Enterprise payments platform provider Treasury Intelligence Solutions (TIS) has introduced its global FX payment service to lower expenses tied to cross-border transactions.

The new service enables multinational clients to have in-platform access to more than 140 currency options across over 175 countries.

According to TIS, its offering can help users avoid costly FX fees and non-competitive exchange rates while carrying out cross-border payments.

This is expected to result in significant cost savings for companies that generate a high volume of cross-border transactions.

The new service offers various benefits, including offering integrated access to nearly every currency option and local market across the globe for businesses.

It also helps conduct cross-border payments using local currencies and payment rails, enabling to attain lower FX rates and transaction fees compared to traditional channels.

The service also allows businesses to enhance their level of security and improve process efficiency besides having complete control over their global cash and payments activity across any bank, region, entity, currency, network, or market.

TIS co-founder and CSO Joerg Wiemer said: “Many TIS clients are multinational organisations that stand to benefit significantly from enhanced FX payment solutions.

“With these new capabilities, TIS now provides market-leading FX payment services that enable clients to substantially reduce their cross-border payment fees and also exercise more control over global payment operations, especially when transacting in foreign markets.”

TIS’ cloud-based platform for businesses is said to improve crucial functions surrounding cross-border and domestic payments, bank connectivity, cash forecasting, fraud prevention and payment compliance.