Barclaycard Payments has launched a new FX integrated payment solution ‘Barclaycard Multicurrency’ in collaboration with Barclays Corporate and Investment Bank.
‘Barclaycard Multicurrency’ enables eCommerce customers to accept payments in a wide variety of currencies with settlement into Sterling, Euro, or US Dollars using a pre-determined fixed FX rate.
As eCommerce continues to grow, the opportunities to expand to new markets also increase. Barclaycard Multicurrency allows businesses to accept payments from cardholders in their local currency, then automatically converts the funds and settles the payment in either Sterling, Euro, or US Dollars, using a locked-in rate.
Barclaycard Multicurrency allows eCommerce customers to expand their global reach by accepting multicurrency payments using a pre-determined rate. The offer builds on, and is set to replace, Barclaycard’s existing Multicurrency Settlement Solution (MSS); which has previously been made available to all corporate payments clients.
The newly-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:
- Locked-in FX rates: 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, which enables easier management of cash flows.
- Ease of Integration: 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. As integration processes can be lengthy, the enhanced product saves customers valuable time.
- Improved Rates: Existing customers have the potential to benefit from an efficiency saving by using internal Barclays’ reference rates.
Speaking on the launch of Barclaycard Multicurrency, Paul Adams, Head of Product at Barclaycard Payments, said, “Selling abroad opens up exciting opportunities for businesses large and small – from growing their sales, to new markets and revenue streams.
“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.”
