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 API that 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.