As one of the largest commodity brokerage firms in the United States, StoneX Commodity Solutions facilitates the buying and movement of grain and oilseed across five continents. To ensure the most efficient operations, the digitization and automation of key processes has been a cornerstone of their strategy.
Before engaging with ClearOpx, StoneX Commodity Solutions employees were manually entering critical details of each elevator statement of receipt into its ETRM system. These statements included key data elements required for payment to the farmer.
The process was time-consuming, error-prone, and required extensive industry knowledge to understand the details, including quality measurements related to wheat, corn and soy products being traded. During peak seasons, it was easy for a backlog to occur, causing payment delays and farmer dissatisfaction. Compounding this issue was that the grain elevators were often slow in sending the receipts to StoneX Commodity Solutions.
The company recognized it needed a digital solution that would simplify statement processing and allow for faster automated settlement. Additionally, they wanted to drive process efficiencies, including the ability to reallocate their skilled resources to other initiatives. Ultimately, StoneX Commodity Solutions was looking for more effective ways to scale the business as it grew, while better servicing their critical farmer ecosystem.
- Slow, error-prone manual data entry across every settlement.
- Payment delays that strained farmer and grain elevator relationships.
- Skilled staff tied up in data entry instead of higher-value work.
