Acceleron Bank Revolutionizes International Payments With NudgeConvert: Empowering Community Banks and Credit Unions To Generate Non-Interest Income.
WHITE RIVER JUNCTION, VT / ACCESSWIRE / March 13, 2024 / Acceleron Bank, a correspondent bank in formation, is focused on enhancing the non-interest income of community banks and credit unions. Its previously patented SmartRoute technology creates a real-time auction for foreign exchange payments, compressing pricing and making banks more competitive with larger financial institutions.
Introducing NudgeConvert, Acceleron's revolutionary Real-Time Wire Conversion Tool. When a client sends US dollars internationally, it is typically unprofitable for the community institution to process. The foreign bank receiving the funds charges a percentage spread to convert those dollars into the foreign currency, which is very profitable. NudgeConvert offers your customer a real-time incentive, such as waiving the wire fee, to process the transaction as a foreign exchange wire. This way, the community bank receives the percentage spread income instead of the foreign bank. As 9 out 10 international transactions are sent as US dollars, NudgeConvert provides the opportunity to repatriate billions of dollars of fees that foreign banks charge your customers.
Understanding the needs of community financial institutions, Acceleron Bank brings fully integrated international payments, which eliminates the need for costly integrations or third-party providers. Damon Magnuski, Founder/CEO: "A banker once explained that their US dollar international payments were not profitable. I knew deep down that if we could incentivize the person making the payment we could convince them to process in the foreign amount. NudgeConvert does exactly this. It lowers the transaction cost to the customer and makes international payments profitable for the financial institution."
The Bank is backed by institutional investors The Holt Xchange, Gustavson Capital, and Bluefin Equity Partners.
"As a lead investor, The Holt Xchange is proud to be a supporter of Acceleron Bank throughout their impressive growth journey. We are particularly excited about the development of NudgeConvert, an innovative technology that enhances user experience in their Financial FX transactions. This development marks a significant step forward in our continued commitment to advancing financial technology solutions." - Elisabeth Laett, The Holt Xchange
"We are thrilled about Acceleron Bank's understanding of the challenges faced by banks and credit unions in managing cross-border payments. Their innovative technology, NudgeConvert, promises to revolutionize the landscape, offering real-time wire conversion tools that benefit not only financial institutions but also their valued clients. Gustavson Capital is excited to support this endeavor, as it underscores our commitment to advancing transformative financial technology solutions." - Matthew Gustavson, Gustavson Capital
"Bluefin Equity Partners LLC is excited about NudgeConvert and believes it will enhance the forex service offerings of many financial institutions and improve their clients' experience. We look forward to Acceleron's growth in the market and continued recognition as an innovator in the fintech space." - Herbert Cash, Director
Acceleron Bank remains laser-focused on empowering community banks and credit unions with integrated solutions that allow them to better serve their customers and members and, thereby, their communities.
For media inquiries, please email info@acceleronbank.com.
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Contact Information
Elizabeth Downey
Chief Operating Officer
elizabeth@acceleronbank.com
8022307780
SOURCE: Acceleron Bank
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