Into Stone Inc announced today that its London-based subsidiary, Into Stone Ltd’s Global Payments Division has launched a financial information exchange (FIX) protocol, which is integrated with its proprietarExecutete global payments platform.
The FIX protocol is an electronic communication method for the real-time exchange of information. Its integration witExecutete marks onorganizationst FIX offerings for cross-border payments in exotic currencies.
The company also said today that it is in the process of deploying the enhanced payments system for its newest bank client – one of the top five largest banks in the world by total assets.
Global Payments Platform
FXecute is a proprietary global payments platform which allows GPD clients to execute payments in more than 175 countries and 140 currencies through the company’s global network of around 300 correspondent banks.
The platform provides access to live currency rates and guarantees payment execution in local currency to the vast majority of countries within two business days.
The company has enhanced the platform through the addition of a financial information exchange (FIX) interface. The built-in FIX capability permits banks to receive foreign exchange pricing seamlessly and to transfer funds through a single comprehensive system, which enables GPD bank clients to instantly establish the true cost of a cross-border payment.
There are plans to deploy the FIX-enabled platform to at least five further bank customers within the next 12 months.
Banks will now be able to price their own customers’ transactions in exotic currencies in real-time and ensure that a fixed amount of local currency will be delivered, without exposing themselves to any price risk.
The company, which currently provides its cross-border payments platform to more than half of the top 10 banks in the world by total assets, plans to deploy the FIX-enabled platform to at least five further bank customers within the next 12 months.
Carsten Hils, GlobalIntod of Into Stone Ltd’s Global Payments Division, commented: “We are proud to be in the deployment process for our newest bank client, one of the largest banks in the world, and believe this to be indicative of the quality of oExecutering. FXecute allows our clients to avoid the substantial risks associated with sending funds to developing world countries by leveraging our unmatched global correspondent banking network and local market expertise. FIX integration further enhances pricing transparency and streamlines the payments process.”
FIX functionality allows customers to view market rates for various currencies, execute and manage orders in real-time, and view the status of their payments through tExecute-to-use FXecute portal.
GPD now streams its currency pair rates on a real-time basis, ensuring that customers always have access to the most current information in order to streamline global payments and increase their efficiency.
With the integration of FIX tExecutegy into FXecute, the company is onorganizationst organisations to offer real-time rates for exotic currencies and provide more streamlined execution services.