INTL FCStone Inc. (NASDAQ: INTL) today announced that its London-based subsidiary, INTL FCStone Ltd’s Global Payments Division (GPD) has joined the SWIFT global payments innovation (gpi) initiative.
SWIFT gpi is a partnership of more than 110 global banks, which bring together their expertise in an effort to solve those issues currently impacting global payments, and to promote innovation for cross-border transactions.
The initiative’s mission is to transform the international payments landscape as new technologies emerge, and thereby to facilitate the acceleration of global trade.
Carsten Hils, Global Head of INTL FCStone Ltd’s Global Payments Division, commented on today’s news:
We are honored to help pave the way for the non-bank community to participate in SWIFT gpi, and plan to utilize our unique expertise to promote greater speed, transparency, and predictability for cross-border payments. SWIFT has taken a leadership position in enhancing cross-border transactions and bringing together over 110 leading global banks, in order to improve business operations and supplier relationships, and achieve greater treasury efficiencies.
INTL FCStone Ltd’s Global Payments Division has joined as a non-bank gpi participant due to its specialization in transferring funds in local currency to the developing world on behalf of many of the world’s leading banks. GPD offers cross-border payments solutions to global financial institutions including eight of the top ten in the Euromoney 2017 survey of FX Market Share, in addition to international aid and development organizations, non-governmental organizations, and multinational corporations.
Steve Gilderdale, Head of UK, Ireland and Nordics at SWIFT, concluded:
We are pleased to welcome INTL FCStone Ltd to SWIFT gpi. As one of the first non-bank participants, INTL FCStone is paving the way for others, helping to further extend our reach across additional payment channels. I would like to thank them for their participation and for the added value they will bring to the initiative.
INTL FCStone Ltd’s Global Payments Division allows clients to execute payments in more than 175 countries and 140 currencies through its global network of approximately 300 correspondent banks, and leverages this network to provide intelligence on local market conditions that critically impact international payments and foreign exchange.
GPD team members regularly liaise with global government and regulatory bodies, as well as other decision makers and market participants, to source proprietary intelligence that provides clients with unique insights into local market conditions.