Wells Fargo has introduced an online foreign exchange service for correspondent banks.
Wells Fargo's FXOL (Foreign Exchange Online) service provides banks with access to buy or sell more than 90 currencies, the ability to print drafts locally, flexible reporting and straight-through processing capabilities. The service is accessible via Wells' Commercial Electronic Office Internet portal for corporate business and thus entails no integration or set-up costs.
Tracey Warson, executive vice president, Wells Fargo Foreign Exchange Services Group, says: "Many banks are unable to maintain an in-house foreign exchange department, but this product allows them to meet the needs of their customers while leveraging Wells Fargo's existing foreign exchange infrastructure and technologies."
She says the service is one of the first Internet-based foreign exchange offerings to allow correspondent banks the independence to price the foreign exchange transactions of their customers at desired price points. Real-time foreign exchange transactions can be initiated right from a user's desk, eliminating phone calls for foreign exchange rates.
The West coast bank will market the product to its network of 2000 correspondent banks as well as US-based community banks.