BNY Mellon (NYSE: BK) and Fiserv (NASDAQ: FISV), a global provider of payments and financial services technology, have joined forces “to deliver additional capabilities for real-time foreign exchange (FX) rate quotes for payments from U.S. financial institutions.”
Using innovative application programming interface (API) connectivity, financial institutions leveraging Payments Exchange: Foreign Exchange Services from Fiserv “can now seamlessly access BNY Mellon‘s real-time FX rate quotes in over 120 currencies without the need for additional integration.”
This new offering provides U.S. financial institutions the ability “to execute currency conversions for cross-border payments with upfront rate visibility.”
Isabel Schmidt, Global Co-head of Payments at BNY Mellon, said:
“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.”
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.”
Payments Exchange: Foreign Exchange Services from Fiserv is “a flexible, 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.”
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.”
As covered, BNY Mellon is “a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.”
Whether providing financial services for institutions, corporations or individual investors, BNY Mellon “delivers informed investment and wealth management and investment services in 35 countries.”
As of Dec. 31, 2022, BNY Mellon “had $44.3 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management.”
BNY Mellon can “act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.”