Standard Chartered sets new standards in Online banking

Standard Chartered Bank today launched smartphone technology Mobile Banking and the unique eCheque payment channel as part of its e-suite of online services.

These e-innovations underscore the Bank’s innovative approach and fresh thinking in leveraging technology to bring new products and services to customers.

Smartphone technology Mobile Banking will enable Standard Chartered’s customers to securely access their accounts using existing service providers and a wide range of mobile handsets while on the move. The other innovation that customers can look forward to is Standard Chartered eCheques. These eCheques, in two payment modes, provide a convenient way to make payments and deposit funds without the hassle of cheque books, going to a bank branch to deposit a paper cheque or even knowing the payee’s bank account details.

Said Peter Flavel, Head of Consumer Banking, Standard Chartered Bank Singapore, “Standard Chartered is setting a new standard in online banking through its roll out of technology-driven products and services. Mobile Banking and eCheques are the latest offerings to join the expanding suite of services provided to our e-savvy customers. These channels leverage the phenomenal success of our online savings account, e$aver, which pays 8 times more interest than other deposit accounts. With these innovations, Standard Chartered is making a positive impact in the online arena and revolutionizing online banking.”

Unlike earlier versions launched by others in Singapore, Standard Chartered’s Mobile Banking service allows customers to check their balances, prepare account transfers and browse transaction details, even when their mobile devices are offline. Thus customers can bank at leisure, anytime and anywhere; even when they travel internationally. They only need to reconnect to the bank to refresh information or activate a request, resulting in cost savings on Internet connectivity.

Importantly, this smart phone technology works regardless of whether the customer is a Singtel, M1 or Starhub subscriber – there is no need to switch from their existing service provider. The Mobile Banking application runs on existing 2G, 2.5G and 3G networks and works on a range of Java-enabled handsets from Nokia and Sony Ericsson. Even more mobile phone handsets will soon be supported.

Added Peter, “Mobile Banking is all about banking with convenience and security. We have made it even easier for our customers to access their accounts, as there is a wide selection of mobile handsets available that support the technology and customers can choose their preferred service providers. Banking online with Standard Chartered has never been easier, faster, better and more efficient. We have made security a key priority and have incorporated levels of protection and pass codes.”

The smartphone technology used in Standard Chartered’s Mobile Banking has been developed in conjunction with Meridea, a leading mobile and online self-service software specialist. Meridea is owned by Nokia, Accenture, Sampo, 3i and Nordic Venture Partners.

Standard Chartered Bank’s Mobile Banking is available today to all customers. Visit www.standardchartered.com.sg or a branch to sign up immediately.

Standard Chartered eCheques are another unique offering, launched as part of the Bank’s e-suite. eCheques allow people to pay each other, simply, directly and securely. Customers no longer need to bother with cheque books, asking for the payee’s bank account number or queue at the branch.

This eCheque channel is a revolutionary new payment solution designed and developed by Standard Chartered and available to customers by the end of November. Standard Chartered eCheques allow users to email a recipient a payment and the only information they need to have is the recipient’s mobile number and email address. No special equipment or software is required.

To create an eCheque, a Standard Chartered customer goes to Standard Chartered’s Internet banking website and inputs the payee’s name, mobile number, email address and the amount to be paid. The eCheque can be emailed directly to the payee, or printed and handed over personally.

To deposit a Standard Chartered eCheque, the payee goes to Standard Chartered’s web site and completes three easy steps. A key advantage of this service is that the payee does not need to be a Standard Chartered customer and can enable deposits directly to any GIRO-enabled Singapore bank account.

Standard Chartered eCheques also offer easy-to-use encryption and digital signing for highly sensitive payments for enhanced and added security.

Peter commented, “The Standard Chartered eCheque is an innovative solution that enables flexible and secure payments online. This is ideal for our e$aver customers who will now be able to transfer funds even more conveniently. We are confident that more and more of our customers will eventually migrate to eCheque, as this is a simple and easy way to pay people securely.”

To allow our customers added convenience, Standard Chartered has also developed a “Print & Post” facility that allows a customer to order aCheque, which the Bank prints and posts to the recipient. It is anticipated that the “Print & Post” functionality will be welcomed by customers, particularly for credit card payments.

Notes to Editors

Standard Chartered – leading the way in Asia, Africa and the Middle East

Standard Chartered employs over 40,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the world’s most international banks, with employees representing 80 nationalities.

Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation.

It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises.

Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

Standard Chartered is well-established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability.

The Bank is trusted across its network for its standard of governance and corporate responsibility as well as its commitment to making a difference in the communities in which it operates.