After a successful launch and trial period, BankServ announces its one-of-a-kind foreign currency transfer product, GFX2, offering a new way for community and regional banks to move money across international borders.
Today, BankServ has 3 banks actively processing foreign currency through GFX2 with 10 additional banks scheduled for live production this summer.
GFX2 works in concert with one of the nation's largest banks to instantly quote rates and execute foreign exchange trades through a fully automated process. Payments in dollars can inexpensively and quickly be converted to Euros, Sterling, or any of 38 other major currencies currently supported. GFX2 processed its first transaction in January, and is now offered as a standard feature for all users of BankServ's Global Funds Exchange (GFX) software and ASP service.
To carry out an international transaction, most banks currently maintain relationships with a large "money center" banks with a presence in the foreign exchange market - usually leading to higher per-transaction fees and manual processing. Through its new service, BankServ offers smaller banks competitive exchange rates and gets rid of the need to process each transaction manually.
"For most banks in this country, doing foreign exchange transactions has traditionally been tedious and expensive," said Julie Maurer, BankServ's vice president and Manager of Wire Transfers. "With GFX2, we can offer better exchange rates and make the processing automatic. Even smaller banks could see foreign exchange profit coming out of the wire room operations."
Umpqua Bank, the first user of the new GFX2 system, was excited to learn that BankServ had added foreign exchange to its Fedwire processing system, thereby enabling "one-stop wire origination."
"Being able to complete both international and domestic wires in the same software has streamlined our workflows and reduced manual processing steps," said Jane Lathrop, Umpqua's Vice President and Operations Manager. "BankServ's software design includes strict adherence to regulations, including the newer travel rules, which ultimately results in faster delivery of international wires with less research. Umpqua Bank also took the opportunity, with this change, to enhance our Store Associates' knowledge of international wire services, which is a benefit to our customers as well as ourselves."