<New option, separately licensed>
For issuers using third-party payment apps and their cardholders, Way4 can improve the usability of currency exchange and help avoid FX fluctuations. It is quite attractive for customers who have multi-currency cards or have several accounts in different currencies.
This feature relies on our UFX protocol. It supports on-us transactions that come from digital banking channels and move funds between two customer accounts in different currencies.
For such transfers, the transaction amount can be defined in two ways. When a customer submits the amount to take from the source account, Way4 shows the available FX rate and applies it dynamically. It means that the destination account field displays the converted amount immediately.
And vice versa, when a customer submits the top-up amount for the destination account, Way4 calculates and displays how much funds will be debited from the source account.
No amount is blocked on the source account until the customers confirms the operation with a button click. 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 a more up-to-date FX rate.
This feature can also work for accounts processed within the core banking system (CBS), assuming that the CBS is integrated with Way4 via the online Way4 Core Banking interface.