BNY Mellon, Fiserv Expand FX Capabilities for Payments

BNY Mellon and Fiserv have announced additional capabilities in the form of what they term “real-time” FX quotes for payments from US financial institutions.

Institutions using Fiserv’s Payments Exchange: Foreign Exchange Services solution will be able to access quotes in 120 currencies via an API, thus offering, the firms say, “the ability to execute currency conversions for cross-border payments with upfront rate visibility”.

“One of the main challenges for US 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,” explains Isabel Schmidt, global co-head of payments at BNY Mellon. “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, adds, “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.”