American Express launches enhanced FX International Payments system

Source: American Express

Global foreign exchange specialist American Express has launched an enhanced version of its internet-based FX International Payments system, which combines competitive exchange rates and transaction fees with the convenience of an online service, available around the clock.

American Express has used the experience learned through its business relationships with hundreds of FX International Payments customers over the past five years to redesign the system and, at the same time, extend its flexibility by adding an array of new product features that range from online Forward Contracts to the ability to receive exchange rate alerts.

"The enhanced system provides a quick, reliable solution to making payments abroad โ€” and puts businesses in the driving seat 24/7. Efficient time management is a critical consideration for any business and the beauty of the system redesign is that it saves time spent on payment processing, makes transactions easier and provides a more flexible range of services," said Rocco Magno, Director - FX International Payments from American Express.

Building on the original system, the new functions available online with FX International Payments are:

FORWARD CONTRACTS: One of the main dangers in the foreign exchange market is rate fluctuation and purchasing a set amount of foreign currency in advance is one way to avoid getting caught out. This service is now available online, with the option to create a forward drawdown of the currency as simply as creating a standard payment.
INCOMING PAYMENTS: Clients can receive an online quote for their incoming value, be it foreign currency wires or drafts.
RATE ALERT: This new service does away with the need to spend time watching exchange rates. Customers can simply input the rate they want and American Express will advise them when this is available.
FILE UPLOAD: Businesses making regular, multiple payments can use a new tool to upload transactions direct from their own accounting package, which saves time and helps to minimise potential keying errors.
AUTOMATIC EMAILS: Beneficiaries can be notified that a payment is on its way and approvers advised that payments are awaiting their approval by setting up an automatic email service.
BANK IDENTIFIER CODE TOOL: Beneficiary bank details can be validated online using the new Bank Identifier Code Tool.

Accessible from any PC, anywhere in the world, FX International Payments from American Express requires no additional hardware or software, which means that there are no set up costs or ongoing maintenance fees. The total cost is confirmed on screen at the time of the online transaction and the payment is safe โ€” with individually tailored password protection and advanced 128-bit encryption plus with the latest firewall technology to protect businesses.

The revamped FX International Payments from American Express brings a range of additional benefits for management. Standard online management tools have always included payment tracking and the creation of transaction histories for individual suppliers. Now those payment histories can be sorted by date range, currency, status and product โ€” exportable in an Excel format. All of which puts management squarely in the picture!

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