Business
StoneX and Fiserv Partner to Enhance Cross-Border Payment Capabilities for Financial Institutions
NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. (“StoneX”; NASDAQ: SNEX) announced that its Payments Division (“StoneX Payments”) has entered
About this update from Stonex Group Inc.
[{"type":"text","content":"NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. (“StoneX”; NASDAQ: SNEX) announced that its Payments Division (“StoneX Payments”) has entered into a partnership with Fiserv, Inc. (NYSE: FI) to extend its advanced cross-border payments offering to financial institutions. In conjunction with Fiserv’s Payments Exchange Services, community banks and credit unions will have an opportunity to directly leverage StoneX’s institutional-grade infrastructure, resulting in dramatically improved global reach, ultra-competitive pricing, and robust transparency across cross-border payment lifecycles. Payments Exchange Services from Fiserv is a flexible, web-based platform for completing end-to-end, real-time payments 24/7/365 through the RTP® Network from The Clearing House and the US Federal Reserve’s FedNow® Service, while also offering a range of foreign exchange and global payment capabilities. “This partnership with Fiserv is a key part of our broader strategic vision to expand StoneX Payments’ reach and enhance cross-border money movement for financial institutions globally,” said Thiago Vieira, Global Head of StoneX Payments. “This collaboration represents a significant opportunity for banks and credit unions to obtain enhanced capabilities that have traditionally been reserved for only the world's largest financial institutions.” StoneX’s broad global coverage eliminates redundancies and streamlines processes associated with legacy systems and networks, which are reliant on multiple intermediaries to facilitate international transfers. This approach can result in significant cost reduction, faster payment fulfillment, and an enhanced client experience throughout the payment lifecycle. “Over time, through our close work with community banks and credit unions, we've recognized the critical need for a more competitive offering compared to what the market has traditionally provided,” said Stephen Kuhl, Managing Director, Financial Institutions for StoneX Payments. “Our platform empowers financial institutions to significantly elevate their client offering with a global payments solution and leverage multiple benefits, including improved client retention, new revenue streams, and enhanced competitiveness. Community banks and credit unions increasingly have realized that offering international payments services is essential to ...