International payments and risk-based services provider INTL FCStone says its London-based global payments division will become a non-bank participant in Swift's global initiative to improve the cross-border transaction landscape.
After months of planning, the Society for Worldwide Interbank Financial Telecommunication [Swift] introduced its Global Payments Innovation project last year, citing its need to establish more consistent policies and standards amongst participating banks and applying those practices with developing technology.
The first participating banks put the process to work within their financial systems this year.
INTL FCStone's global payments division joins the Swift initiative as a non-bank participant because of its specialization in transferring funds in local currencies to the developing world on behalf of many of the world's top banks.
"We are honored to help pave the way for the non-bank community to participate in the Swift plan, and utilize our expertise to promote greater speed, transparency and predictability for cross-border payments," Carsten Hils, global head of INTL FCStone's global payments division, said in a press release.
The global payments division helps clients execute payments in more than 175 countries and 140 currencies through its global network of approximately 300 correspondent banks.
The division has developed a cross-border payments "intelligence portal" for its clients, providing details about market developments and news analysis that could influence foreign exchange rates in those markets.