INTL FCStone today announced that its Global Payments Division (GPD) has enhanced its proprietary FXecute global payments technology platform with the addition of streamlined functionality, aiming to bridge its clients’ foreign exchange and payments services.
The new functionality is introduced less than a month after the company launched a financial information exchange (FIX) protocol, now integrated with its proprietary FXecute global payments platform, as reported by Finance Magnates.
FXecute is a one-stop solution for making payments, giving clients access to live currency market rates which can seamlessly execute payments in over 140 currencies, including around 90 exotic currencies.
The enhanced and customizable solution can easily adapt to each client’s internal procedures whilst ensuring that they are maintaining proper controls for their international payments.
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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.
The company 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’s Global Payments Division, commented, “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.”
Simplifies the Process
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.
The platform provides clients with the intelligence necessary to understand local market conditions, which is critical given that every country has different regulatory requirements that must be met for successful and efficient payments execution. Clients are also able to process their payrolls through FXecute in local currencies, further simplifying their money management processes.