BNY Mellon and Fiserv, a leading global provider of payments and financial services technology, have joined forces to deliver additional capabilities for real-time foreign exchange (FX) rate quotes for payments from U.S. financial institutions.
Using innovative application programming interface (API) connectivity, financial institutions leveraging Payments Exchange: Foreign Exchange Services from Fiserv can now seamlessly access BNY Mellon's real-time FX rate quotes in over 120 currencies without the need for additional integration. This new offering provides U.S. financial institutions the ability to execute currency conversions for cross-border payments with upfront rate visibility.
"One of the main challenges for U.S. financial institutions looking to access real-time FX rate quotes for payments is that the costs associated with integrating to a banking partner can be prohibitive," said Isabel Schmidt, Global Co-head of Payments at BNY Mellon. "We are addressing this head on through new integration which enables institutions to provide clients with streamlined, real-time FX rate quotes to facilitate cross border payments."
BNY Mellon's real-time FX rate quotes capabilities are designed to be configurable, providing a tailored offering for cross border payments. Along with transaction tracking and reporting tools, financial institutions can access detailed payment status to enhance the support experience, as well as provide more transparency to their own clients using BNY Mellon's online tools.
Payments Exchange: Foreign Exchange Services from Fiserv is a flexible, web-based solution for completing end-to-end international wire transfers, which helps minimize the time and effort required to manage global payments. The solution assists in eliminating manual processes with the added advantage of one-step wire entry for foreign exchange.
"Financial institutions need cost-efficient solutions to meet the increasing demand for payments in foreign currency," said Laura Clary, Vice President of Enterprise Payments Solutions Product Management at Fiserv. "With Payments Exchange: Foreign Exchange Services, banks and credit unions can access multiple options to facilitate foreign exchange payments for their clients without needing to integrate with multiple third-party providers platforms or systems."