StoneX integrates Swift’s Payment Pre-validation service
“Payment Pre-validation utilizes pseudonymized and aggregated data from billions of historic transactions on the Swift network to provide enhanced security and speed in cross-border payments.”
StoneX has recently embraced Swift’s Payment Pre-validation service, becoming one of the pioneering financial organizations to do so. This new solution by Swift addresses the complexities and challenges associated with cross-border payments, aiming to enhance accuracy and efficiency.
Swift’s Payment Pre-validation service introduces real-time validation of beneficiary account details, reducing payment failures caused by inaccurate information. It also incorporates standardized error codes for quick identification of problematic transactions before initiation.
The verification of the recipient bank’s Swift BIC ensures accuracy, minimizing delays and misdirection. Moreover, the service focuses on improving data quality through structured and standardized payment data, facilitating smoother transaction processing.
Enhanced security and speed in cross-border payments
StoneX, through its Technology Services division, is at the forefront of adopting this cutting-edge technology, emphasizing its commitment to providing clients, particularly through StoneX Payments, with enhanced services. StoneX Payments, operating in over 140 currencies and 180 countries, boasts a vast network of correspondent banking relationships, ensuring effective and secure cross-border payments, especially in regions with limited transparency.
Mireia Guisado Parra, Product Owner of Swift’s Payment Pre-validation service, commended StoneX for extending the benefits of enhanced security and speed in cross-border payments to more financial institutions. “Payment Pre-validation utilizes 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.”
Swift’s Payment Pre-validation service is a significant step forward in addressing the challenges of cross-border transactions, offering tangible benefits such as real-time validation, standardized error codes, and enhanced data quality. StoneX’s proactive adoption of this technology reflects its commitment to staying at the forefront of financial innovation for the benefit of its clients.
Swift’s Payment Pre-validation service features:
- Real-time validation of beneficiary account details: This feature enables banks to verify beneficiary account information, such as account numbers and BIC, in real time, preventing transaction failures caused by inaccurate information
- Standardized error codes: Pre-defined error codes expedite the identification of problematic or risk-prone transactions before payment initiation
- Verification of recipient bank’s Swift BIC: Ensuring the accuracy of the receiving bank’s BIC reduces transaction delays and misdirection
- Improved data quality: Structured and standardized payment data enhances data quality and facilitates transaction processing.
StoneX Payments facilitates foreign exchange payment transactions in more than 140 currencies and spanning over 180 countries. A distinctive feature of StoneX Payments is its extensive network of over 350 correspondent banking relationships worldwide, each maintained independently. These relationships are leveraged to provide the effective and secure execution of cross-border payments, particularly in regions where transparency is often limited.
