask spread," which is the difference between the prices at which buyers are willing to buy and sellers are willing to sell. The ask price is typically higher than the bid price, and the difference between the two is called the "spread." Option Options are financial instruments that give the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price on or before a certain date. A call option gives the holder the right to buy the underlying asset; a put option gives the holder the right to sell the underlying asset. Options are often used to hedge against potential price movements in other assets, or to speculate on price movements. Off the Run In finance, "off the run" refers to securities that have not been issued most recently. In the case of government bonds issued every year, for example, the most recently issued bond would be considered "on the run," but all previous bonds would be considered "off the run." Due to their limited trading, off-the-run securities are usually considered less liquid than on-the-run securities. On the Run "On-the-run" is a term used in the bond market to refer to the most recently issued bonds in a particular series or issuer. On-the-run bonds are typically the most liquid and widely traded bonds in a given market, and they are usually considered to be the benchmark or reference bonds for that market. Out Off The Money (OTM) In finance, an option is considered to be out of the money if the current market price of the underlying asset is lower than the strike price for a call option, or higher than the strike price for a put option. Out-of-the-money options have no intrinsic value, because the holder of the option is not entitled to buy or sell the underlying asset at a price that is different from the current market price. Over The Counter Market (OTC) The OTC (over-the-counter) market is a decentralized market where financial instruments are traded directly between two parties without a central exchange. Alternatively, it is known as the "off-exchange" market. The OTC market is typically facilitated by market makers, who act as intermediaries between buyers and sellers and help match buyers and sellers. Over Hedged Risk management strategy over-hedging involves taking an offsetting position that exceeds the size of the original position being hedged. It may result in a net position opposite to the initial position. Overhedging can be inadvertent or intentional. Option Currency Trading Currency options are derivatives based on underlying currency pairs. Trading currency options involves a wide variety of strategies available for use in FX markets, where foreign currencies are traded. P Pips Pips are units of measurement used to express the change in value between two currencies. Pips represent the smallest increments of difference in exchange rates and they represent the change in value between two currencies. For most currency pairs, a pip is equal to the fourth decimal place of the exchange rate, but it can vary depending on the pair being traded and the size of the trade. A one-pip change in the EUR/USD exchange rate, for example, would be 1.1234 to 1.1235. A pip is a unit of measurement used in forex trading to calculate profit and loss. It is a crucial concept for traders to grasp. Positive Carry A positive carry occurs when the income generated by holding a financial asset exceeds its cost. This typically occurs when the asset pays a higher rate of return or yield than the cost of financing the purchase of the asset. Put Option Put options are financial contracts that give the holder the right, but not the obligation, to sell a specific asset at a predetermined price (the strike price) before a specific date (the expiration date). The asset that the put option gives the holder the right to sell is known as the underlying asset. Put options are often used as a way to hedge against potential price declines in the underlying asset, or to speculate on price declines. Put Spread A put spread is an option strategy that involves purchasing one put option while simultaneously selling another put option on the same underlying asset. The put options have different strike prices, and the option that is purchased has a higher strike price than the option that is sold. The goal of a put spread is to profit from a downward move in the price of the underlying asset, while also limiting potential losses. Primary Dealer A primary dealer is a financial institution that is authorized to buy and sell securities directly with a central bank, such as the Federal Reserve in the United States. Primary dealers are an important part of the financial system because they help to facilitate the implementation of monetary policy by the central bank. Primary dealers are typically large, well-capitalized banks or securities firms that are able to make markets in a wide range of securities, including U.S. government securities, agency securities, and mortgage-backed securities. They also act as market makers in these securities, providing liquidity to the market and helping to ensure that prices remain stable. Pegged Exchange Rate The pegged exchange rate system incorporates aspects of floating and fixed exchange rate systems. Smaller economies that are particularly susceptible to currency fluctuations will “peg” their currency (pegged currency) to a single major currency or a basket of currencies. These currencies are chosen based on which country the smaller economy experiences a lot of trade activity with or on which currency the nation’s debt is denominated in. Q Quote Currency In foreign exchange (Forex), the quote currency, also known as the counter currency, is the second currency in both direct and indirect currency pairs. A quote currency determines the value of a base currency. When currency exchange rates are quoted, the quote currency is listed after the base currency. R Real-time gross settlement (RTGS) Real-time gross settlement (RTGS) systems are specialist funds transfer systems that allow money or securities to be transferred from one bank to another in real time and on a gross basis to avoid settlement risk. When a payment transaction is settled "in real time," there is no waiting period. Transactions are settled as soon as they are processed. The term "gross settlement" means the transaction is settled one-to-one, without bundling or netting with any other transaction. "Settlement" refers to payments that are final and irrevocable once processed. Repurchase Agreement (REPO) Repo transactions involve one party selling securities to another with the agreement to buy them back later at a higher price. Often, repos are used to raise short-term capital or finance the purchase of securities. There are two types of repos: term repos, which have a fixed maturity date, and open repos, which have no fixed maturity date and can be terminated at any time. A repos is most commonly used by banks, hedge funds, and other financial institutions as a way to raise short-term capital, and they are considered a low-risk investment because they are usually secured with high-quality securities. Reverse Repurchase Agreement (Rev REPO) A reverse repo is a financial transaction where one party purchases securities from another party and then sells them back at a lower price at a later date. Like regular repos, reverse repos can be either term repos or open repos, depending on whether they have a fixed maturity date. Reverse repos are typically used by banks, hedge funds, and other financial institutions as a way to invest short-term excess cash or to finance the purchase of securities. Rho Rho is a measure of the sensitivity of an option's price to changes in the risk-free interest rate. It is a Greek letter used in options pricing formulas to represent the amount by which the price of an option is expected to change in response to a 1% change in the risk-free interest rate. Rho is typically expressed as a percentage, and it reflects the impact that changes in the risk-free interest rate can have on the value of an option. Risk Reversal Risk reversals are financial transactions in which two parties exchange risk. It is generally used to hedge against or speculate on changes in the value of an underlying asset. One common type of risk reversal is an options strategy that involves the simultaneous purchase of a put option and the sale of a call option on the same underlying asset. This strategy is also known as a short straddle or a short combination. The put option gives the holder the right to sell the underlying asset at a predetermined price (the strike price), while the call option gives the holder the right to buy the underlying asset at the same strike price. Run on the Bank A run on the bank is a situation where a large number of depositors attempt to withdraw their money from a bank at the same time due to concerns about the bank's solvency or financial stability. This can be triggered by rumors or actual news of the bank's financial difficulties or instability. A run on the bank can have serious consequences, as it can lead to the bank's inability to fulfill the withdrawal requests of its depositors, resulting in a liquidity crisis that can spread to other banks and the wider financial system. In some cases, governments or central banks may step in to provide support and prevent a wider financial crisis. Profit Repatriation The repatriation of profits means that a firm can send earnings or assets from abroad back to its home country in hard currency such as USD, EUR, and others. Rolling Option A rolling option is an options contract that grants a buyer the right to purchase something at a future date, as well as the choice to extend the expiration date of that right, for a fee. S Sharpe Ratio The Sharpe ratio is a measure of risk-adjusted return, which compares the expected returns of an investment to the risk it carries. It is calculated by dividing the expected excess return (the return of the investment minus the risk-free rate) by the standard deviation of returns. A higher Sharpe ratio indicates a better risk-to-return tradeoff. Short In finance, the term "short" refers to the selling of a security or other financial instrument that the seller does not own. This is also known as "short selling" or "going short." Short selling is typically done in anticipation of a decline in the price of the security or instrument. The seller borrows the security from someone else, sells it on the market, and then buys it back at a later time (hopefully at a lower price) in order to return it to the lender. If the price of the security does indeed decline, the seller can profit by buying it back at a lower price than they sold it for. If the price goes up instead, the seller incurs a loss. S&P 500 Standard & Poor's 500 (S&P 500) is a stock market index containing 500 large publicly traded companies in the United States. It is widely considered a leading indicator of U.S. stock market performance. The companies in the S&P 500 are chosen by Standard & Poor's (S&P), a financial services company, based on their market size, liquidity, and industry group representation. The index is weighted by market capitalization, which means that the larger companies have a greater influence on the index's performance. The S&P 500 is typically used as a benchmark for the performance of actively managed large-cap mutual funds and exchange-traded funds (ETFs). The Secured Overnight Financing Rate (SOFR) The Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for the U.S. dollar overnight lending market. It is calculated and published by the Federal Reserve Bank of New York (FRBNY) based on the interest rates at which banks lend overnight funds to each other using U.S. Treasury securities as collateral. Speculator Speculators buy and sell financial instruments to profit from changes in the price of the underlying asset. In order to achieve higher returns, speculators often take on greater risks than traditional investors. Speculators can trade a wide variety of financial instruments, including stocks, bonds, currencies, commodities, and derivatives. Supply Chain Supply chains refer to the flow of goods, services, and information from the raw material suppliers to the customer's final product. It involves all activities involved in the sourcing, procurement, production, and delivery of a product or service, as well as the coordination and collaboration of all parties involved, including suppliers, manufacturers, distributors, and customers. A successful supply chain delivers the right product, at the right time, in the right quantity, and at the lowest price. Swaption A swaption is a financial derivative that gives the holder the right, but not the obligation, to enter into an interest rate swap at a later date. An interest rate swap is a financial instrument that allows two parties to exchange a stream of fixed-rate payments for a stream of floating-rate payments, or vice versa. Spot Rate Spot rates are the current market prices at which financial instruments, such as currencies, commodities, and securities, can be bought or sold for immediate delivery. Spot rates are affected by market forces, such as supply and demand, and are commonly used as benchmarks for forward, futures, and options contracts. The spot rate can be quoted in either direct or indirect terms, depending on the conventions of the market in which the instrument is traded. Straddle The straddle strategy involves simultaneously purchasing a put option and a call option for the underlying security with the same strike price and expiration date. When the price of the security rises or falls from the strike price by more than the total premium paid, a trader will profit from a long straddle. As long as the underlying security's price moves sharply, the profit potential is virtually unlimited. T Take Rate A take rate is the fee that a marketplace charges for a transaction that is carried out by a third-party seller or service provider. The take rate is a determining factor in a marketplace's revenue as reported on its income statement: Take rate * GMV (gross merchandise volume) = revenue. Tenor Tenor refers to the time between the maturity date and the maturity date of a financial instrument, such as a bond or loan. The tenor of a financial instrument can be expressed in various ways, such as years, months, or even days. Theta In finance, theta is a measure of an option's sensitivity to time-based changes in price. The Greek letter used in options pricing formulas to represent the amount by which the price of an option is expected to decline over a given period of time, due to the passage of time and the decay of the option's extrinsic value.Theta is typically expressed as a negative number, and it reflects the impact that the passage of time can have on the value of an option. Tick Ticks are units of measurement that represent the minimum price change for a security. Ticks are commonly used for expressing changes in a financial instrument's price, such as a stock, bond, commodity, or derivative, and they represent the smallest increment in a security's price. The value of a tick can vary depending on the security being traded and the market in which it is traded, but it is typically very small. For example, in the stock market, a tick may be equal to one cent for some stocks and $0.01 for others. Ticks are often used by traders and investors to track the performance of a security and to make decisions about buying and selling. Treasury bill (T-bill) T-bills are short-term debt securities issued by the U.S. government. T-bills are sold in denominations ranging from $100 to $1,000,000, and their maturities range from a few days to 52 weeks. Since T-bills are backed by the full faith and credit of the United States government, they are considered to be very safe investments. Investors often use them to park money or diversify their portfolios for a short period of time. T-bills do not pay interest, but they are sold at a discount to their face value, and the difference between the purchase price and the face value represents the return to the investor. T-bills are issued through competitive and noncompetitive bidding processes. Transaction Exposure Transaction exposure is the potential loss a company may incur due to changes in foreign exchange rates on existing financial obligations or expected future cash flows. Companies can use a variety of financial instruments and strategies to manage transaction exposure. Transaction exposure is also known as economic exposure. Trader A trader is a person who buys and sells financial instruments such as stocks, bonds, currencies, commodities, or derivatives in an attempt to make a profit. Traders can work on their own or as part of a larger financial institution, such as a bank or brokerage firm. Translation Exposure / Transaction Risk The translation exposure (also known as the translation risk) is the possibility that an organization's assets, liabilities, or income will change in value as a result of changes in exchange rates. Translation risk occurs when a company has equities, assets, liabilities, or income denominated in a foreign currency. U U.S. Dollar Index U.S. Dollar Index measures the dollar's value relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. V Value at Risk (VaR) Value at Risk (VaR) measures the risk of loss on an investment or portfolio over a specified period. Based on the performance of the investment or portfolio over a given period, it estimates the likelihood of a loss of a certain magnitude over a given period. VaR is typically expressed as a dollar amount or as a percentage of the total value of the investment or portfolio. Vega In finance, vega measures how sensitive an option price is to changes in the volatility of the underlying asset. It is a Greek letter used in options pricing formulas to represent the amount by which the price of an option is expected to change in response to a 1% change in the volatility of the underlying asset. Vega is typically expressed as a percentage, and it reflects the impact that changes in volatility can have on the value of an option. Volatility In finance, volatility refers to the amount of risk or uncertainty associated with the price of a security. It is a measure of how much the price of a security, such as a stock or bond, fluctuates over time. A security with high volatility experiences significant price changes over a short period of time, while a security with low volatility experiences less significant price changes. Volatility can be measured using a variety of statistical techniques, such as standard deviation or the variance of returns. Volatility Surface In finance, a volatility surface is a graphical representation of the implied volatilities of a group of options on a particular underlying asset, as a function of the options' expiration dates and strike prices. The volatility surface is used to help visualize the relationships between the implied volatilities of options with different expiration dates and strike prices, and can be used to model the expected volatility of the underlying asset over time. Z Zero Coupon Bond A zero-coupon bond is a type of bond that does not pay periodic interest to the bondholder. Instead, the bond is issued at a discount to its face value, and the bondholder receives the face value of the bond at maturity. The difference between the purchase price and the face value represents the return to the bondholder, which is the equivalent of the interest that would have been paid out in periodic coupons.

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