Following this collaboration, both of the institutions will enable new capabilities and offerings on the Straight2Bank Pay solution.
Through the deal, the firms aim to deliver a comprehensive and secure suite of digital collections of products, focused on meeting the needs and preferences of businesses. This will provide customers and partners with the possibility to collect funds from a wider range of payment methods, such as cards and alternative methods (e-wallets or bank transfers).
The collaboration will also allow Straight2Bank Pay to further develop and grow its footprint across Asia, as well as to enter into new markets and industries across multiple geographic areas, including the Middle East, the UK, the US, and Europe. By leveraging the product, businesses and enterprises will be enabled to facilitate seamless, fast, and safe payment experiences for their customers across the world.
Standard Chartered will use the global reach and expertise of Worldpay from FIS, as well as its ability to offer convenient and effective ways for merchants to accept the preferred payment methods from their client base.
International banking group Standard Chartered had multiple collaborations and product launches in the last couple of months, covering multiple geographies.
The UK-based financial institution announced in May 2023 that it signed a memorandum of understanding with the Dubai International Financial Centre, in order for them to work on digital assets.
Standard Chartered was looking to launch a suite of digital asset custody services and solutions in the UAE, starting in the Dubai International Financial Centre (DIFC) and aiming to serve institutional clients around the world. The new products were set to be powered by one of Standard Chartered’s subsidiaries, Zodia Custody. This subsidiary was equipped with the necessary operational and technical features and capabilities to meet the requirements and demands of institutional users.
Earlier in the same month, Standard Chartered expanded its partnership with Tazapay to deliver payments and commerce-enabling experiences to its clients across the globe. The collaboration represented a part of the bank’s broader aim to offer curated financial services and solutions on B2B platforms. It also prioritised the process of enabling B2B marketplaces to onboard third-party sellers across 170 markets worldwide.
In March 2023, the company announced the global launch of the working capital and lending capability service on its Straight2Bank (S2B) platform. The product is Standard Chartered’s online banking platform for companies and businesses, focused on allowing them to manage their transaction banking needs. The new S2B Loans represented a module that gave clients the possibility to initiate and approve new loan drawdown and rollover requests. In addition to offering a real-time view of the facility limits and utilisations, customers were also able to track the maturities of their transactions and repayment dates.
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