Wells Fargo said it will partner with capital market technology company Derivative Path to enhance global payment capabilities for regional and community banks.
The partnership will leverage Wells Fargo’s FX Payment APIs and integrate them with Derivative Path’s platform to create payment capabilities that work seamlessly within a customer’s digital experience, officials said. The system will provide real-time FX rates across more than 120 currency pairs and streamline the collection of settlement details. The companies said the partnership will mark an evolution of FX payment capabilities for regional and community banks that will allow them the opportunity to overcome traditional market barriers.
“This collaboration with Wells Fargo marks a critical advancement in making global payments accessible and efficient for regional and community banks,” Pradeep Bhatia, CEO and Co-Founder of Derivative Path, said. “Our technology is designed not only to meet the current and future needs of these banks, but also to integrate seamlessly into their digital platforms, enhancing the overall customer experience and extending their international capabilities.”
Officials said the solution will address the complexities and inefficiencies usually associated with international transactions by streamlining them and optimizing payment workflows. Additionally, the banks will be able to leverage advanced technology to provide competitive, secure and transparent FX payment services.
“Wells Fargo is committed to leveraging our global resources to enhance the capabilities of regional and community banks through strategic technology partnerships,” Dan Vogt, Managing Director, Head of FX Payment Solutions Sales & Product Strategy at Wells Fargo, said. “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.”