Private Label Foreign Exchange Program

Smaller banks now have a way they can offer their own business customers the foreign banking services needed to conduct business in the global market.

Wells Fargo & Company has partnered with S1 Corporation to offer a new online service that allows banks to offer customers a full range of easy-to-use foreign exchange services.

The service is an extension of Wells Fargo's online foreign exchange service, which can support a bank's foreign payment transactions and information needs via the Internet. The new service integrates Wells Fargo's service into an S1 business banking software module. The resulting service provides final payment settlement to foreign beneficiaries and foreign exchange liquidity in a wide range of currencies. Wells Fargo will provide real-time exchange rates, manage the trade executions and initiate settlement instructions for banks, which can then provide the foreign exchange services to their business customers under the bank's own name. Those customers can access the services in real time by using a personal computer.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 10, 12/04