Acceleron Announces Partnership With Fiserv to Deliver Seamless Foreign Exchange Services
<p>The Integration of Acceleron with Payments Exchange from Fiserv Provides Automated, End-to-End International Wire Processing for Banks and Credit Unions</p>
WHITE RIVER JUNCTION, Vt., November 12, 2024 (Newswire.com) - Acceleron, a high-tech software platform offering a Foreign Exchange (FX) marketplace, is now integrated into Payments Exchange: Foreign Exchange Services from Fiserv, to streamline end-to-end international foreign exchange services to community banks and credit unions.
Acceleron’s SmartRoute system optimizes international wire transactions through its FX marketplace platform, where multiple correspondent banks compete to offer the best rates. Additionally, automated validations catch errors upfront to minimize delays streamlining wire processing, ensuring seamless end-to-end data transfer. With pre-integration into Payments Exchange from Fiserv, banks and credit unions can easily leverage Acceleron’s competitive pricing without the need for additional technical work, enabling a fast, efficient implementation.
“We learned early in the process that community banks and credit unions are cut out of the most profitable transaction available to them: foreign exchange. Those days are over. Our FX marketplace bidding process compresses prices so much that our client financial institutions turn unprofitable transactions into a new and growing revenue stream,” said Damon Magnuski, Founder and CEO of Acceleron.
“Foreign Exchange Services can be a valuable asset to any financial institution, and a desired feature for their customers,” said Justin Jackson, SVP, Enterprise Payments at Fiserv. “We appreciate Acceleron’s focus on getting this to market to support those financial institutions and their users.”
Payments Exchange: Foreign Exchange Services is a flexible, web-based solution for completing end-to-end international wire transfers, which helps minimize the time and effort required to manage global payments. The solution eliminates manual processes and enables users to experience the benefits of Payments Exchange with the added advantage of one-step wire entry for foreign exchange.
About Acceleron
Acceleron builds innovative software that helps community banks and credit unions streamline international payments through a correspondent banking marketplace. Our automated solutions simplify wire processing, ensuring seamless end-to-end data transfer and enabling transactions in over 90 countries at reduced rates. Serving over 200 financial institutions and orchestrating over $1 billion in international payments annually, Acceleron helps small banks save time and generate non-interest income. Visit acceleronbank.com for more information and follow us on LinkedIn for the latest updates.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
Source: Acceleron Bank, in formation
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Tags: Banking, Community Banks, correspondent banking, Credit Union, Foreign Exchange
