FAQ's

• What's Acceleron's mission?

  Acceleron set out to solve a problem, which is that community banks and credit unions rely on big banks to offer international wire transfer services, which leave them with no profit, or worse, with a deficit. Our founders are on a mission to change that paradigm and to empower community financial institutions to turn international payments into profit opportunities.

• What does Acceleron do?

  Acceleron builds patented software that allows community banks and credit unions to conduct cross-border payment transactions profitably through a foreign exchange marketplace. Serving over 200 financial institutions and facilitating 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. Our digital correspondent banking solutions and international payments automation integrate seamlessly with top payments platforms such as Fiserv, ensuring quick API integration for banks.  

• How does international wire transfer software help my bank or credit union?

  Acceleron connects directly to your core, so a wire gets entered once instead of being keyed separately into a wire system and a second FX system. That single entry point eliminates manual, dual entry work, and because the system validates each wire against the destination country's requirements before submission, errors get caught before they're sent rather than after they bounce back. Acceleron's own error rate runs at less than 1%, well below the 31% error rate reported industry-wide. On top of those operational savings, your institution also captures a share of the FX spread plus 100% of any service fee you charge, turning what used to be a cost center into a source of non-interest income, with many community banks and credit unions seeing increases of more than 5X.

   

• How does Acceleron's correspondent banking technology work?

  Our advance API software is pre-integrated with major payment platforms and links banks and credit unions to our FX marketplace and a currency conversion tool. Learn more about our patented technology on our product page.

• How is Acceleron Bank's correspondent banking software integrated with Fiserv Payments Exchange?

  Acceleron Bank leverages Fiserv Payments Exchange integration to streamline and secure your banking operations. Here’s how:

  • Balance Verification & Posting: Our online banking and core systems use Payments Exchange integration to verify balances and post transactions accurately in real-time.

  • Fraud Monitoring: Payment data feeds directly into Payments Exchange’s API, which connects to NICE Xceed for advanced fraud monitoring, helping protect your accounts from suspicious activities.

  • Mark Up Exchange Rates: Within Payments Exchange you can mark up exchange rates appropriately to increase your non-interest income, giving you control over pricing and revenue.

  • Error Reduction with Data Controls: To reduce errors in domestic and international transactions, Acceleron exercises strict data controls. These pre-checks identify and flag issues immediately, so errors are caught early, before transactions are sent overseas, helping your operations run smoothly and error-free.

  • No Technical Lift Required: Integration with Payments Exchange is fully embedded; there’s no IT support or technical implementation needed on your side to get started.

• What much do Acceleron's wire transfer automation solutions cost?

  Acceleron charges no set up fees or monthly platform fees. Our contract is with the FX providers. We negotiate a small foreign exchange spread and take a commission on each transaction. We only make  money when you make money. See our pricing page.

• How does Acceleron make money?

  Our contract is with the FX providers. We negotiate a small spread and take a commission on each transaction as well.  That's why there are no fees or service charges for our community banking clients. 

• What banking processes will change if we use Acceleron's FX marketplace?

  None. Since our solutions are pre-integrated into major payment platforms you already use, your current wire initiation, approval, and release processes remain the same.

• Does implementation of correspondent banking software require a technical lift?

  No, we have already done the heavy technical list.  Our technology is already integrated into market-leading core service providers.  Integration is simply a matter of turning it on within you existing system. 

• What is a foreign exchange spread and how does it increase non-interest income for banks and CUs?

  A foreign exchange spread is the difference between the rate a bank pays to acquire a currency and the rate it charges the customer completing the exchange. Most community banks and credit unions don't capture this spread today because they route international wires through a correspondent bank that keeps it instead. By handling that exchange directly through correspondent banking software, a bank or credit union can capture the spread itself, turning a transaction that previously generated no revenue into a source of non-interest income.

  Read more about building non-interest income from international payments →

• Is Acceleron doing business as a correspondent bank or software provider?

  We are doing business as both!  Acceleron is a technology company that streamlines international wire transfer processes for over 200 U.S. financial institutions. Our patented software enables banks to earn foreign exchange fees, automate wire processes, and enhance non-interest income. As we transition into a fully licensed correspondent bank, we will clear wires for our clients using our technology while functioning as an upstream correspondent bank.