Bank of America upgrades its automated FX solution

The upgrade includes a new functionality which uses data analytics to make settlements faster, less expensive and more certain for the sending bank. AutoFX now also allows users to customise criteria for automated conversions.

AutoFX converts a payment’s currency into the recipient’s one. This announcement speeds up the qualifying time for eligible transactions that are destined for beneficiaries with local currency accounts.

BAML is attempting to address the fact that many smaller banks lack the infrastructure, the accounts and the mechanisms to handle the currency conversions themselves.

BAML’s AutoFX reaches up to 89 countries and 41 corresponding currencies. The bank says it uses machine learning (ML) to better evaluate each eligible transaction and convert those destined for beneficiaries with local currency accounts.