Alliance with Earthport to extend our International Automated Clearing House capabilities
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.”
For further information please contact:
Natalie Long
Corporate Affairs Manager, Global Communications
Standard Chartered
+65 6596 5388
natalie.long@sc.com
Terri Bloore
Finn Partners (for Earthport plc)
+44 (0)20 7655 0404
terri.bloore@finnpartners.com
Earthport plc
Earthport plc is a regulated financial services organisation and the largest open network for global bank payments through its cross-border payments infrastructure.
Through its innovative payments framework, specifically designed for high volumes of low value cross-border payments, Earthport provides a cost-effective and transparent service for secure international payments. Earthport’s clients include banks, money transfer organisations, payment aggregators, e-commerce and foreign exchange businesses. Awarded B2B Payments Innovation of the Year 2014 at the second annual FStech/Retail Systems Payments Awards, Earthport’s well established payments infrastructure clears and settles payments directly to banked beneficiaries in 65 countries on behalf of its clients.
The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us via RSS or on social channels, Twitter @Earthport, LinkedIn, Youtube and Slideshare.