BofA introduces omni-channel approach to cross-currency transactions

By Pavithra R

Bank of America has announced the launch of new functionality to its omnichannel offering: an API (application programming interface) and mobile connectivity to respond to the dual imperatives of cross-currency transactions, technology innovation and client demand for improved efficiency.

Now clients, including financial institutions, can get direct access to more than 100 currencies and effectively trade anywhere and settle anywhere.

The new capabilities include:

• FX Trading API that enables live trading with the bank’s global foreign exchange desk.
• Guaranteed Rates API that holds rates for extended periods of time, up to 180 days.
• FX Payments API that enables a company to bundle payments into one foreign exchange transaction or associate multiple payments with a single trade.
• Settle API booked FX Trades via SWIFT FIN standard messaging.
• Mobile access to expanded cross-currency payment capabilities via the CashPro app.

“We are pleased to introduce new functionality that gives clients greater ease and control to manage their rapidly growing cross-border payments volume. With the ability to mix and match different channels for trading and settling, we’re giving companies the ultimate convenience in managing cross-currency payments,” said Doug Houser, head of Transactional FX in Global Transaction Services (GTS) at Bank of America.

Since launch, FX APIs have been popular with clients, particularly in industries such as banking and non-banking financial institutions, retail, and technology. The FX APIs are ideally suited for companies whose priorities are the foreign exchange rate, the speed, the convenience of making a payment or where there are separate teams managing payments and FX trading.

“The pressure to have real-time information has never been greater. Through our APIs and mobile connectivity, clients will now have rate and payment statuses at their fingertips, enabling them to share foreign exchange rates with their own customers almost instantly,” said Paul Taylor, head of Global Financial Institution Sales in GTS at Bank of America. 

Recently, Bank of America launched 3 APIs to CashPro to advance real-time treasury.

Established since 1998, The Bank of America is a leading financial institution, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumer and small business relationships.