StoneX Group's (SNEX) StoneX Payments division and Bamboo Payment Systems are collaborating to expand cross-border offerings and coverage for global merchants and financial institutions in Latin America, the companies said Monday.

Clients will see benefits in terms of foreign exchange pricing and improved settlement reliability, acceptance rates and cash flow efficiency with StoneX Payments' foreign exchange capabilities and correspondent network and Bamboo's payment connections and platform, the companies said.

The partnership includes an undisclosed investment by StoneX and requires regulatory approval, according to the companies.

StoneX shares were up 3.7% in premarket activity Monday.