Generally, a firm’s supplier is located in a different country. In order to make purchases and sell their own goods internationally, firms need to change units of one currency for units of another currency.
The desire to perform a global transaction provides the motivation for a large, well-functioning market that facilitates such currency conversions and allows global economic integration and trade to take place smoothly and quickly at a low cost. Both, by volume of trade and ease of making transactions, currency markets are considered as the world’s deepest, most liquid markets.
Due to significant use of information technology and an increase in competition, an organization's survival and success greatly depend on the timely availability of relevant data. Today, organizations are continuously bombarded with information from the external environment due to advancements in IT.
Therefore, there is a critical need for efficient and effective IT standards. . However, with the growing evolution of currency exchange, organizations are emphasizing on developing advanced technology that is used for handling currency exchange transactions. Currency exchange software is one such step adopted for currency exchange operations.
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