XPress provides a comprehensive global payment capability for our originating clients. It enables our ACH originating clients to initiate cross-border ACH transactions utilizing the Federal Reserve’s FedGlobal® services. Payments can be made to 33 countries. Foreign exchange options are fixed-to-fixed in USD or fixed-to-variable USD to foreign exchange services. XPress ACH originating clients will be able to take advantage of this capability via the same channels they use to originate domestic ACH transactions today. Customers will also be able to receive all relevant reporting of these cross-border transactions via the same reporting / inquiry channels they use through our system.
XPress IAT offers a single processing stream to originators to send domestic and international ACH credits and debits (debits are for Canadian transactions only) using domestic ACH deadlines. For payment originated in the U.S. and sent through FedGlobal®, the Federal Reserve Bank of Atlanta serves as the U.S. Gateway Operator (GO) and works with the appropriate foreign gateway operator (FGO).
It is important to remember that each country is governed by its own domestic clearing rules and practices.
XPress allows for transactions to be originated with two types of currency value exchange: fixed-to-variable (FV) and/or fixed-to-fixed (FF) for outbound payments destined to foreign countries depending on the agreement with the FGO. These foreign exchange options include:
USD to foreign currency. U.S. dollars are converted to a variable amount of destination currency based on a competitive foreign exchange rate provided as part of the payment flow.
USD to USD. U.S. dollars are both sent and received to USD denominated accounts. This applies to countries that allow USD accounts and are permitted in FedGlobal®.
Cross-border payments are formatted using the NACHA Standard Entry Class (SEC) code IAT (international ACH transaction). The Company/Batch Header Record contains information specific to cross-border payments, including data related to foreign exchange, origination and destination country, and currency codes. The IAT SEC code and fields in the Company Batch Header Record allow cross-border payments to be readily identified.