Standard Chartered has signed a multi-year agreement with Earthport plc. Standard Chartered offers market leading International Automated Clearing House (IACH) coverage in its network of fast growing markets in Asia, Africa and Middle East. Integration with Earthport will bring the Bank’s International ACH payments reach to 50 markets across its footprint.
Global economic activity continues to increase and with the operating environment for businesses becoming more complex and competitive, a key focus for corporates is to ensure they are able to centralise treasury operations and put in place solutions that offer improved operational efficiencies and allow greater visibility and control over their global payables.
Standard Chartered works with clients across Asia, Africa and the Middle East to achieve this through its IACH payments platform. IACH enables efficient execution of scheduled and high-volume cross-border payments like payroll, dividend and other statutory payments. A key benefit includes the ability to make multi-currency payments from a single account without having to maintain local bank accounts.
The alliance with Earthport plc will build on the Bank’s best-in-class solutions and extend Standard Chartered’s International ACH payments reach. Integration with Earthport’s suite of sophisticated validation services, predictable settlement dates and transaction reporting will ensure the Bank’s clients also benefit from seamless access to a wider network of local clearing networks.
“We are seeing strong demand for more efficient cross-border payment and settlement solutions as our Asia, Africa and Middle East clients grow and expand their operations internationally. This alliance with Earthport increases the Bank’s coverage to better support our clients' payment needs across our footprint. Our corporate, institutional and retail clients are looking for convenient ways to make cross-border and cross currency payments in a predictable and transparent manner; International ACH provides them with just that,” said Karin Flinspach, Head, Cash Products, Transaction Banking at Standard Chartered.
Hank Uberoi, CEO of Earthport, said: “We are delighted to be collaborating with Standard Chartered to bring the benefits of our innovative payments model to enhance their product offerings to corporate customers. This agreement, with a bank serving customers in some of the world’s fastest growing markets, is welcome proof that there is a better way to service the international payments of today and tomorrow.”
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