Specifically, global payments service provider Checkout.com has unveiled a strategic collaboration with Standard Chartered, designating the latter as its cash management bank. The partnership aims to enhance operational efficiency and performance for Checkout.com's merchants in the Middle East. Moreover, the collaboration focuses on seamlessly integrating payment systems to establish a robust infrastructure supporting Checkout.com's growth in the region.
The partnership aims to provide an enhanced client experience through comprehensive multi-currency coverage, extended funding cut-off times, advanced liquidity management within a complex account structure, foreign exchange execution, transparent pricing models, and automated settlements integrated with clearing schemes. In the company press release, officials from Checkout.com emphasised the strategic investment in streamlining operational complexities to benefit merchants. In essence, Checkout.com, having secured an acquiring license in the UAE, is looking to underscore its commitment to operational excellence by partnering with Standard Chartered.
Officials from Standard Chartered expressed enthusiasm about extending Checkout.com's reach in the UAE and the broader region. The collaboration comes in the context of Standard Chartered's efforts to improve the state of commerce, emphasising the convergence of innovation and trust in reshaping the payments industry across the region.
The collaboration employs a sophisticated framework that combines multiple currency accounts and proprietary treasury funding, offering extended funding times and facilitating cross-border direct debits. The partnership further grants access to direct clearing through Standard Chartered's network, expediting high-value payments and leveraging the bank's regional market access.
The Checkout.com and Standard Chartered partnership aims to pave the way for future advancements in payment services in the UAE and the Middle East.
Checkout.com is a global payments platform that helps enterprise businesses and their communities thrive in the digital economy. Trusted by brands such as Sony, GE HealthCare, Sainsbury's, SHEIN, and many more, Checkout.com's modern technology is purpose-built with performance, scalability, and speed in mind.
In November 2023, Switzerland-based travel tech company lastminute.com has appointed Checkout.com as its global payments provider to improve the booking experience for travellers.
The deal with Checkout.com came as part of lastminute.com’s mission to better the travel industry by leveraging technology to simplify, personalise, and enhance their customers’ travel experience. Through Checkout.com’s cloud-based payments platform, lastminute.com aimed to unlock performance to boost acceptance rates and create a seamless customer journey.
For more information about Checkout.com, please check out their detailed profile in our dedicated, industry specific Company Database.
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