StoneX joins forces with Fiserv to optimise cross-border payments for financial institutions

By utilising Fiserv’s Payments Exchange Services, StoneX intends to allow community banks and credit unions to directly leverage its institutional-grade infrastructure, in turn leading to scaled global reach, competitive pricing, and increased transparency across cross-border payment lifecycles. Payment Exchange Services from Fiserv is a web-based platform for completing end-to-end, real-time payments through the RTP Network from The Clearing House and the US Federal Reserve’s FedNow Service while providing a range of foreign exchange and global payment features.

The partnership with StoneX comes just after Fiserv was selected by FirstRand Group to support its digital transformation and assist broader innovation in the EMEA region. The bank was set to utilise Fiserv’s Finxact, a cloud-native, real-time banking solution with access to data, to help the growth objectives of its customer franchises FNB and RMB.

StoneX’s growth strategy

Commenting on the announcement, representatives from StoneX underlined that the collaboration with Fiserv serves as a part of their company’s broader strategic vision to scale StoneX Payments’, its payments division, reach and improve cross-border money movement for financial institutions globally. Additionally, the initiative aims to support banks and credit unions in obtaining optimised capabilities that have traditionally been reserved for large financial institutions. StoneX’s coverage focuses on mitigating redundancies and simplifying processes associated with legacy systems and networks, which usually rely on multiple intermediaries to support international transfers. By implementing this approach, the company intends to minimise costs, accelerate payment fulfilment, and improve the client experience throughout the payment lifecycle.

Furthermore, Fiserv is committed to making foreign exchange and international payments more accessible to community banks and credit unions, enabling them to include these services as part of their product suites. The company plans to work with StoneX to bring the company’s comprehensive service offering to this segment.