Fiserv and Monex USA Collaborate on International Wire Transfers

Fiserv and Monex USA will work together to help financial institutions complete international wire transfers.

The companies said in a Wednesday (June 5) press release that Monex USA, a partner in global payment, corporate foreign exchange (FX) and currency risk hedging services, plans to integrate with Fiserv’s Payments Exchange.

Via the integration, financial institutions that use Payments Exchange will be able to work directly with Monex USA as an FX partner to complete international wire transfers, according to the release.

“Monex USA’s integration with Payments Exchange will expand financial institutions’ service offerings for their clients,” Mike Rockouski, managing director of financial institutions at Monex USA, said in the release.

The company simplifies international transactions by automating complex processes, providing services, and enabling financial institutions to access a range of solutions for foreign currency and funds transfers, Mark Hill, managing director of financial institutions at Monex USA, added in the release.

The offering will join Payments Exchange, which streamlines the wire transfer process by enabling straight-through processing and paperless transactions, per the release. In addition, Payments Exchange: Foreign Exchange Services help minimize the time and effort required to manage global payments by enabling international wire transfers with one-step wire entry for FX.

“International wires are often a lifeline for consumers and a necessary service for business,” Justin Jackson, senior vice president of enterprise payments at Fiserv, said in the release. “The integration of Monex USA with Payments Exchange will allow banks and credit unions to access another option to facilitate these foreign exchange payments, enabling a more seamless experience for both the financial institution and their clients.”

PYMNTS Intelligence found that cross-border payments have soared in tandem with global trade. The rising tide of international trade and cross-border transactions means businesses must look abroad to maximize growth and access the greatest number of customers, according to the PYMNTS Intelligence report “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”

Meanwhile, Fiserv said in February that it formed a new partnership with Genesis Bank to support small businesses in low-to-moderate income neighborhoods by providing them with Clover point-of-sale technology from Fiserv.