StoneX Becomes Member of the SWIFT Platform Partnership Program

Rhea-AI Summary

StoneX Group Inc. has joined the SWIFT Platform Partnership Program through its subsidiary, enhancing client connectivity to the SWIFT network via APIs. This membership allows StoneX clients to benefit from increased transparency and real-time data for international payments without intermediaries. The initial rollout will be focused on StoneX Global Payments, utilizing APIs for pre-validation and tracking of cross-border transactions. This strategic move positions StoneX to improve client experience and streamline financial transactions.

Positive

• Membership in the SWIFT Platform Partnership Program enhances client access to real-time payment data.
• Increased transparency in cross-border payments improves customer experience and transaction tracking.
• StoneX Global Payments will lead the deployment, ensuring data accuracy before processing payments.

Negative

• None.

Membership enables StoneX clients with a direct and seamless connection to SWIFT API Platform with increased transparency for global payment needs

NEW YORK, Oct. 13, 2022 /PRNewswire/ -- StoneX Group Inc. ("StoneX" or the "Company") today announced that it is now a member of the SWIFT Platform Partnership Program through its wholly-owned subsidiary, StoneX Technology Services LLC. Membership in the SWIFT Platform Partnership Program allows StoneX's customers to connect directly to the full suite of Application Programming Interface (API) connectivity to the SWIFT network.

By providing this level of access to the SWIFT network, StoneX customers can access real-time data without the need for an intermediary. These APIs provide a new level of end-to-end transparency, including real-time status information for international payments. With this new capability, StoneX Group and its customers now will have full visibility into the status of their cross-border payments throughout the transaction lifecycle. StoneX Global Payments will be the first StoneX business to deploy this new functionality, using the pre-validation APIs to confirm that all data is accurate before initiating a cross-border payment and the Global Payments Innovation (GPI) API to track the payment from origin to destination.

Venkat Banavar V., Head of SWIFT Bureau Business for StoneX Technology Services, commented, "This partnership with SWIFT will deliver StoneX's clients with more transparency into, and control over, their financial transactions. These best-in-class APIs will greatly enhance the client experience, enabling them to access StoneX Global Payments products and services."

The SWIFT API Platform provides partners with APIs across a wide array of categories, including payments, GPI, reference data, business intelligence, notification services, pre-validation, transaction management, compliance, and trade finance.

Darren Holdstock, Head of Platform Partners at SWIFT added, "This partnership is an important milestone in easing adoption, extending reach, and enabling StoneX customers to benefit from the range of innovative API-based services available on SWIFT. We're delighted that the initial launch has gone smoothly and we are now ready to scale globally for the wider SWIFT user community."

Joining the SWIFT Platform Partnership Program furthers StoneX's commitment to provide clients with the latest in digital platforms to enhance their payments experience.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, connects clients with the global markets across a broad array of asset classes – providing execution, post-trade settlement, clearing and custody services through one trusted partner. Clients use its global financial services network to pursue trading opportunities, make investments, manage market risk, and improve performance. A publicly traded company (NASDAQ:SNEX) headquartered in New York City, StoneX Group Inc., and its 3,300 employees, serve more than 52,000 commercial, institutional, and global payments clients, and 370,000 active retail accounts, from more than 40 offices spread across five continents.

For further information about StoneX, please visit: https://www.stonex.com/

Media Contact
Jay A. Morakis
M Group Strategic Communications (for StoneX Group Inc.)
+1 646 859 5951 
jmorakis@mgroupsc.com 

Brian Bertsch
Head of Communications, StoneX Group Inc.
+1 201-679-5883
brian.bertsch@stonex.com 

SNEX-G

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SOURCE StoneX Group Inc.

FAQ

What is the significance of StoneX joining the SWIFT Platform Partnership Program?

Joining the SWIFT Platform enhances StoneX's client connectivity and transparency in international payments.

How does the SWIFT API Platform benefit StoneX clients?

It provides direct access to real-time data and status updates for cross-border payments.

What will be the first business to deploy SWIFT capabilities at StoneX?

StoneX Global Payments will be the first to deploy the new SWIFT functionalities.

When was StoneX's membership in the SWIFT Platform Partnership Program announced?

The membership was announced on October 13, 2022.

What is the stock symbol for StoneX Group Inc.?

The stock symbol for StoneX Group Inc. is SNEX.