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FX margin — realized vs assumed

Compares Valura's realized FX margin (from the customer's actual quote rate vs the live treasury mid-market rate) to the assumed accrual (a configured bps × USD amount).

The economics​

Valura earns a spread between the rate the customer gets and the true mid-market rate. Per remittance:

  • Effective rate = INR amount / USD amount (the customer's rate).
  • Mid rate = the live treasury mid.
  • Realized margin = the USD equivalent of the difference.
  • Assumed margin = the flat bps × USD amount (0 by default).
  • Drift = realized − assumed.

What the report shows​

  • Per remittance: effective rate, mid rate, realized margin, assumed margin, drift, realized bps.
  • Per customer roll-up.
  • Firm rollup + average realized bps on the book.

Why this matters for finance​

  • If Valura books the assumed accrual (GLOMOPAY_FX_SPREAD_BPS > 0) → revenue is smoothed each month, drift shows how far off the assumption is.
  • If Valura books nothing (= 0, current default) → revenue lands only at settlement, but the FX Margin report shows the earned margin ahead of time so finance can decide.

The proxy caveat​

The report currently applies the LIVE mid rate to every (possibly historical) remittance — a proxy for the mid at the time of each remittance. True realised margin needs a historical FX-rate feed. Follow-up.

Where to see it​

  • Frontend: dedicated /fx-margin page (India book), plus a summary card on /glomopay.
  • API: GET /v1/india/fx-margin?fy=.