StoneX to Adopt Swift Payment Pre-validation Service
<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="StoneX" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/04/StoneX-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/04/StoneX.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>Cross-border payments have notoriously been plagued by complexities, including regulatory hurdles, bank downtime, and rising competition. In addition, inaccurate beneficiary details alone account for nearly a third of failed cross-border transactions, incurring significant costs and delays, according to the financial services company.</p>
<p>Recognising the challenges, Swift said it has introduced its Payment Pre-validation service, which allows pre-emptive verification of beneficiary account details before initiating international payments. The service aims to “reduce errors, expedite transaction speed, and improve straight-through-processing.”</p>
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<p>“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,” said Mireia Guisado Parra, Product Owner of the Payment Pre-validation service at Swift. “We are pleased that StoneX are extending these benefits to more financial institutions, thereby reducing friction in the payments ecosystem.”</p>
<p>StoneX believes Swift’s Payment Pre-validation service offers several key benefits, including real-time verification of beneficiary details, standardised error codes: Quickly identify and address potential issues through predefined error codes before initiating payments, recipient bank BIC verification and Improved data quality.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/stonex-to-adopt-swift-payment-pre-validation-service/">StoneX to Adopt Swift Payment Pre-validation Service</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>
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