Standard Chartered wins cash mandate from Clearstream
Standard Chartered has been appointed the cash correspondent bank in Hong Kong for Hong Kong dollars and renminbi by Clearstream, the clearing and settlement division of Germany-based Deutsche Börse Group.
“We are delighted to partner with Standard Chartered Bank in Hong Kong,” said Mark Gem, head of business management and member of the executive board at Clearstream. “Standard Chartered has an extensive coverage and an in-depth understanding of the local market that will increase access to liquidity and thus the settlement flexibility on site.”
Clearstream serves 2,500 clients in more than 110 countries globally. Its Asia-Pacific operational hub is located in Singapore and according to the company, 20% of its revenue is derived from the region.
RBS launches payments platform
RBS has launched a cross-currency payments platform for financial institutions and their clients. The product, called FI GlobalAccount, delivers payments in 132 currencies globally which eliminates the need for multiple nostro currency accounts.
“We recognised that financial institutions needed to simplify the complexity and reduce costs in their own operations and concentrate their liquidity into their core currencies, while serving their clients' growing global needs,” said Wilco Dado, head of payments for global transaction services at RBS. “FI GlobalAccount is entirely bespoke to financial institutions and is delivered in a simple, flexible and cost-effective way.”
The new payments platform allows users to make payments to 183 countries in local currencies from a single base currency account. According to RBS, the new solution will allow financial institutions to simplify cross-currency payment processes and expand global reach, know foreign exchange rates upfront and mitigate foreign exchange settlement and currency devaluation risks, reduce network costs and increase foreign exchange revenue.
NCR to offer new mobile banking solution
US-based technology company, NCR Corporation, has launched a new global mobile banking platform which allows banks to offer banking services to customers through downloadable applications, mobile browser or short messaging service. The solution, NCR Aptra Mobile Banking 3.0, will allow users to manage their money on the move and enable banks to scale and integrate mobile services with other online, kiosk and teller banking channels.
“Smart phone growth and financial inclusion are driving mobile banking adoption on a global scale,” said Michael O’Laughlin, senior vice-president at NCR financial services. “As mobile devices become more central to how people manage their finances, mobile banking will need to evolve with other self-service channels. Scheduling and managing appointments across the mobile and other channels, receiving e-receipts on transactions at the ATM [automated teller machine] and mobile cheque deposits are examples of how banks will create a competitive advantage by delivering an integrated experience for their customers across banking channels.”
