STANDARD Chartered Bank has launched the one-stop proprietary electronic banking channel for its corporate and institutional clients called Straight2Bank.
The fully integrated end-to-end platform provides cash, trade, foreign exchange and securities services via a single sign-on access.
This is according to a Press release made available by Standard Charted Bank head of corporate affairs, Sonny Zulu, in Lusaka yesterday.
The enhancements provide clients with streamlined and straight through processing of transactions, resulting in significant operating efficiencies and cost savings.
Standard Chartered Bank Zambia acting managing director, Kweku Bedu-Addo, said the bank had made a significant investment in the bankÃs electronic platform in response to its clientsà needs for convenient and secure transactions.
Mr Bedu-Addo said Straight2Bank would also provide hedging and information services through a single interface.
Straight2Bank has been designed so that it can be scaled according to the client’s needs for product simplicity and it is adapted for a broad range of client segments from SMEs, multi-nationals and financial institutions.
“It offers leading edge working capital solutions across all client segments, products and geographies,†he said.
The new suite of electronic channels combines four key areas of the bank’s business – cash, trade, securities and foreign exchange into a single integrated electronic platform and that rather than customers having to remember several different sets of log on details, users would have just one that provides access to all four sets of transaction and information tools.
“With all their data and transaction tools consolidated in one system, customers will be able to streamline their workflow, rather than having to switch between interfaces.
“Our clients are increasingly focusing on greater integration between transaction banking and foreign exchange risk management, under the umbrella of liquidity management.
As a result, we now offer them foreign exchange functionality within the core transaction banking module on Straight2Bank,†he said.
Straight2Bank also provides a robust information structure to maintain control and compliance. This, coupled with improved comprehensive security across the channels, a more flexible authorisation matrix, stronger reporting for risk management and MIS, puts the power of control in the hands of clients.
excellent thinking.I wonder what the costs could be like for such innovation ??
kkep it up.
Charles, I too wonder what the cost will be. I think it was a mistake in the first place to have a system where you have different log-on details for different services, so they should not potray this on its own as innovation. However, it is innovative if they are adding new services to existing ones.
Its an improvement all the same.
There they go, investing in technology that aids the big guys while simple tools for consumers are neglected. When will personal bankers in Zambia have online banking services so people can avoid the long queues, traffic and dust in Lusaka?
Francis #3, you are speaking out of ignorance.
Francis, there is nothing to suggest the technology is meant for the ‘big’ guys only. So long the fees are reasonable, I do not see why anyone should would not take advantage of the service to make a buck or two
Depends
Way to go StanChart! I wish other Banks would go in line with what you have done. Show them StanChart, what great Customer Service is! We need to be on the same page with the rest of the World. As others said, what would be the cost?