The Royal Bank of Scotland (RBS) has launched the FI GlobalAccount product, which provides a platform to deliver cross-currency payments in 132 currencies for financial institutions and their clients, eliminating the need for multiple nostro currency accounts and their associated costs.
FI GlobalAccount enables clients to make payments to 183 countries in local currencies from a single base currency account, denominated in a range of major tradable currencies. The combination of web-based FX initiation and SWIFT-based payment connectivity allows clients to ingrate the product with their existing infrastructure.
We recognized that financial institutions needed to simplify the complexity and reduce costs in their own operations and concentrate their liquidity into their core currencies, whilst serving their clients growing global needs, Wilco Dado, head of payments for Global Transaction Services at RBS, says. FI GlobalAccount is entirely bespoke to FIs and delivered in a simple, flexible and cost-effective way.
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(CM)