back Back

BNY Mellon and Fiserv expand real-time FX rate quotes for payments from U.S. FIs

By Edlyn Cardoza

January 25, 2023

  • API
  • Bny Mellon
  • Credit Unions
Share

BNY Mellon, Fiserv, Real-Time Foreign Exchange, Forex, Financial Institutions, Financial Services, API, Payments Exchange, Cross Border Payments, Credit Unions, Foreign Currency, USABNY Mellon and Fiserv, one of the leading global providers of payments and financial services technology, have joined forces to deliver additional capabilities for real-time foreign exchange (FX) rate quotes for payments from U.S. financial institutions.

Using innovative application programming interface (API) connectivity, financial institutions leveraging Payments Exchange: Foreign Exchange Services from Fiserv can now seamlessly access BNY Mellon’s real-time FX rate quotes in over 120 currencies without additional integration. This new offering allows U.S. financial institutions to execute currency conversions for cross-border payments with upfront rate visibility.

“One of the main challenges for U.S. financial institutions looking to access real-time FX rate quotes for payments is that the costs associated with integrating to a banking partner can be prohibitive,” said Isabel Schmidt, Global Co-Head of Payments at BNY Mellon. “We are addressing this head on through new integration which enables institutions to provide clients with streamlined, real-time FX rate quotes to facilitate cross border payments.”

BNY Mellon’s real-time FX rate quotes capabilities are designed to be configurable, providing a tailored offering for cross border payments. Along with transaction tracking and reporting tools, financial institutions can access detailed payment statuses to enhance the support experience and provide more transparency to their clients using BNY Mellon’s online tools.

Payments Exchange: Foreign Exchange Services from Fiserv is a flexible, web-based solution for completing end-to-end international wire transfers, which helps minimise the time and effort required to manage global payments. The solution assists in eliminating manual processes with the added advantage of one-step wire entry for foreign exchange.

“Financial institutions need cost-efficient solutions to meet the increasing demand for payments in foreign currency,” said Laura Clary, Vice President of Enterprise Payments Solutions Product Management at Fiserv. “With Payments Exchange: Foreign Exchange Services, banks and credit unions can access multiple options to facilitate foreign exchange payments for their clients without needing to integrate with multiple third-party providers platforms or systems.”

Previous Article

January 25, 2023

Visa partners with INJAZ Egypt to promote financial literacy

Read More
Next Article

January 25, 2023

DailyPay announces $260m in new funding

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 08, 2024

Ooredoo and QIB introduce AutoPay service for mobile app users

Read More

October 08, 2024

Fabrick taps Terrapay to innovate cross-border payments in Europe

Read More

October 08, 2024

UK’s APP Fraud Law: FinTechs embrace change but banks hesitate

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More