This new feature in Way4 Issuing enables issuers, processors, and fintech companies to load and manage external currency exchange rates in real-time, greatly expanding the capabilities of multi-currency products such as cards, accounts, and digital wallets. This solution provides instant access to updated currency rates with options for personalization tailored to different customer segments such as individual and corporate clients. Way4 supports an unlimited number of currencies and opens up an additional revenue stream for issuers from foreign exchange operations.
With this new tool, you can load and update external exchange rates such as trading or treasury rates in real time. Incremental updates allow Way4 users to load only the rates needed for current transactions, optimizing processes and minimizing operational costs. Rates can be configured for each product or contract, ensuring that clients receive the most favorable rates at the time of each transaction.
How the new feature works in Way4 Issuing:
- The Way4 web service allows users to load exchange rates in real time through an API.
- Way4 simplifies rates configuration via pricing rules, providing flexibility and ease of management. For example, processing companies can set different types of exchange rates for various financial institutions, while issuers can create personalized rates for different types of payment cards.
- The system ensures continuous operation and current rates for transactions regardless of time zones, which is critical for international operations.
- This feature is applicable to all types of international transactions, whether cross-border e-commerce payments, physical payments, or international money transfers.
Benefits for Way4 users
- Direct revenue from currency transactions
The real-time system offers highly competitive rates, allowing clients to exchange currencies instantly at the most favorable terms. This is especially valuable for those making cross-border payments, international transfers, or online purchases. Banks benefit from flexible rate management by offering clients the best exchange terms and capitalizing on currency fluctuations. For example, clients can take advantage of the most favorable rates before they change, and banks can gain additional revenue without extra configuration costs.
- Creation of personalized multi-currency products
The ability to offer different rates to specific customer segments, such as VIP or corporate users, makes products more attractive and significantly enhances loyalty. Multi-currency products, including cards, accounts, and digital wallets, can be customized to the needs of different client groups, strengthening your bank's competitive edge.
- Customer retention through your bank's full range of foreign exchange services
This solution motivates your clients to keep their funds within your bank and use cards for purchases more frequently, eliminating the need to transfer funds to other payment platforms for better currency exchange rates. Your bank can now offer more advantageous terms directly through its multi-currency products, enhancing client loyalty and keeping them within your service ecosystem.