Standard Chartered announced today the launch of enhanced online banking foreign exchange services through the Bank’s secure online banking platform, Straight2Bank. The service brings a choice of 130 global currencies to the bank’s clients in Bahrain, UAE, Oman and Qatar and is seamlessly accessible to all corporate clients via the bank’s online banking platform.
This added advantage allows clients to access international trade currencies at a touch of a button within Straight2Bank – ultimately making currency payments for Middle East-Asia and intra- Middle East trade relationships faster and executed in a currency of choice.
This product innovation saves clients’ unnecessary costs in currency conversions, and avoids the inherent risks associated with fluctuating currency rates – a challenge most traders face when dealing with trade partners outside of their economies.
This online capability is yet another example of how Standard Chartered is consistently upgrading and evolving its customer offering to provide clients with relevant products, which save time and money, while also supporting the region’s increasing trade relationships with Asia and Africa.
In addition to the vastly expanded choice of trade currencies, Standard Chartered corporate clients can now access instantaneous foreign currency quotations, again within their secure corporate online banking portal Straight2Bank. The “RFQ” or “Request for Quote” feature allows customers to avoid the onerous process of calling for currency quotations from a Bank’s local Treasury Desk, in order to trade in a company’s currency of choice. By selecting their currency and volumes for conversion online, clients receive an almost instantaneous quotation, with the option to accept or decline within minutes.
Ashutosh Kumar, Standard Chartered’s Global Head of Corporate Cash and Trade Product Management, “This value added service is a demonstration of our commitment to enable the burgeoning trade flow between our Clients in Asia, Africa, the Middle East and the rest of the world; supporting our clients in their drive to connect with their trading partners in any part of the world”.
Hussain Shirazie, Head of Transaction Banking Bahrain, Oman and Levant, Standard Chartered said: “Our corporate clients in Bahrain, Oman and Levant as well as a number of other international markets in our footprint, will have immediate access to these product innovations, without incurring setup costs or installation delays – all via our secure online banking portal. This move comes in line with our continuous efforts to leverage the benefits of electronic enhancements to the benefit of our clients.”