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Journal

Introducing Our Foreign Exchange Platform

We're excited to introduce our Foreign Exchange Platform to help customers access optimal FX rates for global payments directly through their banking partner.

Ani NarayanFedNow Product Lead

Today, we’re announcing the launch of our Foreign Exchange (FX) platform to help customers effortlessly manage FX rates for their cross border payments. We’re helping customers partner directly with their banks to optimize FX rates, reduce transaction fees, and migrate their FX volumes off third-party payment processors.

We’re excited to onboard early customers who are leveraging these capabilities to power bill payments, spend management, lending, and marketplace products.

Addressing the Core Issues

Historically, managing FX for cross-border payments has been a complex challenge for many of our customers. They faced several obstacles, such as:

  1. Cost Inefficiencies: Customers want to manage cross-border payments directly at banks, rather than third-party payment processors.
  2. Poor User Experience: Customers struggle to obtain FX rates programmatically or via a user-friendly interface, often dealing with fragmented solutions across multiple banks or third-party payment processors.
  3. Manual Tracking: Customers often track FX rates for each transaction on spreadsheets, which makes auditing and accounting cumbersome and prone to errors.

Introducing the Solution

The FX Platform is designed to address these issues through a suite of features:

  • Direct Bank Rates: Customers can now access FX rates directly from their banks, ensuring they can negotiate favorable rates without any intermediaries, reduce transaction fees, and earn interest on their account balances. Modern Treasury does not charge an additional markup or fees.
  • Unified FX Management Interface: Customers now have a single API and dashboard interface to manage FX quotes and initiate FX payments across various bank partners.
  • Multi-Bank Support: Customers can partner with multiple banks to access FX and cross-border payments for 100+ currency pairs and build redundancy into their FX workflows.

Key Features

  • View Spot and Forward FX Quotes: Customers can request both spot and future dated FX quotes for comprehensive planning and execution.
  • Initiate FX Payment Orders: Utilize FX quotes to execute cross-border payments via SWIFT wires or Global ACH, and have predictability on FX costs for every payment.
  • Track FX Rates On Transactions: Automatically track and audit FX rates on every transaction to simplify accounting and reporting processes.

Looking Ahead

As we continue to address the other complexities that our customers face with global payments, we plan to add tools to help manage FX risk by allowing customers to purchase and manage forward contracts directly from their banks.

Get Started Today

To use the Foreign Exchange platform, refer to our Guide or API documentation. If you’re interested in learning more about these capabilities, please reach out to us here.

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