INTL FCStone Ltd's Global Payments Division Introduces Automated Clearing House (ACH) Connectivity
Company leverages global network and infrastructure to enhance offering for high-volume, low-value cross-border payments
LONDON , June 26, 2017 /PRNewswire/ -- INTL FCStone Inc. (NASDAQ: INTL) today announced that its London-based subsidiary, INTL FCStone Ltd's Global Payments Division ("GPD" or "the Company") has introduced Automated Clearing House (ACH) connectivity, significantly enhancing the Company's solutions for high-volume, low-value cross-border payments.
Low-value payments are the single largest driver of growth in GPD's payments volumes, which are currently ~60% higher than at this time last year. In order to support this increasing demand, the Company has embarked upon an initiative to securely access a greater number of global ACH low-value clearing systems. GPD maintains an extensive network of approximately 300 local correspondent banks worldwide, providing its customers with access to local clearing in 140 currencies across more than 175 countries. The Company has leveraged these trusted correspondent bank relationships to begin implementing ACH connectivity, and is looking to expand on its current ACH offering of 15 currencies by an additional 60 currencies over the next 12 months.
Gregory Vincent, Head of FX Payments (EMEA) at INTL FCStone Ltd's Global Payments Division, commented on today's news, "Having been clearing locally in 175 markets for most of the last 30 years, it was a natural progression to start developing seamless STP links to the local ACH. This has been driven by the high number of low-value payments that our global banking customers are increasingly bringing to us, as we collectively look to meet new corporate demand to make payments all over the world, particularly in emerging markets. These companies want to make smaller cross-border payments more efficiently, and in response we will be rolling out a larger suite of currencies where this is achievable."
GPD's trusted relationships with hundreds of global correspondent banks enable the Company to provide efficient and secure cross-border payments. Additionally, GPD team members regularly liaise with these banks, government and regulatory bodies, and other market participants to source unique local intelligence that is critical to payments and foreign exchange. The Company offers payments solutions to global financial institutions including eight of the top ten in the Euromoney 2017 survey of FX Market Share, in addition international aid and development organizations, non-governmental organizations, and multinational corporations.
Carsten Hils, Global Head of INTL FCStone Ltd's Global Payments Division, concluded, "Utilizing our expansive global correspondent bank network and existing infrastructure, we have implemented ACH functionality based directly on the feedback of our bank clientele, whose demand for such an offering has increased exponentially in recent years. We look forward to bringing ACH connectivity online for additional currencies in the coming months."
About INTL FCStone Ltd
INTL FCStone Ltd ("IFL") is a wholly owned subsidiary of INTL FCStone Inc. ("INTL"). IFL is registered in England and Wales (5616586). IFL is authorised & regulated by the Financial Conduct Authority [FRN 446717]. INTL acts as Agent for IFL in New York. INTL Asia Pte Ltd acts as agent for IFL in Singapore. Any individual security mentioned in this presentation is subject to the following disclosure: This information is not meant to be viewed as analysis or opinion of any security. This information should not be taken as an offer or as a solicitation of an offer for the purchase or sale of any security or other financial instruments or as a recommendation to engage in any trading strategy. INTL FCStone Financial Inc. may have long or short positions in securities or related issues mentioned here.
INTL FCStone Inc., through its subsidiaries, is a leading provider of execution, risk management and advisory services, market intelligence, and clearing services across asset classes and markets around the world.
Serving more than 20,000 customers in 130 countries on five continents, the company provides products and services across five market segments: commercial hedging, global payments, securities, physical commodities, and clearing and execution services. Our customers include the producers, processors and end users of virtually every major traded commodity, as well as asset managers, introducing broker-dealers, insurance companies, brokers, institutional and retail investors, commercial and investment banks, and governmental, non-governmental and charitable organizations. A Fortune 500 company headquartered in New York City, the company is listed on the Nasdaq under the ticker symbol "INTL".
Further information on INTL FCStone is available at www.intlfcstone.com.
Media Contact
Jay A. Morakis
M Group Strategic Communications (for INTL FCStone Ltd)
+1 212 266 0191
[email protected]
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