Through this partnership, financial institutions that use Fiserv’s Payments Exchange: Foreign Exchange Services will also receive access to BNY Mellon's real-time FX rate quotes in more than 120 countries. The collaboration allows US-based financial institutions to execute currency conversions for cross-border payments while benefiting from rate visibility upfront.
The real-time FX rate quotes capabilities of BNY Mellon can be configured in order to deliver a customised offering for cross-border payments. FIs can also access detailed payment status figures in order to offer a better support experience, and they can leverage transaction tracking and reporting tools to provide more transparency to their clients.
Fiserv’s Payments Exchange: Foreign Exchange Services is a web-based system that can be used to complete end-to-end international wire transfers. The system was designed to reduce the time and effort required to manage global payments as it eliminates manual processes and offers one-step wire entry for foreign exchange.
BNY Mellon representatives cited by prnewswire.com talked about the challenges that US financial institutions face when they are looking to access real-time FX rate quotes for payments. They also highlighted how the costs associated with integrating with a banking partner can be excessive.
Fiserv officials cited by the same source agreed that financial institutions require cost-efficient solutions in the context of increasing demand for payments in foreign currency. They also mentioned Payments Exchange: Foreign Exchange Services and how they can help banks and credit unions to access multiple options to facilitate foreign exchange payments for their clients without having to integrate with platforms or systems from third-party providers.
In December 2022, Fiserv partnered US-based smart debit card provider Wedge in order to offer it with access to its real-time fintech ledger and debit issuing capabilities. Following this collaboration, Wedge was able to offer its services to AppMarket, a product of Fiserv. It also allowed the company to use Fiserv’s payment technology and offer it to financial institutions more efficiently.
Fiserv services such as the real-time fintech ledger or the debit card issuer offered Wedge the possibility to improve its payment options and to develop its customer services.
In November 2022, BNY Mellon partnered Conduent to launch a Digital Integrated Payments Hub that expands access to payments to businesses and public sector agencies. The Digital Integrated Payments Hub is able to connect clients through a single link that enables payment instructions to send or access data for a quick and secure reconcilement of payment.
The hub was based on Conduent’s payment solutions offering, which includes Automated Clearing House (ACH) transfers and pre-funded debit cards.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now