BBVA hints at FX API launch later this year

Maria Nikolova

The FX API, which is set to enable ERPs to plug into BBVA’s core banking platform, will allow clients who make regular currency conversion payments to directly control when their transaction takes place and to automate the process.

BBVA keeps its push towards making Forex services more transparent, simpler and easier. The bank has indicated that an FX API is in store.

In a recent announcement the bank mentioned “the introduction later this year of an FX API”. This new API will allow for Enterprise Resource Planning (ERP) systems to plug into BBVA’s core banking platform and will enable clients who make regular currency conversion payments to directly control when their transaction takes place and to automate the process.

The bank has already made strides towards the automation of the process. On BBVA´s Netcash platform, the bank has also automated the execution process allowing for dynamic hedging to take place. For clients, it means they can take a collective view of their FX needs by pooling data from their Enterprise Resource Planning (ERP) systems, and then automating hedging with defined rules on pricing, for example, to ensure they get the best value.

BBVA says that, overall, transactional FX has experienced consistent double-digit growth for the last five years as a result of BBVA’s digital platform deployment strategy.

Across BBVA, the shift of clients to digital is becoming more apparent. BBVA sold more than 10 million units through digital channels in the first six months of 2018, marking a nearly twofold increase from the equivalent period in 2017. With this latest increase, sales via digital channels accounted for 38.6% of total sales in the six months through June, compared to a share of 22.4% a year earlier and 14.6% two years ago.

BBVA ended June with 25.1 million customers using digital channels, 20.7 million of whom use smartphones to interact with the bank. The bank’s target is to have digital customers represent 50% of the total by the end of the year. BBVA expects that by 2019 it will see mobile customers account for 50% of the total.

Read this next

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

Digital Assets

KuCoin announces $10 million airdrop as users withdraw $1.2 billion

KuCoin – the fourth-largest crypto exchange in the world by trading volume – today announced plans to distribute $10 million worth of Bitcoin and its native KCS token via an airdrop event.

Reviews

Transform Your Financial Future with ARKMining’s Innovative Blockchain Solutions

Learn About Daily Passive Income Through Cryptocurrency with ARKMining: A Guide to Secure Practices.

<