Sep 30, 2021

Barclaycard introduces new multicurrency payment service

Fintech
Barclaycard
multicurrency
Banking
2 min
Barclaycard Multicurrency is a new solution that enables Barclays ecommerce customers to accept payments quickly and efficiently in over 100 currencies

Barclaycard Payments has launched a new FX integrated payment solution ‘Barclaycard Multicurrency’, which 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.

Available for over 100 currencies, the offering uses a pre-determined fixed FX rate which reduces the impact of volatility to clients. Users can set rates for one or seven days, with mid-rates published before the trading period commences.

 

Expanding into new markets 

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 will replace, Barclaycard’s existing Multicurrency Settlement Solution (MSS) previously available to all corporate payments clients.  

 

What are the benefits? 

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:

  • 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.

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.”

 

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