Customers of StoneX Payments, StoneX’s payments business, will benefit from the adoption of Swift’s prepayment verification technology.
Swift recently introduced its Payment Pre-validation service, which allows you to verify your recipient’s account details before initiating an international money transfer. While such verification has long been common for domestic payments in some countries, cross-border transactions are more complex and often involve one or more intermediary banks. , it wasn’t. This novel service aims to reduce errors, increase transaction speeds, improve straight-through processing and create a more seamless customer experience.
StoneX Payments facilitates foreign exchange payment transactions in over 140 currencies across over 180 countries. StoneX Payments features an extensive network of over 350 correspondent banking relationships around the world, each independently maintained. These relationships are leveraged to effectively and securely execute cross-border payments, especially in regions where transparency is often limited.
Swift’s payment pre-validation service introduces many important enhancements to cross-border payments, including:
- Real-time verification of beneficiary account details: This feature allows banks to verify beneficiary account information such as account number and BIC in real-time, preventing failed transactions due to inaccurate information.
- Standardized error codes: Predefined error codes allow you to quickly identify problematic or risk-prone transactions before payments begin.
- Beneficiary Bank Swift BIC Validation: Reduce transaction delays and misdirections by ensuring the accuracy of the beneficiary bank’s BIC.
- Improved data quality: Structured and standardized payment data improves data quality and eases transaction processing.