Global Payments - Foreign Currency Account (FCA)

.01 Context

The digitization of finance through technology is a revolution that is bringing about fundamental changes in the ways of carrying out transactions. FinTechs are pressuring banks to provide cheaper, faster payments and taking their deposits with wallets and stable coins.

.02 Situation

Digitization has changed banking. Decision makers must act to stay relevant. Business is now global for SMEs and individuals. Most domestic banks are concerned about the increased fraud prevention and compliance requirements for cross border payments and foreign currency deposits (FCA).

.03 Problem

Traditional correspondents are de-risking, reducing their ability to provide third party payments processing and requiring enhanced KYC which is too onerous for small banks. The knowledge required for global local payment clearing is scarce requiring scale for STP. Customers have no visibility in the payment status causing unnecessary investigations.

.04 Solution

The Global Payments product offers risk adjusted compliance shareable with participants in the payment chain, KYCsynchedTM. WorldKYC destination country payment validation ensures the highest level of compliance and STP. Our unique SWIFT GPI tracking ID reduces or eliminates investigations.

.05 Information

Global payment platform is fully integrated with the FX platform and World KYC in order to ensure compliance, regulatory reporting, and FCA settlement. Standard APIs with SWIFT, fed wire, but also crypto currencies, stable coins, and other digital currencies and loyalty points. Our blockchain API brings near instant funding with stable coin settlement.

.06 Functionalities

Transaction types

  • Foreign & Domestic Wires
  • Instant payments for circle banking
  • Wallet payments
  • Fiat, digital, metals and loyalty
  • Blockchain APIs
  • Remittance
  • eCommerce integrated
  • Live FCA reporting

  • Features

  • Multi channel - online - branch - call center - wallet
  • Automated onboarding
  • Integrated WorldKYC AML and LexisNexis
  • Customer dual control with user level override
  • Create and edit wire and draft templates
  • Payment tracking with SWIFT GPI
  • Transaction event email notification
  • Outsource payment process to correspondent bank
  • Granular transaction audit trail
  • Customizable reports
  • User management with profile
  • Customer management
  • Margin holds
  • Winstant Galaxy

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