Citing vast improvements in payments transparency and access to Brazilian markets, the Global Payments Division of INTL FCStone Ltd. says its processing in the country has increased dramatically since the company upgraded to a foreign exchange bank license there three months ago.
At its current pace, the Global Payments Division says it could process more than $1 billion in payments each year in Brazil.
London-based INTL FCStone Ltd. operates as a unit of New York-based INTL FCStone Inc. Its Global Payments Division facilitates payments in local currency in more than 140 currencies and more than 175 countries. The company says it is one of only a few with FX Bank regulatory status in Brazil.
“We have significantly enhanced our regulatory capability in Brazil, which has led to an immediate three-fold increase in payments to this key market," Carsten Hils, global head of the Global Payments Division, said in a Tuesday press release.
"INTL FCStone is one of the few foreign companies with this regulatory status and now has a dedicated team on the ground to provide our local and international clients with efficient payments," Hils added. "We have only scratched the surface of our capabilities in the region and believe the market opportunity in Brazil for our platform to be substantial.”
The company says it maintains a network of approximately 300 local correspondent banking relationships worldwide to ensure secure cross-border payments in many countries where transparency is otherwise limited.
"We have shown in a few short months what we can accomplish in terms of providing an unmatched level of transparency to the payments process and greater access to the Brazilian market," Hils said.
The process allows customers to control pricing and "avoid the pitfalls associated with sending hard currency to be converted in local markets," he added.