Standard Chartered announced on Thursday it is set to offer clients an extensive range of cash management services out of London and Frankfurt covering the UK and Eurozone countries, following investment in a new cash management infrastructure.
According Standard Chartered, the infrastructure is currently scheduled for completion in mid-2020, and in addition to existing high- value clearing, transactional FX and pooling services the bank currently offers, it is developing additional services, which includes virtual accounts, enhanced pooling and liquidity services, API capabilities, low-value clearing, and UK Faster Payments.
While discussing the cash management service plans, Victor Penna, Head of Cash Management, Europe and Americas and Global Head of Cash Structured Solutions Development, stated:
“These new products, on top of our existing services will together enable us to support the day to day cash management activities of our clients operating in Europe including collections, automated reconciliation, salary and vendor payments, pooling, reporting, and other services.”
Karin Flinspach, Regional Head, Transaction Banking, Europe and Global Head of Implementation and Client Services, added:
“Once live, Europe will become a global hub as well as a new ‘footprint’ region for cash management services complementing what we already do in Asia, Africa and the Middle East, particularly supporting our Asian and African customers whose businesses have started to look towards Europe. This exciting development emphasises the bank’s continued journey as a leading provider of cash management services and our dedication to support our clients globally.”