Meet Ever-Evolving Customer Needs with Agility and Ease
The emergence of real-time banking and payments, alongside an ever-more “open” financial ecosystem, has introduced new customer demands and novel business challenges for financial institutions. Meeting these demands and overcoming these challenges requires fresh thinking and state-of-the-art technology.
StoneX Technology Services aims to provide both through our StoneX Messaging Hub (XMH). This enterprise-grade technology solution can dramatically improve the customer experience you deliver by normalizing and automating payment flows (and other financial messaging flows) across existing systems and applications.
Automated. Frictionless. Scalable.
Acting as a single gateway for inbound and outbound financial flows, XMH delivers massively improved operational efficiency, control and agility while also reducing your total cost. It’s top-line components include:
Automated, end to end payment processing.
StoneX Messaging Hub simplifies and automates the entire end-to-end payment process across all back-office applications, file formats and communication protocols. Specifically, XMH:
- Transforms all data it receives into a standardized canonical format
- Validates, enriches, and converts payment files into the destination format
- Uses intelligent and highly configurable routing rules to process the payment (or other financial instruction) in line with the recipient’s requirements.
Features at a Glance
- Generate correctly formatted payment files automatically
- In-built country-specific and bank-specific domestic payment format library
- Over 140+ currencies, 180 countries
- Format agnostic – supporting SWIFT MT, SWIFT ISO, XML, CSV, TXT, PDF, SAP IDOC, other ERP adapters and other formats.
- ISO 20022 Migration support
- SWIFT GPI-compliant
Simplified Statement Processing
StoneX Messaging Hub enables customers to automate the process of receiving bank account statements and cash positions from all of their financial counterparties.
Customers often face two challenges with statement processing, both of which are addressed by XMH. Firstly, customers need to set-up an electronic statement service with their counterparty, monitor timely delivery of statements and be able to react quickly if any statements do not come through. Secondly, bank account statements can come in many different formats, and customers face the challenge of handling a diverse range of formats that may not be compatible with their back-office systems.
XMH addresses these challenges and acts as a single and secure central platform for receiving bank account statements in any format and transforming them into one single, digestible file (even when statements are split across multiple individual messages). This file can then be routed to your back-office applications in whichever format you prefer.
Clear and Customisable Cash Visibility
XMH can transform the data contained within your bank account statements (end-of-day and/or intra-day) into customisable business dashboards and tables depicting your global cash positions. Users can securely log-in to XMH and view the following:
- Balances held by counterparty
- Balances held by currency
- Aggregate balance, denominated in customer-selected base currency (e.g. EUR, USD, GBP, etc.)
- Opening balance / closing balance
In addition to the features above, customers can click into each counterparty or individual statement and easily view all full, underlying details.
Correctly Formatted Customer Statements
StoneX Messaging Hub can help organizations provide their customers with complete and correctly formatted account statements on a daily and intra-daily basis – even despite potential challenges posed by limitations in their core banking systems or related applications.
Using XMH, statements can be generated in a wide range of formats (including SWIFT MT, SWIFT ISO, XML, CSV, TXT, PDF and others) without making complex and expensive changes to their core applications.
Automated Counterparty Account Updates
XMH’s innovative Distributed Banking Module (DBM) automates the process of keeping counterparty bank account information up to date, helping you guard against erroneous and delayed payments, frustrated counterparties and the reputational damage that can result from inaccurate data.
DBM creates a unique ID for each counterparty and invites that counterparty to log-in securely and input their bank account details on a monthly, quarterly or annual basis. DBM then authenticates, validates and verifies this information before storing it in a centralized database. When payments are generated to counterparties, the bank account details are cross-referenced against the database to ensure the details are correct.
To speak with us about how StoneX Messaging Hub can add value to your organization, please contact us here, or call the office that serves your region below.