Datasoft Embeds Correspondent-Banking-as-a-Service into its Core Offering
TORONTO, May 27, 2021 (GLOBE NEWSWIRE) — Datasoft Global Technologies Inc. (“Datasoft”), a leading provider of foreign exchange and global payments software solutions, announced today their latest on-demand product extension, FxOffice Platform-as-a-Service (PaaS). Datasoft now embeds multiple world class FX liquidity and payment providers into the FxOffice core to bring an array of foreign exchange pricing, execution and cross border payment services to financial institutions. With inbuilt FX and payments automation, financial institutions can quickly deploy and leverage the respective strengths of multiple partners from Datasoft’s network. Banks, FX brokers and money services businesses (MSBs) can each benefit from wider global coverage, competitive FX liquidity pricing and optimal payment routing within an end-to-end technology platform.
“From fostering competition amongst partners to making exotic corridors more accessible, the advantages of FxOffice PaaS are far-reaching,” said Rahim Harji, CEO at Datasoft. “Too often, we see institutions with working correspondent banking relationships that offer limited global coverage, substandard automation and poor pricing. Being able to choose from a catalog of global-leading payment partners allows financial institutions to take advantage of the specialized strengths of each partner on a single digital backbone.”
Having a network of partners rolled into FxOffice PaaS removes the arduous and costly nature of organically nurturing and implementing individual relationships with correspondent banks. FxOffice PaaS offers over 880 currency pairs with payments to over 140 countries including some in-country corridors. The embedded cross-border and in-country payment rails will deliver sophisticated straight-through-processing automation instantly modernizing the back-office. FxOffice PaaS is seamlessly integrated through real-time application programming interfaces (APIs).
FxOffice PaaS can be used in conjunction with the existing FX and global payments infrastructure of established financial institutions. By consolidating to a correspondent-banking-as-a-service model, existing valuable relationships can be retained while phasing out expensive ancillary liquidity and correspondent relationships.
The power of the FxOffice platform combined with Datasoft’s curated global partners is set to transform how financial institutions source FX liquidity and grow global payment rails.
Datasoft is a fintech company with a proven reputation for innovation and service excellence in the foreign exchange and international payments software space. Datasoft’s flagship platform, FxOffice, delivers end-to-end enterprise capability unifying FX dealing, risk management, compliance, payments and finance all into a single platform. Financial institutions of all sizes across North America, Europe and Australia run on FxOffice. Datasoft is headquartered in Toronto, Canada. For more information, visit www.datasoft.global