- BNY Mellon, a large and well-known provider of fast money transfer and banking services, has confirmed it will be boosting its partnership with financial technology company Fiserv.
- Customers will be able to get access to BNY Mellon’s real-time foreign exchange quotes in more than 100 currencies.
- “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,” said a spokesperson for the company.
BNY Mellon, a provider of fast money transfer and banking services, has confirmed it will be boosting its partnership with Fiserv, a financial technology company, to provide more capacity for foreign exchange rate quotes.
The newly boosted service will be focused particularly on US financial institutions.
The organisations will work together on application programming interface connections.
Customers will be able to get access to BNY Mellon’s real-time foreign exchange quotes in more than 100 currencies. They will not be required to integrate any further tools in order to do this.
The new service will be named “Payments Exchange: Foreign Exchange Services”.
Isabel Schmidt, Global Co-Head of Payments at BNY Mellon, said that a major problem for American financial systems was that searching for a foreign exchange rate in real-time can be problematic, often because of cost grounds.
“One of the main challenges for US 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,” she said.
She added that the firm was tackling this problem through its latest integration service, which would have an international focus.
“We are addressing this head-on through new integration that enables institutions to provide clients with streamlined, real-time FX rate quotes to facilitate cross-border payments.”
Vice President of Enterprise Payments Solutions Product Management at Fiserv Laura Clay said that streamlined foreign exchange rate quotes were necessary. She explained that cost efficiency was essential due to the rising demand for forex.
“Financial institutions need cost-efficient solutions to meet the increasing demand for payments in foreign currency,” she said.
She added that credit unions would also be able to benefit from the newly expanded service.
“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.”
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