New Swift Cross Border Payments Solution Enabled by StoneX
(29 February 2024 – Belgium) StoneX is one of the first organisations to implement Swift’s new Payment Pre-Validation cross border payments technology.
Swift’s new service enables verification of beneficiary account details before initiating international payments for clients. While the functionality has been standard for domestic payments in several countries for some time it was not possible for cross-border transfers which are inherently more complex and often involve one or more correspondent banks.
The new service aims to reduce errors, expedite transaction speed and improve straight-through-processing, resulting in a more seamless customer experience.
“Payment Pre-validation utilises pseudonymised and aggregated data from billions of historic transactions on the Swift network to provide enhanced security and speed in cross-border payments. We are pleased that StoneX are extending these benefits to more financial institutions, thereby reducing friction in the payments ecosystem” stated Swift Product Owner of the Payment Pre-Validation Service, Mireia Guisado Parra.
“Clients of StoneX’s payments business, StoneX Payments, will benefit from the adoption of pre-payment validation technology. StoneX Payments facilitates foreign exchange payment transactions in more than 140 currencies and spanning over 180 countries.”
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