Wells Fargo Bank has announced a new international currency payment service. PayPal is the first customer of the service.
Using Wells Fargo’s new service, U.S. companies can expand their businesses to international markets without setting up complicated separate banking relationships with foreign banks, and they can better reach out to local markets by pricing products in local currencies. By using this new service, no foreign exchange conversion is needed since the funds are settled in the local currency — providing a less expensive payment solution and allowing companies to focus on sales growth. Reporting is customizable for the corporation; Wells Fargo supplies the data in a standardized format for merchants to import the data into their internal accounting and reporting systems.
Payment Partners offers a similar service which is bank independent.