INTL FCStone is connecting to the Automated Clearing House to enhance the company's offerings for high-volume, low-value cross-border payments.
The London-based Global Payments Division unit of INTL FCStone says low-value payments represent its largest growth driver at a volume 60% higher than at this time last year.
To meet that increasing demand, the company will access more global ACH low-value clearing systems.
"Having been clearing locally in 175 markets for most of the last 30 years, it was a natural progression to start developing seamless straight-through processing links to the local ACH," Gregory Vincent, head of FX Payments at INTL FCStone's Global Payments Division, said in a June 26 press release.
The move to ACH came about, in part, because the company wants to meet "new corporate demand to make payments all over the world," especially in emerging markets, Vincent added.
The Global Payments Division works with hundreds of global correspondent banks in the cross-border payments process.
The division says it provides customers access to local clearing in 140 currencies across more than 175 countries.
The ACH connectivity for low-value payments allows the company to eventually expand upon its current ACH offering of 15 currencies to an additional 60 currencies over the next year.
