StoneX Taps Swift's Payment Pre-validation Service for Cross-Border Payments

​The diversified global brokerage StoneX Group announced that it has adopted the new cross-boarder payment solution of Swift, the world's leading provider of secure financial messaging services.

Inaccurate or incorrect information is one of the main reasons failed cross-border payments. To counter these challenges, Swift recently launched its Payment Pre-validation service that allows for the verification of beneficiary account details before initiating international payments. This is benefit for reducing errors during cross-border payments, expediting transaction speed, and improving straight-through-processing, resulting in a more seamless customer experience.

Through this partnership, users of StoneX's payments business, StoneX Payments, will benefit from the adoption of Swift's Payment Pre-validation, accessing to cross-border payments more safely and efficiently.

Mireia Guisado Parra, Product Owner of the Payment Pre-validation service at Swift, commented: "Payment Pre-validation utilizes pseudonymized and aggregated data from billions of historic transactions on the Swift network to provide enhanced security and speed in cross-border payments. We are pleased that StoneX are extending these benefits to more financial institutions, thereby reducing friction in the payments ecosystem."

In addition, to increase cross-border payment options for financial institutions and their customers, Swift has reached cooperation with global paytech giants Visa​ and Wise​ in September this year.