INTL FCStone Inc. (NASDAQ: INTL) has just announced that its London-based subsidiary, INTL FCStone Ltd’s Global Payments Division (the Company) offers indicative exchange rates, viewable in real-time for more than 175 currencies through its proprietary Global Payments Network, which is specifically enhanced for corporate clients.
Through its Rate Feed, INTL FCStone is the only company to offer accurate indicative foreign exchange rates for such a high number of currencies, particularly for the 90+ exotic currencies in developing world countries where sending funds is increasingly difficult.
The Rate Feed enables customers to instantaneously establish an accurate indication of the cost of a cross-border transaction, valuing the transaction or foreign currency holding in various currencies in real-time.
Separately, INTL FCStone Ltd’s global payment service allows customers to execute and manage orders in real-time, and to view the status of their payments through the Company’s FXecute portal, designed specifically for clients’ payment needs. 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 currencies, which includes the world’s roughly 90 exotic currencies used in the developing world. The platform guarantees payment execution in local currency to the majority of countries within two business days.
Carsten Hils, Global Head of INTL FCStone GPD
Carsten Hils, Global Head of INTL FCStone Ltd’s Global Payments Division, commented on today’s news:
We have been a pioneer in providing cross-border payments solutions for more than two decades, and the offering of indicative rates through our Rate Feed and FXecute platforms further solidifies our industry leadership position. Our innovative solutions allow our clients to avoid the substantial risks associated with sending funds around the world, particularly in developing world countries, and the Rate Feed functionality offers indicative exchange rates that are complementary to the payments process.
INTL FCStone Ltd’s Global Payments Division sources the rates that it provides to customers via its in-country relationships and intelligence in global markets, specifically its network of approximately 300 correspondent banks worldwide. This information is therefore uniquely accurate and up-to-date, and the Company provides its clients with these indicative rates seamlessly through its Global Payments Network, a proprietary cross-border payments intelligence portal to which all customers have access. This critical intelligence is unmatched in the scope of exotic markets and currencies that it covers, for which information is often difficult to ascertain from other sources.
Hils concluded:
The Global Payments Division specializes in transferring funds to the developing world, and this would not be possible without the critical intelligence sourced from our trusted global partners. The Global Payments Network provides our clients with all of this information through a single, comprehensive portal that is integrated with FXecute and Rate Feed. We are proud to bring efficiency and security to the payments process through this suite of technology solutions, as well as through our local market relationships around the globe.