Synovus introduces Synovus Accelerate FX to expand international banking

By Edlyn Cardoza

Synovus announced the introduction of Synovus Accelerate FX, an end-to-end, innovative FX solution to drive the expansion of international banking services. Synovus Accelerate FX provides foreign exchange payments and trading services with convenient access and management through the Synovus Gateway commercial banking portal. Synovus Accelerate FX is supported by Finzly, a FinTech provider of modern banking applications for payments, foreign exchange, trade finance, and BaaS. Finzly is also an innovator in payments processing, offering a payment hub that is readily connected to all domestic and international payment networks.

“With Synovus Accelerate FX, we’re excited to continue organizational investment and active expansion of our treasury management business and bring friction-free customer journeys through a robust tech stack at the bank,” said Katherine Weislogel, head of treasury and payment solutions at Synovus. “Offering world-class global treasury solutions, Synovus Accelerate FX and international payments are at the forefront of our transformation initiatives. Synovus Accelerate FX anticipates the rapidly evolving requirements of organizations to accelerate foreign exchange and payments, improve the cash conversion cycle and make better business decisions.”

Synovus Accelerate FX enables a modern, cloud-native, API-first platform for clients to manage their international banking needs and foreign currency exposure. Using a self-service web portal, clients can safely and securely transact their foreign exchange quickly, easily, and cost-efficiently without requiring an interaction with a banker. Additionally, the platform offers multicurrency accounts to purchase foreign currencies in bulk, making it easy for businesses to send and receive payments overseas regularly. Synovus clients also benefit from convenient features, including payment initiation, self-administration of internal users, permissions, and limits.

“We couldn’t be more excited to make Synovus Accelerate FX a strategic and holistic solution to offer best-in-class international payment experience and FX services to our clients,” said Dr. Jeffrey Beisler-Snell, head of international banking at Synovus. “Synovus Accelerate FX provides customer success on the front end and automation on the back end. It’s a simple and intuitive experience, filling all the gaps to offer a friction-free customer and banker experience.”

The new FX solution streamlines the pricing, trading, risk management, settlement processing, confirmations, matching, accounting, compliance, reporting, and nostro reconciliation. The platform also seamlessly connects with Synovus Bank’s core system and third-party systems like AML, OFAC, and market data. Synovus Accelerate FX leverages configurable workflows, distributed computing, faster in-memory data grids, drag-and-drop reporting, and real-time monitoring.

“We’re delighted to be the FX platform of choice for Synovus Bank – an institution that puts customer experience and efficiency at the epicenter,” said Booshan Rengachari, founder and CEO of Finzly. “Finzly has simplified the trading and payment of foreign currencies with a seamless user experience. The platform combines technical expertise and cloud-native tools to deliver a scalable, efficient and affordable solution, enabling financial institutions to manage post-trade processing of confirmations, compliance, payments, settlements, ledger postings and reporting. As we continue this trajectory, we’re certain Synovus Bank’s clients will enjoy a superlative international banking experience.”