Synovus Introduces Synovus Accelerate FX, a New Digital Foreign Exchange Experience

Rhea-AI Summary

Synovus has launched Synovus Accelerate™ FX, a comprehensive foreign exchange solution designed to enhance international banking services. This innovative platform, facilitated through the Synovus Gateway℠, supports efficient foreign exchange payments and trading. Powered by fintech partner Finzly, it offers clients a secure self-service portal for managing currency transactions without banker interaction. Features include multicurrency accounts and streamlined workflows for pricing, trading, risk management, and compliance, aiming to improve business decision-making and cash conversion cycles.

Positive

• Launch of Synovus Accelerate FX enhances international banking services.
• Self-service portal allows for secure and efficient foreign exchange transactions.
• Partnership with Finzly strengthens service offerings and technical capabilities.
• Multicurrency accounts facilitate bulk purchases of foreign currencies, easing overseas payments.

Negative

• None.

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus today announced the introduction of Synovus Accelerate™ FX, an end-to-end, innovative FX solution to drive the expansion of international banking services. Synovus Accelerate FX provides foreign exchange payments and trading services with convenient access and management through the Synovus Gateway℠ commercial banking portal. Synovus Accelerate FX is supported by Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and BaaS. Finzly is also an innovator in payments processing, offering a payment hub that is readily connected to all domestic and international payment networks.

“With Synovus Accelerate FX, we’re excited to continue organizational investment and active expansion of our treasury management business and bring friction-free customer journeys through a robust tech stack at the bank,” said Katherine Weislogel, head of treasury and payment solutions at Synovus. “Offering world-class global treasury solutions, Synovus Accelerate FX and international payments are at the forefront of our transformation initiatives. Synovus Accelerate FX anticipates the rapidly evolving requirements of organizations to accelerate foreign exchange and payments, improve the cash conversion cycle and make better business decisions.”

Synovus Accelerate FX enables a modern, cloud-native, API-first platform for clients to manage their international banking needs and foreign currency exposure. Using a self-service web portal, clients can safely and securely transact their foreign exchange quickly, easily and cost-efficiently without requiring an interaction with a banker. Additionally, the platform offers multicurrency accounts to purchase foreign currencies in bulk, making it easy for businesses to send and receive payments overseas regularly. Synovus clients also benefit from convenient features, including payment initiation, self-administration of internal users, permissions and limits.

“We couldn’t be more excited to make Synovus Accelerate FX a strategic and holistic solution to offer best-in-class international payment experience and FX services to our clients,” said Dr. Jeffrey Beisler-Snell, head of international banking at Synovus. “Synovus Accelerate FX provides customer success on the front end and automation on the back end. It’s a simple and intuitive experience, filling all the gaps to offer a friction-free customer and banker experience.”

Synovus Accelerate FX streamlines the pricing, trading, risk management, settlement processing, confirmations, matching, accounting, compliance, reporting and nostro reconciliation. The platform also seamlessly connects with Synovus Bank’s core system and third-party systems like AML, OFAC and market data. Synovus Accelerate FX leverages configurable workflows, distributed computing, faster “in-memory” data grids, “drag and drop” reporting and real-time monitoring.

“We’re delighted to be the FX platform of choice for Synovus Bank – an institution that puts customer experience and efficiency at the epicenter,” said Booshan Rengachari, founder and CEO of Finzly. “Finzly has simplified the trading and payment of foreign currencies with a seamless user experience. The platform combines technical expertise and cloud-native tools to deliver a scalable, efficient and affordable solution, enabling financial institutions to manage post-trade processing of confirmations, compliance, payments, settlements, ledger postings and reporting. As we continue this trajectory, we’re certain Synovus Bank’s clients will enjoy a superlative international banking experience.”

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram.

Finzly provides the financial infrastructure for Banks, Fintechs, and Businesses to offer and access financial services in an open, connected, real-time, and embedded ecosystem. Finzly’s operating system for banks acts as a parallel core platform and is modern, cloud-based, real-time, and API enabled. With an array of readymade banking solutions including a multi-rail payment hub (ACH, Fedwire, RTP, FedNow, and SWIFT), foreign exchange, Digital Account Opening, KYC, Risk, Compliance, and a suite of customer experience components, Finzly allows the building of programmable banks, also offering a platform to launch Banking as a Service to fintech partners. To learn more, visit www.finzly.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005166/en/

Audria Belton

media@synovus.com

Source: Synovus Financial Corp.

FAQ

What is Synovus Accelerate FX?

Synovus Accelerate FX is a new foreign exchange solution offering efficient payment and trading services through a self-service portal.

How does Synovus Accelerate FX benefit businesses?

It streamlines currency transactions, enhances decision-making, and improves the cash conversion cycle through its innovative features.

Who supports Synovus Accelerate FX?

The platform is supported by Finzly, a fintech provider specializing in banking applications.

When was Synovus Accelerate FX launched?

Synovus Accelerate FX was announced recently as part of Synovus's commitment to enhance its international banking services.

What features does Synovus Accelerate FX offer?

It offers multicurrency accounts, payment initiation, risk management, and compliance tools, all accessible via the Synovus Gateway.

What is the stock symbol for Synovus Financial Corp.?

The stock symbol for Synovus Financial Corp. is SNV.