Financial services and technology provider StoneX Group Inc. (NASDAQ:SNEX) has announced that its wholly owned subsidiary, StoneX Technology Services LLC has introduced the StoneX Messaging Hub (“XMH”). XMH is an enterprise-grade technology solution that acts as a single gateway for standardizing and automating both inbound and outbound flows of the financial documentation required as part of the daily operations for financial institutions and blue-chip corporates.

The company said that the StoneX Messaging Hub has been designed to streamline and automate financial messaging, with its underlying infrastructure completely designed from the ground up to significantly improve the client experience. The infrastructure allows XMH to be highly adaptable and integrate seamlessly into commonly used platforms and APIs, providing firms with the ability to insulate applications they use in their daily operations from expensive and time-consuming updates.

The company’s Global Payments Division is the first to incorporate XMH. XMH is also able to support all file types for financial messaging including xls, csv, fixed format and PDF, and will convert them into standardized file types such as a Swift ISO20022 for payments or an MT940 for account statements.

Venkat B.V., Head of StoneX Technology Services commented,

“We’re excited to leverage our technical prowess and extensive financial services expertise to create the next evolution in financial messaging. The StoneX Messaging Hub will allow users to effectively streamline their internal operations using a seamlessly integrated piece of software that can scale and adapt alongside their own core programs.”

The StoneX Messaging Hub provides a customizable dashboard showing the user’s current global cash positions and a distributed banking module that helps maintain up-to-date counterparty details by using ID codes unique to each counterparty. It supports payment processing as well as account statement generation and processing. Further updates are planned to add additional forms of financial messaging to support other divisions within StoneX as well as external clients. Financial messaging support for securities and commodities will be incorporated into the platform in future updates.

Chandu Venugopal, Global Product Manager for the StoneX Messaging Hub added,

“The underlying architecture of the StoneX Messaging Hub is incredibly robust and was purpose built to be easy to use, highly responsive to change, and to be seamlessly integrated into legacy systems. With XMH, financial institutions and multinational corporates can greatly reduce the cost of their operations with a platform that is efficient, secure, and compliant.”

The product will also be available for purchase by external users including financial institutions and multinational corporates.

StoneX Group Inc., formerly called INTL FCStone Inc., operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. In 2020 StoneX acquired Retail FX and CFDs broker Gain Capital, which operates the FOREX.com and City Index online trading brands.