Bank of America upgrades its automated FX solution
Bank of America Merrill Lynch (BAML) is making enhancements to AutoFX, its automated currency conversion product for financial institutions.
The enhancement includes a new capability which uses data analytics to make settlements faster, less expensive and more certain for the sending bank. AutoFX now also allows users to customise criteria for automated conversions.
AutoFX converts a payment’s currency into the recipient’s one. This announcement speeds up the qualifying time for eligible transactions that are destined for beneficiaries with local currency accounts.
BAML is attempting to address the fact that many smaller banks lack the infrastructure, the accounts and the mechanisms to handle the currency conversions themselves.
“As new technologies evolve and impact global commerce, cross-border payments must keep pace,” says Stephanie Wolf, head of financial services companies and governments for global transaction services (GTS) for BAML. “In that context, we’ll continue to roll out innovations that enhance the value chain to our financial institution clients, and ultimately their own clients.”
BAML’s AutoFX reaches up to 89 countries and 41 corresponding currencies. The bank says it uses machine learning (ML) to better evaluate each eligible transaction and convert those destined for beneficiaries with local currency accounts.
