INTL FCStone acquires Swift Service Bureau from PayCommerce
According to INTL FCStone, the bureau helps cross-border payments and acceptance transactions for financial institutions, trade networks, and corporations. The firm has a 350-plus correspondent banking network.
Carsten Hils, global head of INTL FCStone’s global payments division, says: “This acquisition increases our technological infrastructure and strengthens our offering to our correspondent banking network by providing them with faster and more secure payments facilities through the Swift network.”
The bureau also offers integration with “any bank’s” back-office system, “which is critical for banks in emerging economies”, as well as non-banking corporations.
INTL FCStone’s global payments division helps payments in more than 140 local currencies in over 175 countries.
Financial details were not disclosed.
The origins of INTL FCStone date back to 1924 when a door-to-door egg wholesaler founded a business called Saul Stone and Company.
Through organic growth, acquisitions and the 2009 merger between International Assets Holding Corporation and FCStone Group, it has certainly moved on from eggs and knocking on doors.
INTL FCStone, through its subsidiaries, is a provider of execution, risk management and advisory services, market intelligence, and clearing services.