The partnership between Fiserv and BNY Mellon brings US financial institutions one step closer to fast and easy cross-border transactions
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Fiserv, a global provider of fintech and payments solutions, joined forces with one of the biggest US banks BNY Mellon to enhance the FX offering for American financial institutions.
Enabled by API connectivity, Fiserv’s Payments Exchange: Foreign Exchange Services web-based solution will now leverage BNY Mellon’s real-time FX rate quotes in over 120 currencies.
Making efficient and cost-effective cross-border payments is essential for all businesses operating in a global marketplace. The updated FX solution adds transparency to currency conversion and simplifies global transaction management.
Payments Exchange: Foreign Exchange Services already facilitates international wire transfers, minimising the time and effort required for manual processes with a one-step wire entry feature for foreign exchange. The new integration provides the client institutions with upfront rate visibility while executing currency conversions for cross-border payments.
In addition, BNY Mellon’s real-time FX rate quotes features are customisable. Therefore, financial institutions can unlock capabilities such as transaction tracking, reporting tools, detailed payment status, transparency tools for the end customers, etc.
The customers utilising the service won’t need any additional integrations to use the new tool.
Fiserv’s FX offering helps businesses to outsource costly international operations such as maintaining foreign accounts and SWIFT connections. The main benefits of its FX tool include foreign exchange liquidity from a stable external source; wire-room operational efficiencies; streamlined middle and back‑office processing; and help desk access for support and tracking of foreign exchange wires.
BNY Mellon’s extensive international payments infrastructure and local market expertise also eliminate the need to maintain local bank accounts in every market you’re dealing with. Being one of the leaders in international payments industry, BNY Mellon became the first US bank to support the new SWIFT Go functionality for low-value payments in 2021.
