FX & Cross-Border Payments · Use case

Offer multi-currency accounts to customers

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Short answer

FX specialists increasingly offer accounts with balances in many currencies and local receiving details, plus conversion and payouts. Compared with a BaaS provider, the strength is usually currency breadth and FX pricing; the trade-off can be fewer everyday-banking features.

What this use case is

FX specialists increasingly offer accounts with balances in many currencies and local receiving details, plus conversion and payouts. Compared with a BaaS provider, the strength is usually currency breadth and FX pricing; the trade-off can be fewer everyday-banking features.

Who builds this

SME banking and business tools
Exporters
Freelancer platforms
Travel businesses

What your customer sees

  1. 1Balances per currency
  2. 2Local account details to share
  3. 3Converts and pays abroad in one place

How FX & Cross-Border Payments solves it

1

Customer verified and account opened

Customer verified and account opened

2

Currency balances created

Currency balances created

3

Local receiving details issued where available

Local receiving details issued where available

4

Funds received and credited

Funds received and credited

5

Conversion at quoted rates

Conversion at quoted rates

6

Payouts via local rails or SWIFT

Payouts via local rails or SWIFT

Want to have

  1. Currency coverage
  2. Local receiving details
  3. Named accounts where available
  4. Conversion
  5. International payouts
  6. Statements

Optional

  1. Cards on balances
  2. Hedging
  3. Multi-entity customers

Design decisions

Provider type

FX specialist
BaaS provider

currency breadth versus banking features.

What to put in your RFP

Accounts

  • currencies
  • local details
  • naming

FX

  • pricing
  • locks

Payouts

  • corridors

Onboarding

  • customer types

Commercials

  • Commercials
Add these to an RFP

How to evaluate providers for this use case

  1. 1Currency breadth
  2. 2Local details quality
  3. 3FX pricing
  4. 4Onboarding criteria

Pitfalls

  • Pooled accounts presented as named
  • Coverage differing by customer type

What providers will ask you

  1. Customer types and countries
  2. Currencies
  3. Volumes

Other Finlane categories that cover parts of this

This use case is solved mainly with FX & Cross-Border Payments. These categories cover specific parts of it and can be tendered alongside it.

Banking-as-a-Service

Everyday banking features and local IBANs

Card Issuing

Cards spending from currency balances

Frequently asked questions

Solving this with another category instead? See Offer multi-currency accounts and FX

Other FX & Cross-Border Payments use cases

Pay international contractors and suppliers

Send local payouts in dozens of currencies with predictable fees and reconciliation.

Collect from customers abroad locally

Receive payments through local rails and settle to your home currency automatically.

Hedge FX exposure programmatically

Book forwards or spot trades via API to lock in rates for future payouts or receivables.

Scope offer multi-currency accounts to customers with FX & Cross-Border Payments providers

Scope this use case