SWIFT is reporting that in December 2019 the RMB dropped one position to sixth in the currency ranking for global payments by value, with a share of 1.94%. The US dollar remains the number one ranked currency, accounting for 42.22% of global payments in December last year. This represents a 5.9% increase compared to the […]
HSBC has launched a new service, FX Flexpay, which enables clients to make automated, international payments in more than 140 currencies, using a single API. FX Flexpay connects Global Disbursements – the bank’s system for cross-border, low value mass payments – with FX FlexRate, HSBC’s proprietary FX pricing technology that guarantees FX rates or offers […]
Citi has launched a new cross-border, business-to-business payments platform that aims to “digitise” the transaction process and includes FX capabilities. The platform, called Citi Global Collect, is a collaboration between the bank’s treasury and trade solutions (TTS) and FX businesses, and is designed to make it easier for multinational clients to collect funds from overseas […]
Veem, a global payments network, has launched a new tool enabling businesses to mitigate FX rate volatility and risk by locking in the base currency value of a payment or invoice. In a release issued today, Veem claims that the new offering, called Locked Exchange Rates, is an industry first that will level the playing […]
In this week’s lively and extended podcast Colin Lambert and Galen Stops mange to disagree on just about everything as they dig into the details around the announcement that Citi has given notice to four of the biggest non-bank market makers in FX and discuss the potential implications for the industry as a whole. They […]
Facebook has issued a series of whitepapers outlining its plans regarding the new cryptocurrency that it intends to launch in the first half of 2020. According to the materials released today, the underlying aim of the proposed cryptocurrency, called Libra, is to make moving money around globally as easy, cost effective and safe as sending […]
Arjun Jayaram, CEO of Baton Systems, talks to Profit & Loss about how distributed ledger technology (DLT) is already helping the FX market, why the hype cycle around this technology is coming to an end and who he expects to win the “blockchain wars”. Profit & Loss: What is the problem in the FX market […]
The Global Payments Division of INTL FCStone’s London based subsidiary, IFL, has announced plans to roll out its FXePrice platform to its entire network of counterparties.Launched in June 2018, FXePrice enables correspondent banks to feed local currency live prices electronically to IFL, allowing users to stream foreign exchange prices, which reduces latency and ensures efficiency by integrating with counterparties’ straight-through-processing (STP) systems.
he platform automates the manual process of FX price discovery in emerging markets and facilitates instant electronic price discovery via both streaming and request-for-quote (RFQ) functionality.
The consultancy firm, Point Group, has launched an online foreign currency exchange and international payments platform, called edgeFX.The platform is designed as a payment solution for international business, global investors, wealth managers, IFAs and private clients. To launch it, Point partnered with Monex Europe to use its technology platform and global network, which enables cross-currency payments both domestically and internationally in over 60 currencies and to approximately 185 countries.
In an online post announcing the launch, Henry Wilkes, head of FX at Point, says: “EdgeFX brings together all of the features clients expect of an FX service in a clear, concise and low-cost environment.
The Global Payments Division of INTL FCStone’s London based subsidiary, IFL, has introduced FXePrice, a proprietary Web-based platform allowing IFL local currency liquidity providers to streamline executable prices to 140 currencies and 175 countries, according to the firm.
The company says it has released the platform to select members of its global network of more than 300 correspondent banks, to obtain feedback and incorporate recommendations. A full roll out to its entire network of counterparties is planned for later in 2018.