Wells Fargo is collaborating with capital markets technology provider Derivative Path to expand global payment capabilities for regional and community banks. By leveraging Wells Fargo’s foreign exchange (FX) payment APIs integrated with Derivative Path’s custom-built platform, this initiative enhances access to real-time FX rates across over 120 currency pairs and simplifies payment processes by streamlining the collection of settlement details. This technology seamlessly integrates into the digital banking environments of smaller financial institutions, allowing these banks to compete with larger institutions by offering secure and transparent international payment services.
This partnership is a game-changer for regional and community banks, enabling them to break past traditional limitations that often restrict access to advanced global payment tools. By integrating these APIs into their systems, smaller banks can provide their clients with the capability to conduct competitive and efficient FX transactions. Several regional banks, including Busey Bank and FirstBank, have already implemented or are in the process of rolling out this new solution, further validating its effectiveness.
Dan Vogt, Managing Director and head of FX payment solution sales and product strategy at Wells Fargo, noted that the partnership provides a significant advantage. He emphasized that by working with Derivative Path, these banks can use Wells Fargo’s robust APIs to offer their customers digital-first FX payment solutions directly within their preferred banking interfaces, ensuring convenience and alignment with modern banking demands.