StoneX Payments has entered into a partnership with
Bank Mendes Gans (BMG) to strengthen cross-border transactions. The deal will
give BMG access to StoneX’s API-driven platform, reportedly enabling payments
in more than 140 currencies and 180 countries.

Access to Wider Network

Through the agreement, BMG clients will gain access to
StoneX’s network of over 375 correspondent banks and payment providers. The
integration is designed to improve settlement times, data validation, and
transparency, while reducing reliance on intermediary banks.

“This partnership with BMG is another meaningful step
on our journey to build products and services that facilitate money movement
and payment distribution for international organizations globally,” said Thiago
Vieira, Global Head of StoneX Payments. He added that the firm’s new payment
engine, XPay, already supports more than 85 banking institutions.

New Currency Corridors

The collaboration will expand BMG’s global footprint
by opening new currency corridors, including underserved and emerging markets.
Clients are expected to benefit from improved foreign exchange rates and faster
processing times.

For BMG, part of ING Group, the move strengthens its
role in providing liquidity and cash management solutions. For StoneX, the
partnership enhances its institutional client base as demand grows for
streamlined cross-border payments.

Beyond payments, StoneX made a series of acquisitions early
this year. The group announced the purchase of R.J. O’Brien & Associates, a
U.S. futures brokerage firm, in a deal valued at an estimated $900 million in
equity.

Octo Finances is joining team StoneX!We are thrilled to announce an agreement to acquire Octo Finances, a leader in financial intermediation in Europe, specializing in the public and private bond markets. The acquisition will further our capabilities in Europe and fortify our… pic.twitter.com/J9JP29kYYx

— StoneX Group Inc. (@StoneX_Official) September 18, 2024

StoneX also bought The Benchmark Company, a New York-based
investment banking firm. The move aims to enhance StoneX’s capabilities in
investment banking, equity research, and capital markets advisory, reinforcing
its position as a diversified financial services group while deepening access
to U.S. capital markets.

In Europe, StoneX completed the acquisition of OctoFinances, a Paris-based fixed-income brokerage. The deal broadens StoneX’s
offerings in bond and convertible sales, debt capital markets, and credit
research, while strengthening its fixed-income division.

This article was written by Jared Kirui at www.financemagnates.com.

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