Wells Fargo partners Derivative Path to deliver new FX solution for regional US banks
Wells Fargo has partnered with Derivative Path to support regional and community banks in the US with a new foreign exchange (FX) payment solution.
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Wells Fargo and Derivative Path partner on new FX solution
Derivative Path, a capital markets tech provider headquartered in Walnut Creek, California, will pair its cloud-based platform, DerivativeEDGE, with Wells Fargo’s FX payment APIs to power the new solution.
DerivativeEDGE, launched in 2014, is designed to help financial institutions manage derivative trading and optimise their hedging strategies, while Wells Fargo’s APIs enable businesses to automate cross-border transactions with access to real-time FX rates.
The pair will combine both of their offerings to deliver a new integration for digital platforms featuring over 120 currency swap options and tools for collecting settlement details at the point of payment creation.
Users will be able to offer FX payment services “akin to those offered by the largest financial institutions”, the companies say, adding that the solution already has “several live customers”, including FirstBank in Nashville and Busey Bank in Illinois.
Derivative Path, led by CEO and co-founder Pradeep Bhatia, previously extended its partnership with Nebraska-headquartered First National Bank of Omaha in May to include the DerivativeEDGE platform.