INTL FCStone Ltd’s Global Payments Division launches financial information exchange protocol for cross-border payments platform

  • Company in the process of rolling out to one of the largest banks in the world, with plans to integrate for at least five additional multinational bank customers within the next 12 months

LONDON – INTL FCStone Inc. (NASDAQ:INTL) today announced that its London-based subsidiary, INTL FCStone Ltd’s Global Payments Division (“GPD” or “the Company”), launched a financial information exchange (FIX) protocol, which is integrated with its proprietary FXecute global payments platform. The FIX protocol is an electronic communication method for the real-time exchange of information, and its integration with FXecute marks one of the first FIX offerings for cross-border payments in exotic currencies. The Company also disclosed today that it is in the process of deploying the enhanced payments system for its newest bank client – one of the top five largest banks in the world by total assets.

FXecute is a proprietary global payments platform that allows GPD clients to execute payments in more than 175 countries and 140 currencies through the Company’s global network of approximately 300 correspondent banks. The platform provides access to live currency rates and guarantees payment execution in local currency to the vast majority of countries within two business days. The Company has enhanced the platform through the addition of a financial information exchange (FIX) interface. The built-in FIX capability allows banks to receive foreign exchange pricing seamlessly and to transfer funds through a single comprehensive system, which enables GPD bank clients to instantaneously establish the true cost of a crossborder payment. Banks will now be able to price their own customers’ transactions in exotic currencies in real-time and ensure that a fixed amount of local currency will be delivered, without exposing themselves to any price risk. The Company, which currently provides its cross-border payments platform to more than half of the top 10 banks in the world by total assets, plans to deploy the FIX-enabled platform to at least five additional bank customers within the next 12 months.

Carsten Hils, Global Head of INTL FCStone Ltd’s Global Payments Division, commented on today’s news, “We have been the industry leader in providing cross-border payments solutions in exotic currencies for two decades, and the integration of FIX functionality with our proprietary FXecute platform substantially enhances the services that we offer to our bank customers. We are proud to be in the deployment process for our newest bank client, one of the largest banks in the world, and believe this to be indicative of the quality of our offering. FXecute allows our clients to avoid the substantial risks associated with sending funds to developing world countries by leveraging our unmatched global correspondent banking network and local market expertise. FIX integration further enhances pricing transparency and streamlines the payments process.”

FIX functionality allows customers to view market rates for various currencies, execute and manage orders in real-time, and view the status of their payments through the easy-to-use FXecute portal. GPD now streams its currency pair rates on a real-time basis, ensuring that customers always have access to the most current information in order to streamline global payments and increase their efficiency. With the integration of FIX technology into FXecute, the Company is one of the first organizations to offer real-time rates for exotic currencies, enhancing the already strong market access, live currency rate information, and order management tools, strengthening its position as the premier provider of global payments solutions for the developing world.

Hils concluded, “The integration of FIX into our FXecute platform solidifies our industry leadership in the global payments space, as we are now able to provide more streamlined execution services. Our global team is available 24 hours a day to support customers using the platform and to simplify the onboarding process, as well as to liaise with local correspondent banks and regulators to ensure seamless payments in exotic currencies. We look forward to deploying our FXecute platform for additional bank customers over the coming months, and to upgrading our offering for our existing bank clients.”

Most recent episodes

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...


Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...


Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...


Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...


HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...


ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...


Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...


Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...