‘Barclaycard Multicurrency’: New Foreign Exchange solution launches for corporate customers
- Barclaycard Multicurrency is a new integrated Foreign Exchange (FX) solution that enables Barclays acquired ecommerce customers to accept payments quickly and efficiently in over 100 currencies
- The solution uses a pre-determined fixed FX rate which reduces the impact of volatility to clients
- With streamlined integration processes the product can save customers valuable time
Barclaycard Payments has launched a new FX integrated payment solution in collaboration with Barclays Corporate & 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 will replace, Barclaycard’s existing Multicurrency Settlement Solution (MSS) previously available to all corporate payments clients.
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.”
For further information about Barclaycard Multicurrency, please visit:
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Barclaycard, part of Barclays Bank PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit. In the UK we process nearly £1 in every £3 spent using credit and debit cards, and in 2020 we processed over £267bn in transactions globally. We also partner with a wide range of organisations across the globe to offer their customers or members payment options and credit.
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