Synovus Introduces Synovus Accelerate FX, a New Digital Foreign Exchange Experience
November 16 2022 - 9:30AM
Business Wire
Synovus today announced the introduction of Synovus Accelerate™
FX, an end-to-end, innovative FX solution to drive the expansion of
international banking services. Synovus Accelerate FX provides
foreign exchange payments and trading services with convenient
access and management through the Synovus Gateway℠ commercial
banking portal. Synovus Accelerate FX is supported by Finzly, a
fintech provider of modern banking applications for payments,
foreign exchange, trade finance and BaaS. Finzly is also an
innovator in payments processing, offering a payment hub that is
readily connected to all domestic and international payment
networks.
“With Synovus Accelerate FX, we’re excited to continue
organizational investment and active expansion of our treasury
management business and bring friction-free customer journeys
through a robust tech stack at the bank,” said Katherine Weislogel,
head of treasury and payment solutions at Synovus. “Offering
world-class global treasury solutions, Synovus Accelerate FX and
international payments are at the forefront of our transformation
initiatives. Synovus Accelerate FX anticipates the rapidly evolving
requirements of organizations to accelerate foreign exchange and
payments, improve the cash conversion cycle and make better
business decisions.”
Synovus Accelerate FX enables a modern, cloud-native, API-first
platform for clients to manage their international banking needs
and foreign currency exposure. Using a self-service web portal,
clients can safely and securely transact their foreign exchange
quickly, easily and cost-efficiently without requiring an
interaction with a banker. Additionally, the platform offers
multicurrency accounts to purchase foreign currencies in bulk,
making it easy for businesses to send and receive payments overseas
regularly. Synovus clients also benefit from convenient features,
including payment initiation, self-administration of internal
users, permissions and limits.
“We couldn’t be more excited to make Synovus Accelerate FX a
strategic and holistic solution to offer best-in-class
international payment experience and FX services to our clients,”
said Dr. Jeffrey Beisler-Snell, head of international banking at
Synovus. “Synovus Accelerate FX provides customer success on the
front end and automation on the back end. It’s a simple and
intuitive experience, filling all the gaps to offer a friction-free
customer and banker experience.”
Synovus Accelerate FX streamlines the pricing, trading, risk
management, settlement processing, confirmations, matching,
accounting, compliance, reporting and nostro reconciliation. The
platform also seamlessly connects with Synovus Bank’s core system
and third-party systems like AML, OFAC and market data. Synovus
Accelerate FX leverages configurable workflows, distributed
computing, faster “in-memory” data grids, “drag and drop” reporting
and real-time monitoring.
“We’re delighted to be the FX platform of choice for Synovus
Bank – an institution that puts customer experience and efficiency
at the epicenter,” said Booshan Rengachari, founder and CEO of
Finzly. “Finzly has simplified the trading and payment of foreign
currencies with a seamless user experience. The platform combines
technical expertise and cloud-native tools to deliver a scalable,
efficient and affordable solution, enabling financial institutions
to manage post-trade processing of confirmations, compliance,
payments, settlements, ledger postings and reporting. As we
continue this trajectory, we’re certain Synovus Bank’s clients will
enjoy a superlative international banking experience.”
Synovus Bank, a Georgia-chartered, FDIC-insured bank,
provides commercial and consumer banking in addition to a full
suite of specialized products and services including private
banking, treasury management, wealth management, mortgage services,
premium finance, asset-based lending, structured lending, capital
markets and international banking. Synovus has branches in Georgia,
Alabama, South Carolina, Florida and Tennessee. Synovus is a Great
Place to Work-Certified Company and is on the web at synovus.com
and on Twitter, Facebook, LinkedIn and Instagram.
Finzly provides the financial infrastructure for Banks,
Fintechs, and Businesses to offer and access financial services in
an open, connected, real-time, and embedded ecosystem. Finzly’s
operating system for banks acts as a parallel core platform and is
modern, cloud-based, real-time, and API enabled. With an array of
readymade banking solutions including a multi-rail payment hub
(ACH, Fedwire, RTP, FedNow, and SWIFT), foreign exchange, Digital
Account Opening, KYC, Risk, Compliance, and a suite of customer
experience components, Finzly allows the building of programmable
banks, also offering a platform to launch Banking as a Service to
fintech partners. To learn more, visit www.finzly.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221116005166/en/
Audria Belton media@synovus.com
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