Barclaycard launches FX solution

Barclaycard Payments has launched a new Foreign Exchange (FX) solution for corporate customers in collaboration with Barclays Corporate & Investment Bank.

Barclaycard Multicurrency enables e-commerce customers to accept payments in a number of currencies with settlement into Sterling, Euro, or US dollars using a pre-determined fixed FX rate.

The enhanced product provides simplicity, convenience and transparency for consumers through pricing in their local currency. It also offers ecommerce customers a host of additional benefits including:

Customers can protect their Barclaycard Multicurrency transactions against FX risk with pre-determined rates for 1 or 7 days, with mid-rates published before the trading period commences.

The Barclaycard platform has existing, built-in functionality that means if currency payments are acquired by Barclaycard, Multicurrency can be switched on with no additional integration.

“Selling abroad opens up exciting opportunities for businesses large and small – from growing their sales, to new markets and revenue streams,” said Paul Adams, head of product at Barclaycard Payments. “Barclaycard Multicurrency makes it easy for consumers to see prices and pay in their own currency, helping ecommerce businesses drive sales while protecting themselves from FX risk with locked-in rates.

“By the end of the year we expect our existing corporate clients with FX requirements to be using the new service.”

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