Oanda Signs with StanChart for Payments, FXPB
Posted by Colin Lambert. Last updated: February 4, 2023
Standard Chartered has been appointed as Oanda’s cash management bank for payments and collections in the US and UK; an extension of an existing relationship covering the Singapore market. The bank has also been mandated as Oanda’s FX prime broker for its retail FX business internationally.
Oanda will manage its payments and collections through cloud-based processing services across various geographies via the bank’s Straight2Bank platform. StanChart adds that with cloud-based payment processing solutions such as Automated Clearing House (ACH) in the US, Oanda will be able to improve its speed to market through faster service enhancements and the potential to apply new payments schemes reliably and securely.
“Standard Chartered’s ability to offer a one stop cloud-based solution that encompasses foreign exchange, prime brokerage, payments, collections, and FX hedging is aligned with our mission to efficiently support our retail and corporate clients across the globe,” says Gavin Bambury, CEO of Oanda. “We look forward to the continued partnership and the opportunity to bank with them across different markets.”
Karen Hom, managing director of transaction banking at Standard Chartered Americas, adds, “This mandate is a wonderful demonstration of our ability to offer international clients with localised and regional solutions that support their growth ambitions. As treasury teams seek flexible and seamless processing experiences, cloud-based payment solutions will offer forward looking companies like Oanda the opportunity to scale and grow efficiently.”