OLB

    Avizo

    Providing a limit based on the limit granted for Avízo

    By using of Avízo, we are able to settle the trade even faster after it is closed - we do not wait for the client to credit the payment.

    It significantly speeds up the settlement of payments between the client's accounts and AKCENTA CZ accounts in cases where the accounts are not held at the same bank.

    With its use, the deadline for crediting funds to both the clients' own bank accounts and the accounts of foreign business partners is usually reduced by one working day.

    Example

    A client has accounts in a bank where AKCENTA CZ does not have accounts. The client wants to convert and pay money to his German business partner. Without the use of Avízo, the client would send CZK from his account from this bank to one of AKCENTA CZ's Czech accounts and only after crediting this account would the exchange and foreign payment be made. With the use of Avízo, the client only sends an electronic document that he has made a payment from his account in the given bank to the account of AKCENTA CZ and at that moment the foreign payment is already entered and executed. Therefore, we do not wait for the actual crediting of funds, we only need a pre-arranged proof from electronic banking that the payment is made.

    • In order to ensure that the payment is made in the shortest possible time, maximum times for entering payments (Cut of Time, CoT) must be observed.
    • In order to use Avízo, it is necessary that the client has an Avízo limit set by AKCENTA CZ, which clearly defines the maximum volume of all transactions opened in the Avízo mode.

    Limit on Avízo

    Based on financial and non-financial criteria, the client is granted or not granted an Alert Limit.

    Conditions for setting the limit on Avízo:

    A concluded framework contract in AKCENTA CZ including open Internal payment accounts (IPA).

    • Signed relevant Amendment to the framework contract.
    • Submission of the balance sheet and profit and loss account for the last 3 accounting periods in full.
    • Approval of the payment confirmation template(s) issued by the client's bank.

    Fees associated with the use of Avízo:

    Fee for using the limit for Avízo - see the Pricelist or individual pricing program. In the event of failure to credit the amount (by fulfilling the commitment of the limit provided on the basis of Avízo) by the 5th business day, a daily penalty interest of 0.07% from the date of expiry of the time limit until the commitment is fully paid is assessed.

    Specific model example - buyers

    • A client - a EUR buyer, enters into the following foreign exchange transaction with AKCENTA CZ (hereinafter referred to as ACZ) on a business day at 10:00 a.m:
    • EUR purchase 20.000,- / CZK sale 520.000,- / with individual exchange rate 26 EUR/CZK / with settlement D+0 / the client wants to direct the purchased EUR to his account at ČSOB
    • At 10:20 a.m. on the same day, the client enters a payment order in the amount of CZK 520.000,- from the CZK account at ČSOB to the CZK account of ACZ at Komerční banka.
    • ACZ receives the agreed document (acknowledgement) of payment from the client by 11:00 a.m.
    • ACZ sends the euros purchased immediately after 11:00 a.m. to the account predefined by the client
    • The client collects EUR 20.000,- from ACZ into his euro account in the afternoon
    • ACZ collects CZK 520.000,- from the client during the afternoon and the trade is completely settled - the whole operation is thus shortened by one working day.

    Specific model example - seller

    • A client - a EUR seller, enters into the following foreign exchange trade with AKCENTA CZ (hereinafter referred to as ACZ) on a business day at 9:30 a.m:
    • EUR sale 50.000,- / CZK purchase 1.299.000,- / with individual exchange rate 25,98 EUR/CZK / with settlement D+0 / the client wants to direct the purchased CZK to his account in ČSOB
    • At 9:50 a.m. on the same day, the client enters a transfer order for EUR 50.000,- from the euro account at ČSOB to the euro account of ACZ at Raiffeisenbank.
    • ACZ receives the agreed document (acknowledgement) of the payment from the client by 10:30 a.m, immediately after 10:30 a.m., ACZ sends the purchased CZK expressly to the account predefined by the client
    • In the afternoon, the client collects CZK 1.299.000,- from ACZ into his CZK account at ČSOB.
    • ACZ collects EUR 50.000,- from the client during the following morning and the trade is completely settled - the whole operation is thus shortened by one working day for the client

    It is important to meet the cut off times so that payments are made on the same day. These are listed HERE.

    In addition to enabling you to conduct forex trades, we currently offer payment systems services, which can offer additional savings when converting funds to/from a foreign currency. Compare using our "Pricelist“. We offer our clients the opportunity to hedge against foreign exchange risk using forwards. More information on the process of arranging payment transactions and forex trades can be found in the How to trade section.

    We are authorized to carry out payment transactions with currency exchange based on our payment institution license. We provide forward contracts on the basis of our license for securities trading (Decision of the Czech National Bank for authorization to engage in the activities of a securities trader within the scope of primary investment services – according to §4 paragraph 3 item a). The issuance of these licenses were preceded by inspections and proof of competency for such activities, for which the CNB establishes strict criteria for license holders and regularly verifies compliance.

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