Thursday, July 16, 2020

Standard Chartered launches ‘Straight2bank’ system

Standard Chartered launched its one-stop proprietary electronic banking channel for corporate and institutional clients – ‘Straight2Bank’. The fully integrated end-to-end platform provides Cash, Trade, Foreign Exchange (FX) and Securities Services via a single sign-on access.
The enhancements provide clients with streamlined and straight processing of transactions, resulting in significant operating efficiencies and cost savings.

Karen Fawcett, Group Head of Transaction Banking, Standard Chartered Bank said: “We have made a significant investment in the Bank’s electronic platform in response to our clients need for sophisticated transaction, hedging, and information services through a single interface. ‘Straight2Bank’ has been designed so that it can be scaled according to a client’s needs for product simplicity or sophistication, or adapted for a small enterprise to a multi-national corporation to a financial institution. It offers leading edge working capital solutions across all client segments, products and geographies.”

Mike Bass, Global Head of Rates and FX, Standard Chartered Bank added: “Our clients are increasingly focusing on greater integration between transaction banking and foreign exchange risk management, under the umbrella of liquidity management. As a result, we now offer them foreign exchange functionality within the core transaction banking module on ‘Straight2Bank’. This functionality includes the ability for our clients to trade Spots, Forwards and Swaps in more than 100 currency pairs. It reflects our strong commitment to eCommerce as Standard Chartered Bank establishes itself as a key electronic provider of emerging markets liquidity.”

Straight2Bank’s comprehensive range of products and services includes: Global Markets Solutions, a Comprehensive Spot, Forward and Swap foreign exchange transacting capabilities in over 100 currencies, as well as for precious metals.

It also provides for transaction banking offerings, which cover a broader range of transactional financing options for clients, enabling them to choose between the full range of documentary trade services and open account financing options.
Some of the features include information Management: the powerful, state-of-the-art reporting tool, ‘Info Manager’, provides customers transactional transparency on their trade flows.
It also provides Connectivity; clients have the flexibility to choose the banking connection they need ÔÇô internet, dedicated computer connection or back-end integration.

The bank also said Straight2Bank also provides a robust information structure to maintain control and compliance. This, coupled with improved comprehensive security across the channels, a more flexible authorisation matrix, stronger reporting for risk management and MIS, puts the power of control in the hands of clients. The system is flexible, built on open architecture and compatible with leading industry standards for seamless integration and adoption: SwiftNet (MACUG and TSU), SCORE, Twist, ERP integration via SAP XI.
Straight2Bank is available at all of Standard Chartered Bank’s corporate and institutional clients via registration through their Client Relationship Manager. Existing clients will be migrated from Web Bank to Straight2Bank with immediate effect.

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