(by Ameli Berksman)

Wells Fargo, Citigroup and JPMorgan, three largest U.S. banks, built out foreign exchange to simplify international commercial transactions, the banks said.

Foreign Exchange Online service for Wells Fargo enables banks to purchase or sell multiple currencies on a spot/forward basis, with full reporting and straight-through processing functions.

Citigroup Global Transaction Services’ forex services give their clients an opportunity to avoid investing in infrastructure for straight-through processing (STP).

JPMorgan ACCESS Internet gateway for treasury and cash management services will be the basis for a new Foreign Exchange Funds Transfer Initiation (FX FTI) service for trading and payment facilities.