SWIFT’s global payments innovation initiative, or SWIFT gpi, gained a new member as INTL FCStone announced its Global Payments Division will join the group, currently dominated by banks.
The cross-border corporate payments company is joining SWIFT gpi’s existing roster of more than 110 banks in an effort to explore and solve key issues in cross-border transacting.
“We are honored to help pave the way for the non-bank community to participate in SWIFT gpi and plan to utilize our unique expertise to promote greater speed, transparency and predictability for cross-border payments,” said INTL FCStone Global Payments Division Global Head Carsten Hils in a statement. “SWIFT has taken a leadership position in enhancing cross-border transactions and bringing together over 110 leading global banks in order to improve business operations and supplier relationships and achieve greater treasury efficiencies.”
“We are pleased to welcome INTL FCStone Ltd to SWIFT gpi,” said SWIFT Head of U.K., Ireland and Nordics Stephen Gilderdale in another statement. “As one of the first non-bank participants, INTL FCStone is paving the way for others, helping to further extend our reach across additional payment channels. I would like to thank them for their participation and for the added value they bring to the initiative.”
Earlier this year, SWIFT revealed which banks are already using its SWIFT gpi payments service to facilitate cross-border payments. They include Bank of China, Citi and ING Bank, among others. SWIFT gpi went live in January.