StoneX announced today the launch of its Messaging Hub (XMH) service, which will be used to automate and standardise payments and financial messaging flows across established applications and systems. This enterprise-grade technology solution will act as a single gateway for the process, covering both the inbound and outbound flows of financial documentation present in daily operations for financial institutions as well as blue-chip corporations.
The Company’s Global Payments Division is the first to incorporate XMH, a solution which also has the functionality to support all file types for financial messaging including xls, csv, fixed format and PDF. XMS works to convert these variants into standardised file types, for example a Swift ISO20022 for payments or an MT940 for account statements.
The messaging hub’s underlying infrastructure has been constructed from the ground up to dramatically enhance client experience, as it works to streamline and automate financial messaging. Such an infrastructure means that XMH is adaptable and able to integrate seamlessly into widely used APIs and platforms. As such, firms will then have the ability to avoid time consuming and expensive updates to applications used on a daily basis.
Chandu Venugopal, Global Product Manager for the StoneX Messaging Hub, stated:
With XMH, financial institutions and multinational corporates can greatly reduce the cost of their operations with a platform that is efficient, secure, and compliant.
Users of The StoneX Messaging Hub will also have access to a customisable dashboard showing their current global cash positions and a distributed banking module to help maintain current counterparty details through the use of unique ID codes. The service is also designed to support payment processing, alongside account statement processing and generation. Plans for future updates to the solution are already in the pipeline, including incorporating additional forms of financial messaging to support other sectors within StoneX and external clients, and the addition of financial messaging support for securities and commodities.
Venkat B.V., Head of StoneX Technology Services said:
Venkat B.V. Source: LinkedIn
We’re excited to leverage our technical prowess and extensive financial services expertise to create the next evolution in financial messaging. The StoneX Messaging Hub will allow users to effectively streamline their internal operations using a seamlessly integrated piece of software that can scale and adapt alongside their own core programs.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
