Fundtech’s US Wire System Adds FX Transactions through PNC Bank
US-based cash management and payments systems group Fundtech said that PNC Bank is to offer seamless foreign exchange (FX) transaction processing through Fundtech’s US federal wire system. Banks using Fundtech’s PAYplus USA will now be able to offer their commercial clients the convenience of integrated real-time FX payment processing using PNC as their correspondent.
By consolidating both domestic and foreign payments processing into a single workflow, banks and their clients will gain greater control. Investigations and research will be streamlined, taking less time and providing more thorough results. They will also receive real-time FX rates from PNC that are competitive with up-to-the-minute exchange pricing. Confirmations and Regulation E (via the Electronic Fund Transfer Act) disclosures will be provided through the integrated systems, making it easier for financial institutions (FIs) to comply with these regulatory changes.
Gus Karris, managing director of foreign exchange at PNC, said: “Integrating our real-time FX processing with Fundtech’s PAYplus USA is a win-win for both companies and an important benefit to banks that use the combined system.”
Mary Ellen Putnam, executive vice president (EVP of Fundtech, added: “As global trade continues to grow in importance among businesses of all sizes in the US, the need for foreign transactions is also expanding. Integrating PNC’s FX service with PAYplus USA ensures that banks of all sizes can offer their clients convenient, reliable and competitively priced FX services.”