Partner Spotlight: Atlantic Community Bankers Bank

How Acceleron's partnership with ACBB helps community banks offer international payments

For 40 years, Atlantic Community Banker's Bank (ACBB) has dedicated itself to providing lending, payments, and risk and compliance services to community banks. As part of its commitment to better serve its clients, ACBB sought to streamline its foreign exchange (FX) and international wire transfer services. Faced with the increasing complexity of international transactions and the growing demand for more efficient, cost-effective solutions, ACBB recognized the need for a partnership with a technology provider capable of enhancing its operational capabilities.

Partnering to provide integrated foreign exchange services

In 2017, ACBB partnered with Acceleron to develop an integrated solution aimed at improving the efficiency of its FX and wire transfer services through a correspondent banking marketplace. This technology automates key processes, reduces manual tasks, and provides real-time exchange rates, ultimately offering end customers lower costs and a more seamless experience.

How the correspondent banking marketplace works

The correspondent banking marketplace allows community banks to access the most up-to-date and competitive exchange rates available. Here’s how it works: When banks initiate a wire transfer, it automatically gets routed to the marketplace where multiple correspondent banks bid on client foreign exchange rates. This competitive environment drives down prices and allows community banks and credit unions to increase revenue from international transactions, transforming what was originally a loss center into a profit center.

Partnership results

The partnership between ACBB and Acceleron has yielded significant results:

Increased transaction volume: Through the partnership, more than 10 thousand USD International wires were processed last year, totaling $376 million. In addition, 8223 foreign exchange wires were processed for a total of $131 million. That’s $507 million combined.

• Increased Customer Acquisition and Retention: ACBB is now serving 200 clients on Acceleron’s FX solutions, and also reported an increase in customer retention. 
• Enhanced Customer Experience: By providing live exchange rates and automating the wire transfer process, ACBB was able to offer connections to more correspondent banks, helping them to retain more customers. 
• Operational Efficiency: The integration reduced manual work and improved the overall efficiency of ACBB's operations. 

Joanne McDaid, AVP Payment Operations Officer at ACBB, highlights the benefits of this partnership: "I think the partnership brings a better experience to the community and to the ultimate customer by reducing their costs and reducing manual entry."

Quick FX systems Integration 

One of the features of the partnership solution is the rapid implementation time. Unlike other vendors whose solutions can take months to integrate, the quick integration process with ACBB and Acceleron allows banks to integrate with the FX marketplace in days and reaping the benefits almost immediately, according to McDaid.  

The solution is pre-integrated with top payments platforms, and for those banks already using it, turning it on is quick and easy, requiring no change to existing technology, systems, partners, or processes.

Automating international wire transfers 

The integration automates many key aspects of the wire transfer process. It allows client banks to enter wire details into wire platforms they are already using. Those details are then automatically pushed to ACBB for review and processing, eliminating the need for duplicate data entry. McDaid explains, "Their staff member can enter the wire details into whatever wire platform. They release it, and it's automatically being pushed to their account here at ACBB to review, process, and send out."

The collaboration between ACBB and Acceleron has thrived thanks to a shared commitment to working together. McDaid reflects on the partnership, saying, "It's a good partnership. While there are always challenges, the ability to resolve issues and work together has been a major plus."

More information about ACBB and Acceleron’s integrated international wire services is available here. 

Acceleron builds patented software that allows community banks and credit unions to conduct international payment transactions profitably through a foreign exchange (FX) marketplace. Serving over 200 financial institutions and orchestrating more than $1 billion in international payments annually, Acceleron helps small banks generate non-interest income and compete more effectively with high-fee big banks.  Subscribe to our newsletter to get the latest updates on community and correspondent banking.