INTL FCStone Inc. (NASDAQ: INTL) has announced that its London-based subsidiary, INTL FCStone Ltd’s Global Payments Division (GPD), has enhanced its proprietary FXecute global payments technology platform with the addition of streamlined functionality that bridges its clients’ foreign exchange and payments services.
FXecute is INTL FCStone Ltd’s proprietary global payments platform that provides clients with a one-stop solution for making payments in more than 175 countries. Clients have access to live currency market rates, and can seamlessly execute payments in more than 140 currencies, which includes the world’s roughly 90 exotic currencies used in the developing world.
The system also provides integration solutions via GPD’s Web Services API which clients can use to retrieve rates and execute trades.
Additionally, FXecute now enables clients to make payments using the local ACH system, ensuring seamless and less expensive payments while eliminating execution gridlocks. GPD has onboarded a multitude of its correspondent bank partners in developing countries for ACH functionality in order to provide uninterrupted payment delivery in local currency for those clients sending money to these markets.
Carsten Hils, Global Head of INTL FCStone Ltd’s Global Payments Division, commented:
We are committed to maintaining an open dialogue with our customers and continually improving the services that we offer based directly on their feedback, and the recent enhancements to FXecute directly serve the needs of our major bank clients. Payments technology changes at a rapid pace, and these additions to FXecute ensure that it remains the industry-leading payments execution service for exotic currencies. We have utilized our more than 20 years of experience in providing payments to the developing world, as well as the expertise of our best-in-class information technology team, to provide our customers with an even more efficient, secure, and effective global payments platform.
FXecute allows GPD customers to access the Company’s payments capabilities and allows clients to simplify their international funding operations while providing a clear audit trail and analytical reports.
GPD’s clients can process their payrolls through FXecute in local currencies, simplifying their money management processes.
Hils concluded:
Carsten Hils, Global Head of INTL FCStone GPD
FXecute brings efficiency and security to the payments process, and it is unmatched in the scope of markets and currencies that it covers. We are extremely proud to offer clients a comprehensive payments solution via FXecute, and strive to continually improve the platform to ensure that it provides for the needs of an ever-evolving market. We look forward to onboarding additional customers to FXecute, and to implementing even more advanced functionality, over the coming months.