The new solution from Derivative Path and Wells Fargo simplifies and speeds up international transactions, allowing smaller regional banks to offer secure and transparent foreign exchange (FX) payment services similar to those provided by big financial institutions.
Derivative Path, a top provider of capital markets technology and derivatives execution services, in partnership with Wells Fargo, launched an innovative global payments solution to help regional and community banks streamline international transactions.
By integrating Wells Fargo’s FX Payment APIs into Derivative Path’s purpose-built platform, the solution offers real-time FX rates for over 120 currencies and simplifies payment workflows.
Wells Fargo’s cutting-edge APIs offer real-time access to data for managing payments, supply chains, and inventory. They simplify navigation between systems and improve functionality by securely exchanging data.
While regional banks typically have access to cross-border payment solutions, they often lack the advanced, real-time capabilities available to larger financial institutions. The new initiative empowers smaller banks to compete with bigger banks by enhancing their cross-border payment efficiency and speed. It fills a technology market gap by providing regional banks with tools that are typically complex or expensive to implement independently.
Early adopters of the new solution, such as Busey Bank and FirstBank, have already seen significant operational improvements and a boost in customer satisfaction. Thus, Busey Bank processed over 500 FX wires with minimal inquiries, reducing operational challenges and enhancing client experiences. Meanwhile, FirstBank reported a significantly improved workflow for its wire room staff and a better customer experience.
This solution is part of Derivative Path’s greater plan to help banks of all sizes succeed in a global economy. By growing partnerships with top liquidity providers, the company focuses on improving services for smaller banks, boosting their efficiency and competitive edge.
For over a decade now, Derivative Path has been offering the DerivativeEDGE Platform, a cloud-based solution with comprehensive tools for managing interest rate derivatives, foreign exchange trading, and commodity derivatives. The platform integrates real-time market data, enabling financial institutions, particularly community and regional banks, to price a wide range of derivative products seamlessly and accurately.
Besides, in 2021, Derivative Path acquired Monetics, an AI-driven commercial debt management platform, to streamline workflows between regional banks, credit unions, and their commercial clients, enhancing access to capital markets.
