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Standard Chartered showcases payment innovation, FX solution and financial inclusion and resilience at Sibos 2024

Written by TABLive  
  • Jan 01, 1970
  • 10 min read

At Sibos 2024 in Beijing, Standard Chartered sought to showcase its commitment to digital innovation and financial inclusion, emphasising the importance of leveraging advanced technologies to enhance payments and support the global financial ecosystems. In a conversation with Danielle Sharpe, Head of FI Clearing Product, and Vera Struchkouskaya, Head of Transaction Banking FX Product Management, the bank outlined its initiatives in digital currencies, blockchain, and cross-border payments, as well as its focus on financial resilience and inclusion in emerging markets.

Sharpe highlighted Standard Chartered’s use of digital currencies and blockchain technology to improve efficiency and transparency in payments. With digital assets such as central bank digital currencies (CBDCs) and tokenisation projects, the bank is engaging in multiple initiatives, including the e-CNY project and m-bridge, a multi-CBDC platform involving markets like the United Arab Emirates, China, Hong Kong, and Thailand.

Sharpe explained, “Transparency and efficiency are top priorities for our clients, and blockchain allows us to deliver real-time settlement with greater visibility. We’re excited to see the benefits these technologies offer in improving cross-border transactions and reducing risks associated with traditional settlement processes”.

Standard Chartered is Partior’s Euro settlement bank. By using distributed ledger technology (DLT), the bank is piloting solutions with corporate clients and expanding these capabilities to financial institutions.

In a fast-evolving global payments landscape, Standard Chartered is focused on staying competitive by modernising its payment systems. The bank is investing in real-time cross-border payments, improving application programming interface (API) integration, and ensuring ISO 20022 compliance.

“We are committed to enhancing our payments infrastructure to meet the growing demands of our clients,” Sharpe said. “Our investments in APIs and tracking capabilities are designed to provide clients with the flexibility and transparency they need in today’s market”.

As cross-border settlements become more complex, Struchkouskaya said that Standard Chartered’s SC Prism FX is designed to offer clients a robust foreign exchange (FX) solution. With access to over 130 currencies and more than 100 clearing capabilities across more than 50 markets, SC Prism FX enables corporates and financial institutions to navigate the growing intricacies of global trade efficiently.

Struchkouskaya explained, “What sets SC Prism FX apart is its digital-first approach, leveraging our open banking API portal to provide clients with rapid scalability across new markets. This, combined with our extensive market presence, allows us to offer faster, more cost-effective payment solutions”.

The integration of over 20 instant payment networks further enhances the solution’s capabilities, ensuring that clients can access secure, real-time payments in a variety of markets.

Standard Chartered is also focused on fostering resilience and inclusivity within the financial ecosystem. Sharpe stressed the importance of resilience, stating, “For us, resilience is not optional—it’s critical to ensuring that our clients can operate without disruption. We’ve adopted an omnichannel approach and invested in robust backup systems to ensure that payments remain secure and reliable”.

In terms of inclusivity, Standard Chartered’s presence across 53 markets allows it to support financial institutions and their clients in regions that are often underserved. The bank’s wide correspondent banking relationships play a vital role in enabling access across the global financial networks. Additionally, initiatives such as the bank’s correspondent banking academies help institutions improve their operational security and compliance.

Sharpe highlighted the bank’s focus on inclusion and education, particularly in emerging markets. “We recognise that scaling digital transformation in these regions requires ongoing support and education. It’s not just about providing the latest technology—it’s about ensuring that clients are equipped to manage risks and make informed decisions in today’s financial landscape. Our correspondent banking academies are aimed at sharing best practices and protecting against financial exclusion”.

Emerging markets present unique challenges, particularly when it comes to scaling financial inclusion. Sharpe acknowledged that access to digital infrastructure and financial literacy can vary greatly across regions. Standard Chartered is working with partners to address these challenges, focusing on financial literacy through initiatives like Futuremakers, which provides educational support and job opportunities for youth in underserved areas.

“We’re committed to helping our clients and their communities build the knowledge they need to participate in the financial ecosystem,” Sharpe said.

Standard Chartered’s approach to digital innovation in payments, combined with its commitment to building resilient and inclusive financial ecosystems, positions it well in the global financial landscape. From pioneering blockchain and digital currency projects to offering solutions like SC Prism FX, the bank seeks to enhance how payments are made across borders, while supporting financial inclusion in emerging markets.