Derivative Path, a capital markets technology and derivatives execution service provider, is joining forces with Wells Fargo to bolster global payment capabilities available to regional and community banks.
Derivative Path has implemented Wells Fargo FX Payment APIs into its purpose-built platform, aiming to provide real-time FX rates across over 120 currency pairs for bank customers. Regional and community banks can now leverage this technology to provide secure, and transparent FX payment services, enabling them to compete more closely with larger financial institutions.
It says the solution addresses complexities and inefficiencies typically associated with international transactions by streamlining and optimising payment workflows.
“This collaboration with Wells Fargo marks a critical advancement in making global payments accessible and efficient for regional and community banks,” said Pradeep Bhatia, CEO and co-founder of Derivative Path. “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.”
“Wells Fargo is committed to leveraging our global resources to enhance the capabilities of regional and community banks through strategic technology partnerships,” added Dan Vogt, managing director, head of FX payment solutions sales and product strategy at Wells Fargo. “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.”
Boosting operational efficiency
The digital, integrated solution already has several live customers with many more currently being implemented. Busey Bank and FirstBank are among the solution’s early adopters.
Neil Denault, capital markets manager at Busey Bank, explained how the solution has impacted its operations: “Since implementing the Derivative Path and Wells Fargo integrated FX payments solution, Busey Bank has processed over 500 FX wires with only one inquiry — significantly enhancing our operational efficiency and customer satisfaction. Not only does this technology support our growth, but it also strengthens our competitive position in the market. Derivative Path and Wells Fargo effectively delivered an efficient and user-friendly solution that has benefitted the bank and our customers.”
This solution is part of Derivative Path’s broader strategy to empower banks of all sizes with cutting-edge financial tools necessary to thrive in a globalised economy. As Derivative Path continues to expand its network of partnerships with leading liquidity providers, it remains focused on enhancing service offerings for community and regional banks, reinforcing their competitive edge as well as operational efficiency.
Ron Zimmerman, SVP of deposit operations at FirstBank, also added: “Derivative Path has been a trusted partner of the bank for many years, and their ability to extend their solutions to international payments at a time of acute need for FirstBank is very much appreciated. They not only improved the experience for our customers, but our wire room is ecstatic about how much their process has improved.”
The post Derivative Path Teams up With Wells Fargo to Improve Regional and Community Bank Efficiency appeared first on The Fintech Times.
