StoneX has announced it has become one of the first financial institutions to integrate Swift’s new cross-border payment solution.
Swift introduced the Payment Pre-Validation service to enable firms to verify account details before initiating international payments, which has been much needed in the cross-border payment field.
The service aims to reduce errors, expedite transaction speed and improve straight-through-processing to enable a more seamless customer experience.
Now implemented into StoneX Payments, clients of the firm will benefit from a range of services, spanning across 140 currencies and over 180 countries.
Some of these benefits include real-time validation of beneficiary account details, standardised error codes, verification of recipient bank’s Swift BIC, and improved data quality.
Mireia Guisado Parra, Product Owner of the Payment Pre-validation service at Swift, said: “Payment Pre-validation utilises pseudonymized 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.”