Financial collaboration between Acceleron and Braid intended to automate international payments for community banks, boosting their non-interest income streams
In a move aimed at leveling the playing field for smaller community financial institutions, Acceleron and Braid have announced a partnership. This collaboration, announced in March 2023, brings together Acceleron's international payments infrastructure and Braid's modern banking core platform.
Through this partnership, community financial institutions will gain seamless access to Acceleron's foreign exchange marketplace and currency conversion system. The integration, facilitated via a single API, enables banks to offer real-time FX pricing and automated settlement on international wires.
Acceleron is committed to helping community financial institutions tap into their existing wire flow and turn it into a revenue generator. The low-lift, no-code integration allows banks to natively handle FX conversion using Acceleron's patented NudgeConvert system. The NudgeConvert system incentivizes customers to send in foreign currency, helping institutions capture revenue from wire flows that previously only benefited foreign intermediaries.
Randy San Nicolas, Co-Founder and CEO of Braid, stated that the partnership allows banks to expand correspondent banking services and capture FX spread directly. Damon Magnuski, CEO of Acceleron, added that the partnership with Braid will provide international payment technology to community banks.
The partnership could lead to faster processing, new revenue, and a more competitive offering for fintech partners and business clients alike. By bringing FX services in-house, community banks can generate non-interest income, compete globally, and streamline international wire processes, ultimately maximizing banking profitability.
The partnership does not specify how the FX services will be integrated, but it is clear that this collaboration is set to revolutionise the financial landscape for community banks, providing them with the tools they need to thrive in an increasingly competitive global market.
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