<New option, separately licensed>
With Way4, financial institutions can fix the FX exchange rate for transfers between cards/accounts in different currencies at the moment the transfer is initiated and show this rate to the client in the interface of the Digital Banking app. This feature was first implemented in the core of Way4 CMS and this has now been extended to Way4 digital channels.
Customers see the currency exchange rate that will be used for the money transfer when the transaction is initiated and not when the transaction has already been completed. In this way customers have more control over their financial decisions and can avoid surprises from FX fluctuations. It is quite attractive for those who have multi-currency cards or several accounts in different currencies.
In the Digital Banking app interface users have two options: indicate either the transfer amount to take from the source account (in currency A) or the amount to add to the destination account (in currency B). Way4 shows the FX rate available for this transaction and what the converted value would be in the other currency.
No amount is blocked on the source account until the customer confirms the operation with a button click in the Digital Banking app. The issuer can set the time window for validity of the offered FX rate. If the operation is not completed in time, Way4 declines it and prompts the customer to start over. The new attempt will rely on an up-to-date FX rate.