Wells Fargo is working with capital markets technology provider Derivative Path to boost the global payments capabilities available to regional and community banks.
Editorial
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Tapping Wells Fargo’s FX Payment APIs integrated with Derivative Path’s purpose-built platform, the initiative is designed to work seamlessly within the digital experiences of bank customers, providing real-time forex rates across over 120 currency pairs and streamlining the collection of settlement details at the point of payment creation.
This, say the partners, marks a major evolution in capabilities for these smaller banks, enabling them to overcome traditional market barriers to provide competitive, secure, and transparent FX payment services, akin to those offered by the largest financial institutions.
Several customers, including Busey Bank and FirstBank, are already live with the technology or rolling it out.
Dan Vogt, MD, head of FX payment solution sales and product strategy, Wells Fargo, says: “Working with Derivative Path allows our bank clients to leverage our robust APIs to bring FX payment solutions to their customers via digital channels where they want to transact.”
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