StoneX integrates Swift’s Payment Pre-validation service

Rick Steves

“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.

  • Read this next

    Institutional FX

    Intercontinental Exchange reinvents voice trading with ICE Voice

    “For the first time, ICE’s users will have a single, integrated platform for chat and voice that matches both traders’ need for always-on, instantaneous connectivity with other traders, and firms’ desire for easy-to-access and use records that help them meet their record retention requirements.”

    Fintech

    Duco launches EMIR-compliant transaction reporting eligibility validator

    “With Duco’s transaction reporting eligibility validator, customers can run independent checks whenever they want, get results in minutes, and access a clear audit trail. The solution provides insights at a field-by-field level so clients can see specific issues, discuss, and show ESMA they are considering discrepancies at a deep level.”

    Digital Assets

    Bybit’s trading volume near all-time high ahead of Bitcoin halving

    “Now, we’re seeing large inflows and smart money is moving fast. With the Bitcoin halving just around the corner, Bitcoin is proving itself as an institutional asset, a hedge against economic uncertainty, and a vote for financial freedom.”

    Digital Assets

    Morgan Stanley to add spot bitcoin ETFs

    Morgan Stanley is reportedly considering adding spot bitcoin ETF products to its brokerage platform. This move comes after the Securities and Exchange Commission (SEC) approved the investment vehicle in January.

    Digital Assets

    Hong Kong ends license applications for crypto exchanges

    Hong Kong has officially ceased accepting license applications from cryptocurrency exchanges as of February 29, signaling a stringent regulatory shift.

    Fintech

    Volt secures EMI license, expands payment solutions in UK

    Volt has successfully obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).

    Retail FX

    ASIC bankrupts finfluencer Tyson Scholz over stock tips

    The Australian Securities and Investments Commission (ASIC) has effectively bankrupted Tyson Robert Scholz, the figure behind “Black Wolf Pit.” The action marks a significant crackdown on so-called ‘finfluencers’ and individuals providing unlicensed financial services.

    Digital Assets

    Green Bitcoin Presale Raises $1M as Bitcoin Approaches its ATH

    The eco-friendly crypto project Green Bitcoin has seen its limited-time presale phase cross $1 million in funding. With an innovative gamified staking model and energy-efficient foundation, Green Bitcoin offers token holders a way to stake their tokens and generate yield.

    Web3

    Introducing QuickNode Streams: Elevating Blockchain Data Management

    Discover QuickNode’s Latest Innovation: Streamlining Blockchain Data Streaming for Enhanced Efficiency and Accessibility. Explore the Future of Blockchain Technology with Streams.

    <