The Royal Bank of Scotland (RBS) today announces the launch of the FI GlobalAccount product, which provides a platform to deliver cross-currency payments in 132 currencies for financial institutions and their clients, eliminating the need for multiple nostro currency accounts and their associated costs.
FI GlobalAccount enables clients to make payments to 183 countries in local currencies from a single base currency account, denominated in a range of major tradable currencies. The combination of web-based FX initiation and SWIFT-based payment connectivity allows clients to integrate the product with their existing infrastructure.
This new solution allows FIs, to hold accounts within or outside the RBS network. Key benefits of the product include:
• Simplify cross-currency payment processes and expand global reach • Know the FX rate upfront and mitigate FX settlement and currency devaluation risks • Reduce network costs and increase FX revenue
Wilco Dado, Head of Payments, Global Transaction Services, RBS, said:" We recognised that financial Institutions needed to simplify the complexity and reduce costs in their own operations and concentrate their liquidity into their core currencies, whilst serving their clients growing global needs. FI GlobalAccount is entirely bespoke to FIs and delivered in a simple, flexible and cost-effective way".