Partnership Spotlight: Braid + Acceleron
How the Braid/Acceleron partnership is enabling community banks and credit unions to capture FX revenue through a single API When Randy San Nicolas,...
Are you paying your competition when it comes to FX wires? In most cases, the answer is, yes. Community banks and Credit Unions are often chosen by customers who prefer the personalized attention they receive in a boutique environment; they are trusted partners to local businesses or want to support community-focused efforts. However, these smaller institutions sometimes lack the technology and resources to offer the same range of services as larger institutions. As a result, they may have to provide these services at a loss to meet their client's expectations and keep them satisfied. Consequently, these financial institutions end up paying excessive fees to big banks to facilitate cross-boarder wire transfers, effectively supporting their competition instead of sustaining their own business.
Big banks have maintained a monopoly in the international payment's space, charging exorbitant fees to community banks and credit unions and those they serve.
Rest assured, there are innovative solutions available that are working to support these smaller institutions with tools and services to keep this non-interest income in-house; community banks and credit unions just have to be educated on these solutions and work with partners they trust and are reputable. Despite the obstacles, community banks, and credit unions continue to strive to serve their customers and maintain their presence in the financial industry.
How the Braid/Acceleron partnership is enabling community banks and credit unions to capture FX revenue through a single API When Randy San Nicolas,...
A roundup of the most important updates shaping cross-border payments and correspondent banking this summer. New milestones and correspondent banking...
From software to strategy, First National Bankers Bank Chief Innovation Officer David Peterson says banks have to swing for the fences in a digital...