Standard Chartered introduces SC PrismFX solution

The new solution was designed for Financial Institutions (FIs), Non-Banking Financial Institutions (NBFIs), PayTech companies, and corporate clients worldwide. SC PrismFX consolidates the bank's digital and transactional banking capabilities, financial market solutions, and digital platforms under a single brand.  It provides FX payment services spanning over 130 currencies in more than 40 markets.

The solution addresses diverse client needs 

For corporate clients, SC PrismFX offers a unified experience for transactional FX payments across Standard Chartered's global network. The platform combines FX pricing with insights into emerging markets and supports a range of payables, receivables, and trade finance solutions.

PayTech clients gain access to an extensive payments network that includes connectivity to local and instant payment schemes, along with digital FX solutions integrated into their workflows.

Financial Institutions and NBFIs can leverage SC PrismFX to access a wide range of currencies with upfront rate transparency. The platform offers automated FX payments, multi-destination delivery, and seamless integration, requiring minimal operational changes and setup costs.

In the company press release, officials from Standard Chartered highlighted the growing demand for emerging market currencies in transactional FX. They noted that SC PrismFX offers clients access to a broad payment distribution network and supports direct clearing across multiple domestic schemes, leveraging the bank's extensive presence in dynamic markets.

They also emphasised the importance of competitive and automated FX solutions in managing costs and risks in a volatile macroeconomic environment. According to company officials, SC PrismFX combines Standard Chartered's FX trading capabilities and payment platform expertise to meet the varied needs of clients, regardless of complexity.

Standard Chartered’s expansion into Luxembourg 

These developments follow Standard Chartered’s creation of a new entity in Luxembourg in a bid to become a regulatory gateway to the EU for crypto and digital asset custody services.

Falling in line with the EU’s Markets in Crypto Assets (MiCA) regulation, the move underlined Standard Chartered’s commitment to scaling its digital asset portfolio to meet the needs, demands, and preferences of its clients. The decision to choose Luxembourg for its new entity was attributed to the region’s balanced regulatory and financial framework.