BofA Extends Guaranteed FX Rates Up to 1-Year
Bank of America has extended its Guaranteed FX Rates offering to up to 1-year, the longest tenor in the industry. This extension aims to help companies manage foreign exchange risk associated with cross-currency payments and receipts. The solution now supports over 200 currency pairings across multiple tenors, with the 1-year tenor available in 37 currency pairs.
Key highlights include:
- Clients who adopted Guaranteed FX rates in 2024 account for over 20% of year-to-date volume growth
- Currency pairs with notable volumes include USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD
- Clients can access the service through CashPro® platform and Swift
Bank of America was recently named the World's Best Bank for FX Payments by Euromoney magazine, recognizing its leadership in foreign exchange and its position as one of the top three global players in transactional FX business.
La Bank of America ha esteso la sua offerta di Tassi FX Garantiti fino a 1 anno, il termine più lungo nel settore. Questa estensione mira ad aiutare le aziende a gestire il rischio di cambio associato ai pagamenti e alle ricezioni in valuta estera. La soluzione ora sostiene oltre 200 coppie di valute attraverso molteplici scadenze, con il termine di 1 anno disponibile in 37 coppie di valute.
Le principali novità includono:
- I clienti che hanno adottato i tassi FX Garantiti nel 2024 rappresentano oltre il 20% della crescita del volume da inizio anno.
- Le coppie di valute con volumi rilevanti includono USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD.
- I clienti possono accedere al servizio tramite la piattaforma CashPro® e Swift.
La Bank of America è stata recentemente nominata La Migliore Banca del Mondo per i Pagamenti FX dalla rivista Euromoney, riconoscendo la sua leadership nel cambio estero e la sua posizione come uno dei primi tre attori globali nel settore FX transazionale.
Bank of America ha ampliado su oferta de Tarifas FX Garantizadas hasta 1 año, el plazo más largo en la industria. Esta ampliación tiene como objetivo ayudar a las empresas a gestionar el riesgo de cambio asociado con los pagos y recepciones en divisas. La solución ahora soporta más de 200 pares de divisas a través de múltiples plazos, siendo el plazo de 1 año disponible en 37 pares de divisas.
Los puntos clave incluyen:
- Los clientes que adoptaron las tarifas FX garantizadas en 2024 representan más del 20% del crecimiento del volumen acumulado en el año.
- Los pares de divisas con volúmenes notables incluyen USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD.
- Los clientes pueden acceder al servicio a través de la plataforma CashPro® y Swift.
Bank of America fue recientemente nombrada La Mejor Banco del Mundo para Pagos en FX por la revista Euromoney, reconociendo su liderazgo en el cambio de divisas y su posición como uno de los tres principales actores globales en el negocio de FX transaccional.
뱅크 오브 아메리카는 최장 1년까지 보장된 FX 요금 제공을 연장했습니다, 이는 업계에서 가장 긴 기간입니다. 이번 연장은 기업들이 외화 자금의 입출금과 관련된 환위험을 관리하는 데 도움을 주기 위한 것입니다. 이 솔루션은 이제 200개 이상의 통화 쌍을 지원합니다, 여러 기간에 걸쳐 있으며, 1년 기간은 37개 통화 쌍에서 이용할 수 있습니다.
주요 사항은 다음과 같습니다:
- 2024년 보장된 FX 요금을 채택한 고객은 연초 대비 20% 이상의 볼륨 성장에 기여하고 있습니다.
- 주요 거래량을 보유한 통화 쌍에는 USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD가 포함됩니다.
- 고객은 CashPro® 플랫폼과 Swift를 통해 서비스를 이용할 수 있습니다.
뱅크 오브 아메리카는 최근 Euromoney 잡지에서 환전 결제 부문 최고의 은행으로 선정되었으며, 환전 분야에서의 리더십과 거래성 FX 비즈니스에서 세계 3대 기업 중 하나로 자리 잡고 있음을 인정받았습니다.
Bank of America a étendu son offre de Taux FX Garantis jusqu'à 1 an, la période la plus longue dans l'industrie. Cette extension vise à aider les entreprises à gérer le risque de change associé aux paiements et aux reçus en devises. La solution soutient désormais plus de 200 paires de devises sur plusieurs périodes, avec une disponibilité de 1 an dans 37 paires de devises.
Les principaux points forts incluent :
- Les clients ayant adopté les taux FX garantis en 2024 représentent plus de 20 % de la croissance du volume depuis le début de l'année.
- Les paires de devises avec des volumes notables incluent USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD.
- Les clients peuvent accéder au service via la plateforme CashPro® et Swift.
Bank of America a été récemment nommée Meilleure Banque au Monde pour les Paiements FX par le magazine Euromoney, reconnaissant son leadership dans le domaine des changes et sa position parmi les trois principaux acteurs mondiaux dans le secteur du FX transactionnel.
Die Bank of America hat ihr Angebot an garantierten FX-Kursen auf bis zu 1 Jahr verlängert, das ist die längste Laufzeit in der Branche. Diese Erweiterung zielt darauf ab, Unternehmen zu helfen, das Währungsrisiko im Zusammenhang mit grenzüberschreitenden Zahlungen und Einnahmen zu steuern. Die Lösung unterstützt nun über 200 Währungspaare über mehrere Laufzeiten hinweg, wobei die 1-jährige Laufzeit in 37 Währungspaaren verfügbar ist.
Wichtige Highlights sind:
- Kunden, die 2024 garantierte FX-Kurse angenommen haben, machen über 20 % des bisherigen Volumenswachstums aus.
- Währungspaare mit bemerkenswerten Volumina sind unter anderem USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD.
- Kunden können über die CashPro®-Plattform und Swift auf den Service zugreifen.
Die Bank of America wurde kürzlich von der Zeitschrift Euromoney als Beste Bank der Welt für FX-Zahlungen ausgezeichnet und erkennt damit ihre Führungsposition im Devisenbereich und ihre Stellung als eines der drei führenden internationalen Unternehmen im transaktionalen FX-Geschäft an.
- Extended Guaranteed FX Rates offering to up to 1-year, the longest in the industry
- Supports over 200 currency pairings across multiple tenors
- 1-year tenor available in 37 currency pairs
- Clients adopting Guaranteed FX rates in 2024 account for over 20% of year-to-date volume growth
- Named World's Best Bank for FX Payments by Euromoney magazine
- Recognized as one of the top three global players in transactional FX business
- None.
Insights
Bank of America's extension of Guaranteed FX Rates up to 1-year is a significant development in the foreign exchange market. This move positions BofA as an industry leader, offering the longest tenor available for guaranteed rates. The extension addresses growing demand from businesses engaged in cross-border transactions, particularly in e-commerce, services, manufacturing and the gig economy.
Key points to consider:
- The solution now supports over 200 currency pairings across multiple tenors, with the 1-year tenor available in 37 currency pairs.
- Notable volume in pairs like USDMXN, EURUSD, USDCAD and GBPUSD indicates strong demand in major trading currencies.
- Clients who adopted Guaranteed FX rates in 2024 account for over
20% of year-to-date volume growth, suggesting rapid uptake and potential for increased revenue in this segment.
This innovation could lead to increased market share and revenue for BofA's FX business, potentially boosting the bank's profitability in its Global Markets division. The recent recognition as the World's Best Bank for FX Payments by Euromoney further solidifies BofA's position in the competitive FX industry, which could attract more clients and business volume.
The extension of Guaranteed FX Rates to 1-year by Bank of America is a game-changer for corporate treasury management. This innovation addresses several critical challenges faced by treasurers:
- Improved Cash Flow Forecasting: Longer-term guaranteed rates significantly enhance the accuracy of cash flow projections, important for strategic financial planning.
- Risk Mitigation: Extended rate guarantees provide a powerful tool for managing currency fluctuation risks, especially important in today's volatile global markets.
- Operational Efficiency: The solution simplifies treasury processes, potentially reducing the time and resources needed for FX management.
The integration with CashPro® platform and Swift compatibility ensures easy adoption without additional technology investments. This could lead to increased client retention and attraction of new corporate clients seeking advanced treasury solutions. For investors, this signals BofA's commitment to innovation and client-centric services in its Global Payments Solutions, potentially driving long-term growth in its transaction banking business.
Extension Follows Growth In Cross-Border Payments
Company Named World's Best Bank for FX Payments
"When FX risk is managed appropriately and efficiently, it can bring enormous value to companies that process large volumes of cross-border payments," said Bhupen Velani, head of Transactional FX Trading in Global Markets at Bank of America. "As our clients' business models have evolved, these volumes have increased, and so too has the appeal to lock in FX rates with longer tenors."
In recent years, the volume and value of cross-border payments has continued to dramatically increase with much of the volume generated by businesses in the e-commerce, services, manufacturing and "gig" industries (companies and individuals engaging in short-term, project-based work). The growth is also being spurred on by innovations in technology.
This year marks the 8th year since BofA launched Guaranteed FX Rates beyond a 24-hour tenor. Key developments of the solution since then include:
- Guaranteed FX Rates today supports over 200 currency pairings across multiple tenors.
- Currencies eligible for Guaranteed FX Rates have increased steadily based on client demand.
- The 1-year tenor is available in 37 currency pairs.
- Currency pairs with the most notable volumes include USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD.
- Clients who went live with Guaranteed FX rates in 2024 account for over
20% of year-to-date volume growth.
"For corporate treasurers, volatile FX markets exacerbate the challenge of cash flow forecasting," said Daniel Stanton, head of Transactional FX in Global Payments Solutions at Bank of America. "Securing guaranteed FX rates of longer tenors can help them improve forecasting, which will lead to better informed decision-making."
Bank of America clients can access Guaranteed FX Rates through the CashPro® platform and via Swift with no additional technology changes required.
World's Best Bank for FX Payments
Last month, Euromoney magazine recognized Bank of America's leadership in foreign exchange by naming it the World's Best Bank for FX Payments. The publication noted Bank of America's transactional FX business has "quickly risen to become one of the top three global players," reflecting "the bank's strategic vision, innovative products and global reach, enabling it to secure a strong market position and stand out in the competitive FX industry."
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Reporters may contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
Sheryl Lee, Bank of America
Phone: 1.657.234.9950
sheryl.lee2@bofa.com
1 Length of one year is subject to Bank of America TFX Trading approval.
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SOURCE Bank of America Corporation
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