BofA Launches Omni-Channel Approach to Cross-Currency Transactions
07 Ottobre 2020 - 3:00PM
Business Wire
Clients Can Now Trade and Settle Payments in
Over 140 Currencies via API, SWIFT, CashPro
Bank of America is responding to the dual imperatives of
cross-currency transactions – technology innovation and client
demand for improved efficiency – with an omni-channel offering that
now includes API (application programming interface) and mobile
connectivity.
“We are pleased to introduce new functionality that gives
clients greater ease and control to manage their rapidly growing
cross-border payments volume,” said Doug Houser, head of
Transactional FX in Global Transaction Services (GTS) at Bank of
America. “With the ability to mix and match different channels for
trading and settling, we’re giving companies the ultimate
convenience in managing cross-currency payments.”
New capabilities include:
- FX Trading API that enables live trading with our global
foreign exchange desk.
- Guaranteed Rates API that holds rates for extended
periods of time, up to 180 days.
- FX Payments APIthat enables a company to bundle payments
into one foreign exchange transaction or associate multiple
payments with a single trade.
- Settle API booked FX Trades via SWIFT FIN standard
messaging.
- Mobile access to expanded cross-currency payment
capabilities via the CashPro® app.
Many clients, including financial institutions, can now get
direct access to more than 100 currencies and effectively trade
anywhere and settle anywhere. For instance, a client could trade
via API and settle via SWIFT, or trade online and settle via
API.
“The pressure to have real-time information has never been
greater,” said Paul Taylor, head of Global Financial Institution
Sales in GTS at Bank of America. “Through our APIs and mobile
connectivity, clients will now have rate and payment statuses at
their fingertips, enabling them to share foreign exchange rates
with their own customers almost instantly.”
Since launching, the FX APIs have been popular with clients
particularly in industries such as banking and non-banking
financial institutions, retail, and technology. The FX APIs are
ideally suited to a company where the priorities are the foreign
exchange rate, the speed, and the convenience of making a payment.
They’re also well-suited for companies that have separate teams
managing payments and FX trading.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 3,000
lending centers, 2,700 financial centers with a Consumer Investment
Financial Solutions Advisor and approximately 2,100 business
centers; approximately 16,900 ATMs; and award-winning digital
banking with approximately 39 million active users, including
approximately 30 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States,
its territories and approximately 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
“Bank of America” is the marketing name used by certain Global
Banking and Global Markets businesses of Bank of America
Corporation. Lending, other commercial banking activities, and
trading in certain financial instruments are performed globally by
banking affiliates of Bank of America Corporation, including Bank
of America, N.A., Member FDIC. © 2020 Bank of America Corporation.
All rights reserved.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
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www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20201007005275/en/
Louise Hennessy, Bank of America Phone number: 1.646.858.6471
louise.hennessy@bofa.com
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