Barclays continues to invest in its transactional foreign exchange (FX) platform as it makes the on-going development of this product area a key priority for 2012. Transactional FX is where international payments are converted at a point in the payment value chain where the currency conversion benefits the originator bank, rather than just the beneficiary bank as has traditionally been the case.
Barclays has recently upgraded its transactional FX platform to support more countries and currencies. This kind of processing system requires constant updates to reflect immediately any changes in payment flows and behaviours. Barclays will be adding more functionality and the ability to further fine-tune the processing per originating bank.
Many financial institutions now expect their banking counterparties to provide this functionality, but few organisations are currently providing a service that is processing a high number of payments efficiently on a straight-through processing (STP) basis across a larger number of currencies, which requires a sophisticated system.
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