Bengaluru, April 27 -- Azul Arc, a 20-year-young software development company-one of the legion of boutique operators in India's $246-billion offshore information technology (IT) services exports industry-faced a recurring problem until about a year ago. The company's subsidiary in Mumbai, which relied on two of India's largest publicly listed banks to receive payments from its US customers, suffered significant foreign-exchange (forex) conversion losses on each such transaction. It was losing as much as Rs.3 per $1 even when the US dollar appreciated.

To address the issue, Azul Arc began to explore alternatives, and finally settled on a cross-border payments aggregator (PA-CB) called Skydo. The change was immediate and very visible.

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