Seeking to respond to the dual imperatives of cross-currency transactions, Bank of America has launched an omnichannel offering that now includes API (application programming interface) and mobile connectivity.

FX Trading API, one the new capabilities included in the launch, enables live trading with the firm’s new global foreign exchange desk. Moreover, guaranteed Rates API and FX Payments API enables a company to bundle payments into one foreign exchange transaction or associate multiple payments with a single trade.

Doug Houser, head of Transactional FX in Global Transaction Services (GTS) at Bank of America commented: “We are pleased to introduce new functionality that gives clients greater ease and control to manage their rapidly growing cross-border payments volume. With the ability to mix and match different channels for trading and settling, we’re giving companies the ultimate convenience in managing cross-currency payments.”

It means that many of the firm’s partners, including financial institutions, can now get direct access to more than 100 currencies and effectively trade anywhere and settle anywhere. For instance, a client could trade via API and settle via SWIFT, or trade online and settle via API.

“The pressure to have real-time information has never been greater,” said Paul Taylor, head of Global Financial Institution Sales in GTS at Bank of America. “Through our APIs and mobile connectivity, clients will now have rate and payment statuses at their fingertips, enabling them to share foreign exchange rates with their own customers almost instantly.”

Expert Analysis: FX APIs have continued to grow in popularity since their launch, particularly in industries such as banking and non-banking financial institutions, retail, and technology.