INTL FCStone Inc. (NASDAQ: INTL) has announced that its London-based subsidiary, INTL FCStone Ltd’s Global Payments Division (GPD), 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. GPD also disclosed 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. GPD 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 cross-border 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. GPD, 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:
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.
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.”