Fiserv integrates BNY Mellon’s real-time FX rate quotes for payments
“Financial institutions need cost-efficient solutions to meet the increasing demand for payments in foreign currency. 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.”
BNY Mellon and Fiserv have joined forces to deliver additional capabilities for real-time foreign exchange (FX) rate quotes for payments from U.S. financial institutions.
The offering provides U.S. financial institutions the ability to execute currency conversions for cross-border payments with upfront rate visibility.
Fiserv clients can access BNY Mellon’s real-time FX rate quotes in 120+ currencies
Financial institutions leveraging Payments Exchange: Foreign Exchange Services from Fiserv can use API connectivity to access BNY Mellon’s real-time FX rate quotes in over 120 currencies without the need for additional integration.
Payments Exchange: Foreign Exchange Services from Fiserv is a 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.
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.
“Costs associated with integrating to a banking partner can be prohibitive”
Isabel Schmidt, Global Co-head of Payments at BNY Mellon, commented: “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. 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.”
Laura Clary, Vice President of Enterprise Payments Solutions Product Management at Fiserv, said: “Financial institutions need cost-efficient solutions to meet the increasing demand for payments in foreign currency. 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.”
