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NEW: Our 2026 FX distribution survey report is live. Find out what the buy-side and sell-side had to say. READ MORE

Report

The Programmatic Shift:
How APIs, Embedded FX and AI will Redefine FX Distribution

New research reveals a structural transition is underway in FX – and the move from voice and manual execution only scratches the surface of a much bigger change.

Discover what’s driving the shift and how the industry is preparing for what’s next.

What the report covers

Based on responses from 143 corporate treasuries, banks and other FX market participants globally:

 

  • – How FX channel preferences are expected to change over the next five years

 

  • –  Why corporates predict embedded FX to more than double its share as an execution channel 

 

  • –  What ambitions do the buy-side and sell-side have for AI – and what’s holding them back 

 

  • –  Where  corporates would reallocate resources if bank services were largely embedded and automated 

 

  • –  Which trading and distribution capabilities are banks prioritizing in preparation 

“Trading distribution will become more automated and data-driven, with AI and APIs dynamically routing flow across liquidity sources.”
European Bank

Why this report matters

As market volatility, disrupted trade flows and balance sheet pressure make treasury operations more complex, corporates are looking for more streamlined, automated ways to manage FX.

Banks can play crucial role in helping to solve the operational and technology challenges their corporate clients face, evolving from provider to strategic partner.

Banks that simply upgrade legacy systems and liquidity distribution channels risk falling behind as the market shifts towards API-first and embedded infrastructure.

Strong technology foundations matter more than ever if banks are to seamlessly connect workflows and new execution channels, while supporting the adoption of agentic AI.

Access the full report

Benchmark your organisation against your peers and uncover the priorities shaping corporate treasuries’ FX management.

    The future of currency markets is changing.
    You are integral to it.
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