06/29/2022 | News release | Distributed by Public on 06/29/2022 13:53
Currency Exchange International (CXI) provides leading foreign exchange and international payment technology solutions to its clients. CXI's foreign check clearing services are one of the many ways to add additional value to your institution.
Unlike the Federal Reserve and other foreign check clearing providers, CXI delivers more efficiency and reduced costs, while also improving your revenue stream.
Has your institution outgrown the Federal Reserve foreign check clearing process? Are you thinking of switching providers to get a more customizable experience? CXI is your perfect match!
With more than 80 countries and currencies available for processing, CXI is guaranteed to help your institution get a simplified process, while increasing security, and more. Keep reading to find out how.
Today, the Federal Reserve clears foreign checks through a much more complex process. The processing of foreign checks with the Federal Reserve has not kept pace with advances in technology, therefore processing time is more and cost remains high. The manual process includes:
Most financial institutions are either deposited separately or are sent to special handling at a central processing area. Many financial institutions do this weekly to manage the courier expense, which delays availability further. The exact amount of the credit for the depositor is not known for a few days after receipt at the Federal Reserve, so settlement of a credit check deposit can take well over 1-2 weeks.
CXI has a simple and efficient process for foreign check clearing. On the other hand, the Federal Reserve foreign check clearing process is tedious. Long processing time, shipping costs, and clearing time are a few reasons clients make a switch to CXI. Due to the effects of covid, shipping costs and processing times have increased.
So instead of waiting two or more weeks for clearing, checks can be processed in little as one day with immediate credit and availability, upon approval.
Another feature that CXI has is fixed daily rates, with revenue share built into the rate.
With over 1,600+ institutional relationships, CXI provides institutions with a streamlined process to receive international items. Here are some key benefits institutions will receive when clearing foreign checks with CXI:
Learn more here and make the switch!