INTL FCStone addresses cross-border payment costs with rates monitor
Payments services provider INTL FCStone is offering a real-time exchange rate feed for its corporate customers to better calculate the cost of cross-border payments.
The Rate Feed, delivered through the network of the Global Payments Division of London-based INTL FCStone, will provide a view of more than 140 currencies for companies delivering a high number of cross-border payments.
INTL FCStone says the service offers accurate foreign exchange rates, including more than 90 "exotic" currencies in developing world countries where sending funds is increasingly difficult.
The Rate Feed will complement the FXecute portal, the company's proprietary global payments platform for routing payments in various currencies.
"We have been a pioneer in providing cross-border payments solutions for more than two decades, and the offering of indicative rates through our rate feed and FXecute platforms further solidifies our industry leadership position," said Carsten Hils, global head of INTL FCStone's Global Payments Division, in a release.
The services allow clients to "avoid substantial risks associated with sending funds around the world," Hils added.
The Global Payments Division sources the rates information it provides to customers through its in-country relationships within the global markets, including a network of 300 correspondent banks.