Wells Fargo has partnered with capital markets technology provider Derivative Path to enhance global payment capabilities for regional and community banks.
By utilizing Wells Fargo’s FX Payment APIs integrated with Derivative Path’s specialized platform, this initiative aims to create a seamless digital experience for bank customers. It offers real-time forex rates for over 120 currency pairs and simplifies the collection of settlement details during payment creation.
This collaboration represents a significant advancement for smaller banks, enabling them to break through traditional market barriers and provide competitive, secure, and transparent FX payment services comparable to those of larger financial institutions.
Several banks, including Busey Bank and FirstBank, are already implementing this technology.
Dan Vogt, Managing Director and head of FX payment solution sales and product strategy at Wells Fargo, stated, “Working with Derivative Path allows our bank clients to leverage our robust APIs to deliver FX payment solutions to their customers through the digital channels they prefer for transactions.”